In addition to Sumeru Ventures, Vitruvian Partners, and BlackRock, the fundraising round included Sumeru Ventures, Vitruvian Partners, and BlackRock.
Byju’s, an edtech startup, announced on Friday that it had raised $800 million (about Rs 6,000 crore) in a funding round led by its founder and CEO Byju Raveendran, who contributed half of the total.
The corporation has raised new capital with an enterprise value of $22 billion, up 22 percent from the last announced estimate of $18 billion.
The investment comes as the company prepares to launch its initial public offering in the next 9 to 12 months.
“Byju Raveendran, Founder and CEO of Byju’s, is also part of this fund-raise and has made a personal investment of $400 million,” the company told in a statement.
Raveendran’s stake in the company will climb to 25% from 23% previously with this investment.
“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. Our aspiration is to build something that will last for decades,” Raveendran shared.
With an annual renewal rate of 86 percent, Byju’s claims to have over 150 million learners on its platform.
“As a leader in the edtech space, Byju’s strong growth and expansion in national and international markets have been very promising. We look forward to working with Byju’s as it builds on and accelerates its compelling growth trajectory,” Vitruvian managing partner Mike Risman said.
Byju’s formally named Think & Learn Pvt. has major global investors, including Facebook founder Mark Zuckerberg’s Chan-Zuckerberg Initiative, Naspers Ltd., Tiger Global Management and private equity giant Silver Lake Management.
In a recent conversation with media, founder Raveendran spoke the startup is targeting $1.3 billion in revenue in the year ending March 2022, with a 20% margin. Byju’s has been on an acquisition flee in the past year, acquiring startups offering coding lessons, professional learning courses and test prep classes for competitive Indian exams.