Pandemic has accelerated online presence in the majority of areas. Edtech startups have benefitted a lot due to online education in recent months. Byju’s, an ed-tech giant, increased its valuation rapidly in the last year due to the investors’ interest in ed-tech. The company has raised more than $1 billion in the last 12 months.
Byju’s is planning to start a new fundraising drive to collect over $600 million to make its market cap $15 billion.
Status of the Current Fundraising Event
Currently, Byju’s is on a fundraising spree. With the latest funding round concluded at the end of 2020, Byju’s valuation jumped to $11 billion. In 2019, its market cap was $5.75 billion.
As per the latest media reports, Byju’s is all set to announce the latest funding round to collect $600 million. This funding will be used to acquire more startups.
Byju Raveendran revealed the latest funding round plans. It is in the advanced stage and the event may take place this month. Some new investors with existing ones will participate in this round. It may be bigger than $600 million if all goes well.
Media portals tried to reach Byju’s spokesperson last month and last week as well. There was no response from the concerned authorities.
Recent Growth of Byju’s
Byju’s wants to expand its operation globally. As per the insider report, the startup is in talks with a US-based firm to acquisition. If it is done, it will be a major boost for Byju’s international plans. The ed-tech giant has already established itself in India with its latest offerings and acquisitions. Byju’s has acquired online coding platform White Hat Jr. It has recently acquired the Akash Institute, an offline coaching institute known for medical and engineering exams preparation.
Currently, Byju’s courses are helping undergraduate, graduate, and school-going students. with the latest technology, its tutors are helping students to achieve their goals. Online interactive sessions, and doubt clearing classes are the main attractions of Byju’s platform.
Other than Byju’s, Vedantu and Unacademy ed-tech startups have also shown exponential growth in the last 12 months.
Byju’s has a strong user base of 80 million. 5.5 million users pay for premium services provided by the startup. Byju’s current revenue rate is $800 million. It will teach $1 billion in the next year.
If we talk about the Indian startup ecosystem, Byju’s is the second most valuable startup after Paytm, a financial services firm that has a market cap of $16 billion.
If the latest funding raise even goes as planned, Byju’s may overtake Paytm to become the most valuable Indian startup firm.