[Funding alert] Edtech platform BYJU’S raises $500M led by Silver Lake at $10.8B valuation
Bengaluru-based edtech platform BYJU’S on Friday said that it has raised a new round of funding led by Silver Lake, a global technology investment firm. A person familiar with the matter told YourStory that the current valuation of BYJU'S after this fundraise stands at $10.8 billion and the company has raised a total of $500 million in this round.
Existing investors Tiger Global, General Atlantic and Owl Ventures also participated in this round.
“We are excited to welcome a strong partner like Silver Lake to the BYJU’S family,” said Byju Raveendran, Founder and CEO, BYJU’S. “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.”
Since the lockdown, BYJU’S claims that over 20 million new students have started learning from its platform for free. Today, the app has over 64 million registered students and 4.2 million annual paid subscriptions. BYJU’S had doubled its revenue from Rs 1,430 crore to Rs 2,800 crore in FY19-20.
"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," said Greg Mondre, Co-CEO of Silver Lake. "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."
In June, BYJU'S announced that it had raised funds from global technology investment firm BOND at a $10.5 billion valuation but had not disclosed the amount raised. In February, the company received about $200 million in funding from General Atlantic. Last month, the firm also secured about Rs 909 crore in funding from billionaire Yuri Milner-led DST Global, according to regulatory documents.
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 programme. In response to the closure of schools due to the ongoing pandemic, the company had made content on its learning app free for all students.
Last month, BYJU’S acquired WhiteHat Jr., a Mumbai-based coding platform, for $300 million. With coding fast emerging as a key skill for the future, this integration will also accelerate BYJU’S international expansion plans.
Edited by Kanishk Singh