- Byju’s announced it has raised $500 million in a new round of funding. The valuation at this funding round was reportedly $10.8 billion.
Byju’s announced it has raised $500 million in a new round of funding. And the valuation at this round was $10.8 billion, according to TechCrunch. This funding round was led by Silver Lake along with existing investors Tiger Global, General Atlantic, and Owl Ventures.
What does Byju’s do? Byju’s essentially helps students prepare for undergraduate and graduate-level courses. And the company also recently expanded to helping students of all ages.
Byju’s was last valued at $10.5 billion in June when it raised funding from Bond. And in January, Byju’s was valued at about $8 billion. Last month, it was revealed that Byju’s acquired WhiteHat Jr. for $300 million.
Due to shelter-in-place orders, many parents have been looking into digital learning tools for kids. And Byju’s saw a surge in usage since then.
Byju’s added 20 million new students since the shelter-in-place orders began. And now the app has more than 64 million registered students and 4.2 million annual paid subscriptions. The company also doubled its revenue.
KEY QUOTES:
“We are excited to welcome a strong partner like Silver Lake to the Byju’s family. We are fortunate to be in a sector of positive relevance during this crisis. This has brought online learning to the forefront and is helping parents, teachers and students experience and understand its value. Our classrooms are changing possibly for the first time in 100 years and I’m really excited about the opportunities that we have to redefine the future of learning.”
— Byju Raveendran, Founder & CEO, Byju’s
“We are delighted to lead this investment and partner with Byju’s and his impressive team of education technology pioneers in their mission to help children in India and around the world achieve their true potential. We look forward to working with them as Byju’s builds on and accelerates its compelling growth trajectory by forging new partnerships and continuing to cultivate a comprehensive ecosystem of innovative educational offerings.”
— Greg Mondre, Co-CEO of Silver Lake
