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Byju’s mulls raising fresh funds at $10 billion valuation: Report – Todaynewspaper


India-based ed-tech major is in talks to raise approximately $400 million worth in fresh capital at a $10 billion valuation according to a TechCrunch report.

Byju’s, which turned profitable in the fiscal year 2019 had raised $200 million from New York-headquartered investment firm Tiger Global Management in January this year at a valuation of $8 billion.

The ed-tech giant in February had said that it had raised an undisclosed amount from existing investor General Atlantic. The company did not specify the amount raised; however, according to media reports, the investment was similar o that of Tiger Global. The equity firm is said to have invested $200 million in the ed-tech start-up in a new round at a valuation of $8 billion.

With its latest round, Byju’s has raised a total of $1.2 billion in funding over 13 rounds so far as per Crunchbase.

The start-up was last valued at $5.7 billion in July 2019 after raising $150 million in a round led by Qatar Investment Authority with participation from education technology investor Owl Ventures according to previous reports.

Apart from Tiger Global and General Atlantic, the company is also backed by players such as Tencent Holdings, Verlinvest, Chan-Zuckerberg Initiative, Sequoia Capital, Lightspeed Venture Partners, and Canada Pension Plan Investment Board.

If the start-up can raise new funds according to the new deal, it would become the second most valuable startup in India joining Oyo, which is currently valued at $10 billion. It will follow financial services start-up Paytm that had raised $1 billion at $16 billion valuations in 2019.

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Byju’s has witnessed a surge in usage on its platform owing to the Covid-19 pandemic. According to the report, the traffic on Byju’s website was up 150 per cent in March. The stat-up had also added six million students to the platform in the month.

 

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