Indian ed tech behemoth Byju’s is reportedly in talks to raise over $600 million – adding to the more than a billion dollars it netted last year – at a valuation of $15 billion.
According to a report by Tech Crunch, the online tuition provider will see its value increase from around $11 billion late last year, and $5.75 billion in July 2019.
Byju Raveendran, co-founder and chief executive of the eponymous start-up, informed some existing investors last month that he would be raising a sizeable round this month, a person familiar with the matter told Tech Crunch.
The new round is in advanced stages of talks and its size could become bigger; some new investors are expected to lead and participate, the people said.
Byju’s reportedly declined to comment.
Over the past six months, Byju’s has been on a buying spree, as it has sought to put its vast cash reserves to work in order to amass scale.
Last month, the firm acquired rival Toppr in a deal worth around $150 million.
The month prior, in January, Byju’s took over test-prep giant Aakash Educational Services in a $1 billion deal.
These deals followed a $200 million fundraise in November.
That same month, Byju’s tabled an unsolicited bid for 3P Learning, an Australia-listed ed tech – but 3PL in February merged with Blake, a privately owned online publisher, drawing a line under a deal with Byju’s.
Date published: 26 March 2021