Bengaluru-based ed tech firm Byju’s is in talks to raise $150 million from UBS Group at a valuation of $16-17 billion, Mint has reported, citing two unnamed sources.
Byju’s is also talking to other investors to raise a further $200 million as part of the same funding round, according to the sources.
In March, Byju’s raised $460 million in a Series F funding round led by MC Global Edtech Investment Holdings, with participation from eight other investors, at a valuation of more than $13 billion.
One of the sources said: “There has been global interest to invest in India’s rapidly growing ed tech space and Byju’s is a clear example of that. With the tailwinds from the pandemic, Byju’s is looking to inorganically grow and enter new segments of test prep and upskilling, where it lacked presence. It may do this through multiple acquisitions, for which it is shoring up funds.”
Byjus’s is also reported to be in the final stages of negotiating the acquisition of upskilling platform Great Learning for more than $300 million. Great Learning offers online courses in collaboration with universities to help professionals acquire further skills.
Date published: 13 May 2021