Byju’s raises $50M led by IIFL

byjus funding

Indian edtech company, Byju’s announced that it has raised $50 million in a Series F round from IIFL’s private equity fund and Maitri Edtech. 

The round was led by IIFL with a $35 million investment, while Maitri Edtech invested $15 million.

Byju’s had earlier raised around $340 million from investors likke UBS Group, Zoom founder Eric Yuan, Blackstone, Abu Dhabi sovereign fund ADQ, and Phoenix Rising-Beacon Holdings. 

The latest round has taken the company to a valuation of about $16.5 billion, making it the country’s most valuable startup, ahead of digital payments leader Paytm, which is valued at $16 billion.

The company’s investors include Tiger Global, Sequoia Capital, Canadian Pension Plan Investment Board (CPPIB), and Lightspeed Venture Partners. 

In April, Byju’s sealed a deal to take over exam preparation firm Aakash Educational Services Limited (AESL) for close to $1 billion. The stock-and-cash deal was the largest in the education space, according to reports.

Last year, it acquired children’s coding platform WhiteHat Jr in a $300 million all-cash transaction. It is in discussions to acquire other edtech startups including Gradeup and Great Learning, reports stated.

The company has more than 95 million registered students on its app, according to a recent press report. Earlier this month, it announced a tie-up with Google to promote continuity of online learning for both teachers and students. 

“This integration of Google Workspace for Education with Byju’s will offer a collaborative and personalized digital platform for classroom organization, available for free to participating educational institutions,” the company said.

Indian edtech is estimated to become a 30-billion dollar industry in the next 10 years, according to the latest report published by transaction advisory firm RBSA Advisors. The existing size of the market is $700-800 million.

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