Byju’s, the world’s biggest private ed tech, has seen its valuation jump by $300 million in less than a fortnight after winning new investment from BlackRock, Sands Capital and Alkeon Capital.
The Indian online education giant is now worth $11.1 billion following a series of capital injections from the world’s largest asset manager and two hedge funds as part of an ongoing Series F funding round announced earlier this month.
Less than two weeks ago, Byju’s received $500 million from US private equity firm Silver Lake at a $10.8 billion valuation, after raising $400 million last month from investment house DST Global.
Byju’s earlier this year became the world’s first ed tech ‘decacorn’ when its valuation exceeded $10 billion.
Byju’s is backed by several prominent names in the venture capital and private equity world, including Tiger Global, General Atlantic, Bond and Owl Ventures.
The firm has been a beneficiary of the Covid-19 pandemic, which triggered a rapid shift to online learning as the virus caused schools worldwide to close down for several months. Since lockdowns began in March, Byju’s has added more than 25 million users to its platform, lifting its number of total users to 70 million, including 4.5 million paid subscribers.
Byju’s is targeting a number of acquisitions to enter new markets and expand its presence in countries in which it is already present.
Last week, Byju’s bought Hubli-based LabInApp, a start-up that simulates science experiments, and last month it acquired coding-tuition platform WhiteHat Jr for $300 million.
Date published: 24 September 2020