[Funding alert] Edtech unicorn BYJU's to raise $200M from BlackRock, T Rowe Price: Sources
Edtech major BYJU's is raising about $200 million (about Rs 1,483 crore) in fresh funding from investors, including BlackRock and T Rowe Price, according to sources.
The development comes about two months after BYJU's raised around $500 million (about Rs 3,672 crore) in a round that valued the company at $10.8 billion.
According to sources, BYJU's has raised $200 million in a fresh round of funding that has raised the company's valuation to $12 billion.
The sources said private equity players BlackRock and T Rowe Price are participating in the new round.
BYJU's (Think & Learn Pvt Ltd) declined to comment, while comments from BlackRock and T Rowe Price could not be elicited immediately.
BYJU's has raised significant capital this year.
Byju Raveendran, Founder and CEO, BYJU'S
In June, BYJU's had raised funding from global technology investment firm BOND, while in February, it had raised about $200 million in funding from General Atlantic. The company, however, had not disclosed the financial details.
Regulatory filings by the company to the Corporate Affairs Ministry in August had shown that the company has raised about Rs 909 crore in funding from billionaire Yuri Milner-led DST Global giving the entity 1.2 percent shareholding in the edu-tech company.
In September this year, BYJU's had announced raising funds from Silver Lake and existing investors, Tiger Global, General Atlantic, and Owl Ventures.
At that time, BYJU's had said it has seen over 20 million new students start learning from its platform for free since the lockdown (which was implemented in March).
The edtech space has seen strong growth globally with the COVID-19 pandemic serving as an inflection point.
While a number of players have raised fresh funding from investors, consolidation is also being seen in the industry with deals like Unacademy acquiring PrepLadder for $50 million and BYJU's buying WhiteHat Jr for $300 million.
The BYJU's app has over 70 million registered students and 4.5 million annual paid subscriptions. The company has doubled its revenue to Rs 2,800 crore in FY19-20 from Rs 1,430 crore in the previous fiscal.