BYJU'S surpasses Paytm to be India's most valuable startup after raising $350M
Edtech unicorn BYJU'S has surpassed fintech major Paytm to become India's most valuable startup after its latest round of funding.
Regulatory filings reveal that BYJU'S has raised $350 million from UBS Group, Blackstone, Zoom founder Eric Yuan, Abu Dhabi state fund ADQ, and Phoenix Rising among others, at a post-money valuation of $16.5 billion.
Paytm, meanwhile, is valued at $16 billion, and is targeting a post-IPO valuation of $25-30 billion. Interestingly, BYJU'S and Paytm are the only two Indian startups among the world's top 20 unicorns, according to startup intelligence firm CB Insights.
Bengaluru-based BYJU'S, which counts marquee names such as Mary Meeker's Bond Capital, Yuri Milner, Chan-Zuckerberg Initiative, Tencent, Sequoia Capital, Tiger Global, Silver Lake, Owl Ventures, among others as investors, has raised $2 billion in funding to date.
The online tutoring startup's valuation has doubled since January 2020, when it secured $200 million from Tiger Global at a post-money valuation of $8 billion.
Byju Raveendran, Founder and CEO, BYJU'S
With online learning picking up massive traction post the pandemic, BYJU'S user base has surged to 80 million, with 5.5 million paying subscribers and a 86 percent course renewal rate.
It added 45 million new users to the platform in the first six months of the pandemic, primarily from Tier II and III towns. BYJU'S also emerged as one of the top 10 education apps in the lockdown globally, according to Sensor Tower.
Moreover, the edtech major has been on an acquisition spree in the last 6-7 months, scooping up Indian and US startups across verticals to establish its end-to-end learning play globally.
Earlier in April, BYJU'S completed the $1 billion acquisition of Aakash Educational Services Ltd (AESL), an offline test prep service provider with 215 coaching centres.
Byju Raveendran, Founder and CEO, BYJU'S, believes, "The future of learning is hybrid and it will bring together the best of offline and online learning, as we combine our expertise to create impactful experiences for students.”
The edtech unicorn is also in the process of completing its $150-million buyout of K-12 learning startup Toppr — a deal that will give it muscle in the live tutoring space.