Education technology platform Byju’s has announced a new round of funding from Silver Lake, the leading global technology investment firm. Existing investors Tiger Global, General Atlantic and Owl Ventures are also participating in this round.
While Byju’s hasn’t disclosed the amount, sources say that it has raised $500 million in this round. This is Silver Lake’s second investment in India after it invested in Jio Platforms.
“We are excited to welcome a strong partner like Silver Lake to the BYJU’S family. We are fortunate to be in a sector of positive relevance during this crisis. This has brought online learning to the forefront and is helping parents, teachers and students experience and understand its value. Our classrooms are changing possibly for the first time in 100 years and I’m really excited about the opportunities that we have to redefine the future of learning,” Byju Raveendran, Founder & CEO, Byju’s said in a statement.
As per reports, this round will value Byju’s at $10.8 billion, up from $10.5 billion valuation from its earlier Series F round that it closed in August.
With the pandemic forcing all students to study and attend classes online, the Edtech sector has seen a massive spike in demand, with several Edtech firms raising funding. Most recently, it acquired coding platform WhiteHat Jr in a $300 million all-cash transaction. With coding fast emerging as a key skill for the future, this integration will also accelerate BYJU’S international expansion plans.
Post the closure of schools Byju’s made the content on its learning app free for all students. Over the last few months, BYJU’S has also entered the after-school learning space with the launch of BYJU’S Classes, a comprehensive online tutoring program.
Since the lockdown, BYJU’S claims that it has seen over 20 million new students start learning from its platform for free. Today, the app has over 64 million registered students and 4.2 million annual paid subscriptions. BYJU’S also said it has doubled its revenue from Rs 1,430 crore to Rs 2,800 crore in FY 19-20.
"We are delighted to lead this investment and partner with Byju and his impressive team of education technology pioneers in their mission to help children in India and around the world achieve their true potential. We look forward to working with them as BYJU’S builds on and accelerates its compelling growth trajectory by forging new partnerships and continuing to cultivate a comprehensive ecosystem of innovative educational offerings,” said Greg Mondre, Co-CEO of Silver Lake.
A few weeks ago, Byju’s raised $122 million from DST Global, a fund floated by Russian billionaire Yuri Milner as part of its ongoing Series F funding round. Post this funding, DST Global will hold a 1.2% stake in Byju’s.
Prior to this, noted investor Mary Meeker’s firm Bond Capital invested $23 million last month in Byju’s at a valuation of $10.5 billion.