The value of the startup for this round of fund infusion is reported to be around Rs 82,882.50 per share up from the figure of around Rs 72,570 that governed the last transaction.

Byjus gets fresh infusion of Rs 80 cr from General Atlantic and Tencent
Atom Investment Monday, March 11, 2019 - 19:01

One of India’s popular success stories of startups and unicorns, Byju’s, the ed-tech company has again raised funding through the compulsorily convertible cumulative preference shares route and in this round that saw the company getting Rs 80 crore, from two major investors, General Atlantic and Tencent. Both are quite familiar entities, the former being a PE investor and the latter one of the largest internet companies in the world. 

The key figures appear to be around Rs 34 crore picked up by General Atlantic and the price paid per Series F CCCPS. And the value of the startup for this round of fund infusion is reported to be around Rs 82,882.50 per share up from the figure of around Rs 72,570 that governed the last transaction just a few months ago when General Atlantic invested around Rs 200 crore in Byju’s.

Most of these details have been gathered from the filings the company made with the government authorities, in accordance with the Company Law requirements.

It may be recalled that Byju’s had raised almost half a million dollars in December last year when the South Africa-based investment major Naspers had led the investment. People in the know say the valuation at that time was around $3.6 billion, indicating there is a 10% jump between then and now.

Interestingly, the price paid by Naspers and Canadian Pension Plan, the other major investor then, was in the region of Rs 77,000 to Rs 78,000 per share.

While General Atlantic invested in Byju’s for the first time only in December 2018, Tencent has been one of the early investors in the startup making an investment of $40 million in 2017. This time though the funds against the CCCPS have been invested through another entity, Proxima Beta.

There are also reports of liquidation of holdings by some of the existing shareholders like Sequoia Capital and gaining of considerable amounts of money through the secondary share sale transactions.  

As it stands now, the holding pattern in Byju’s looks like this; Promoters Byju Raveendran, Riju Raveendran and Divya Gokulnath, together hold around 35% while Sequoia has 14% and Naspers 12%. These are approximate figures and there are others who hold less than 5% each in Byju’s.

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