Indian ed tech giant Byju’s is raising around $1 billion from new investors, Bloomberg has reported.
B Capital Group, founded by Facebook co-founder Eduardo Saverin, Baron Funds and XN are among those pumping fresh capital into Byju’s, which is valued at around $15 billion, the report states.
Byju’s – which recently announced a global expansion, as well as plans to potentially IPO in due course – remains in discussion to raise a further $200-300 million, according to Bloomberg, which cited an anonymous source.
The online tutoring start-up, which this year acquired brick-and-mortar tutoring chain Aakash for nearly $1 billion, plans to launch in the US, UK, Brazil, Indonesia and Mexico next month and other countries later in the year.
Byju’s international arm will be called Byju’s Future School and will be led by Karan Bajaj, founder of coding platform WhiteHat Jr, which Byju’s bought last year for $300 million.
Date published: 12 April 2021