Bengaluru, March 11
Edtech unicorn BYJU’S has raised $800 million from Sumeru Ventures, Vitruvian Partners and BlackRock along with participation of Byju Raveendran (founder and CEO of BYJU’S), who has made a personal investment of $400 million in the round.
According to a source close to the development, this round has valued the the edtech major at $22 billion. The company will use the funding for general business purposes, the source added.
In November 2021, the edtech major allotted shares to Chan Zuckerberg and GenGlobal Bright Corp to raise ₹504 crore as part of the company’s Series F funding round. In the same month, its regulatory filings showed that it is raising a $1.2 billion term loan B (TLB) funding. In October 2021, BYJU’S reported raising ₹2,200 crore from Oxshott Venture Fund, along with the participation of Edelweiss Private Investments Trust, Verition Multi-Strategy Master Fund, IIFL Private Equity Fund, XN Exponent Holdings, and MarketX Ventures, among others.
Commenting on the fundraise, Byju Raveendran, Founder and CEO, BYJU’S, said, “We continue to witness accelerated growth in India and international markets through both organic and inorganic routes. Our sustained focus is on achieving our long-term goals around creating life-long value for our learners. For that, we are imagining and re-imagining the way students will learn, unlearn and relearn in the future. Our aspiration is to build something that will last for decades.”
“I have always believed that edtech is a sector where India has the potential to create global champions by solving the trilemma of cost, quality, and scale. We will continue to invest in multiple learning models to provide students with quality education across the world,” he added
Mike Risman, Managing Partner of Vitruvian, said, “As a leader in the edtech space, Byju’s strong growth and expansion in national and international markets has been very promising. We look forward to working with Byju’s as it builds on and accelerates its compelling growth trajectory.”