Ed tech company Byju’s has raised $800 million from Sumeru Ventures, Vitruvian Partners and BlackRock as well as founder and chief executive Byju Raveendran, who has made a personal investment of $400 million.
Raveendran raised the capital he invested via loans from several international banks using 2% of the company’s shares as collateral, according to press reports.
Byju’s is understood to have reached a valuation of more than $22 billion and is likely to file for an IPO.
Founded in 2011 and headquartered in Bengaluru, the company has more than 150 million learners on its platform and has operations in 21 countries and learning programmes in multiple languages.
Raveendran said: “We continue to deliver accelerated growth in India and international markets through both organic and inorganic initiatives. Our sustained focus is on achieving our long-term goals around creating lifelong value for our learners.
“As we advance this mission, we are imagining and reimagining the way students will learn, unlearn and relearn in the future. Our aspiration is to build something that will last for decades.”
Byju’s is backed by investors including Aarin Capital, Alkeon Capital Management, BlackRock, Bond Capital, Chan Zuckerberg Initiative, CPPIB, IFC, Prosus, General Atlantic, Lightspeed Venture Partners, Owl Ventures, Qatar Investment Authority, Sands Capital Management, Sequoia Capital, Silver Lake, Sofina, Sumeru Ventures, Tencent, Tiger Global, Times Internet, Verlinvest and Vitruvian Partners.
Since 2017, Byju’s has completed more than 15 acquisitions, including companies in the US, the UK, Austria, India and Singapore.
Date published: 17 March 2022