Byju Raveendran Byju’s owner and CEO, invest half of $800 million in the latest round of funding, valuing the firm at $22 billion. Sumeru Ventures, Vitruvian Partners, and BlackRock all contributed to the round of funding.
On Friday, Byju’s, India’s largest online education firm, announced that it had raised $800 million in a major financing round led by Byju Raveendran, the company’s founder. According to a source familiar with the situation, funds totaling $22 billion were raised.
Raveendran, 41, owns almost a third of the company, according to Byju. He made a $400 million contribution. Other investors such as Sumeru Ventures, Vitruvian Partners, and BlackRock make up the difference.
The company raised around $300 million in a Series F financing round led by Oxshott Capital Partners in October. In June, UBS Group, Abu Dhabi sovereign fund ADQ, and Blackstone Group, among others, invested $1.5 billion in Byju for a total value of $16.5 billion.
“We continue to see faster growth in India and overseas markets through organic and inorganic approaches.” Our focus is always on attaining our long-term objectives of giving long-term value to our students. To accomplish this, we’re rethinking how children will learn, unlearn, and relearn in the future. “Our goal is to develop something that will survive decades,” Raveendran added.
While schools remained closed owing to the fear of Covid, Byju’s, officially known as Think and Learn Pvt. Ltd acquired numerous acquisitions and raised billions of dollars in the last year to profit from the pandemic-fueled online learning boom. It has been ramping up its acquisition strategy in order to break into new ed-tech categories like upskilling, test prep, and higher education.
As well as expanding its presence in key international areas such as the United States.
The company plans to enroll one million students in the program over the next two years and open 500 tuition centers in 200 locations. With Byju’s Tuition Centre, Byju hopes to employ over 10,000 people around the country.
Published By: Revathy G Sanal
Edited By: Subbuthai Padma
