New Delhi/Bengaluru: Byju raised nearly $ 100 million from the US technology investor bond, propelling the education startup to value $10.5 billion.
The latest fundraiser has made Byju’s the second most valued startup in India, overtaking unicorn Oyo, which had a last value of $ 10 billion. Paytm was worth $ 16 billion at the end of last year when it raised $ 1 billion on a tour led by T Rowe Price, current investors Ant Financial and SoftBank Vision Fund.
Byju raised Bond capital, co-founded by Mary Meeker, for $ 10.5 billion. Byju's in January raised $ 200 million from Tiger Global. At that time, the value of the ed-tech platform was approximately $ 8 billion.
Byju did not disclose funds raised from the bonds. A person familiar with the matter, who declined to be named, set the investment amount at around $ 100 million.
The person said there are ongoing talks with more investors and that Bjyu is likely to raise more capital in the coming months.
"We are delighted to partner with an investor like Bond. This partnership is a testament to the role Byju plays in helping students learn better by customizing our platform to their abilities," said Byju Raveendran, founder, and CEO. It also demonstrates the growing global interest in educational technology as it becomes. Digital learning is becoming more and more acceptable and acceptable.
This is the first time Bond has endorsed an emerging Indian company. Mary Maker is an American venture capitalist and former Wall Street Securities analyst known for her global report on Internet trends. The new fundraiser comes at a time when the edtech startup has been stepping-up hiring.
Byju's plans to hire around 4,000 employees in the next six months to meet the rising demand for its online courses. Ravindran said: "This crisis has brought online learning to the forefront and has helped parents, teachers and students alike to experience and understand its value."
Byju has more than 57 million registered students, more than 3.5 million paid subscribers, and an 85% annual renewal rate. Byju's earnings doubled from Rs 1,430 crore to Rs 2,800 crore in FY20. Mary Meeker, a general partner of Bond, said: "Byju's has become a clear leader in educational technology. We are excited about supporting a visionary like Byju and his team in their quest for innovation and shaping the future of education. "
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