Byju’s has raised new funds of $295 million from more than half a dozen investors. The Bengaluru-based firm had recently pulled up $150 million as a part of a new and old round from a few investors.
Byju’s has allowed the allocation of 77,174 Series F choice shares at an issue price of Rs 2,85,072 per share to raise Rs 2200 crore or $295 million, as regulatory filings show.
New York-based Oxshott Capital Partners has begun the round with an infusion of Rs 1,200 crore, accompanied by Edelweiss, XN Exponent Holdings, Verition Master Fund, which funded Rs 345 crore, Rs 150 crore and Rs 147 crore sequentially. MarketX Ventures, Time Capital Advisors and IIFL have tapped in the left amount.
Following the allocation of new shares, the holding stake of promoters at Byju’s has been diminished to 22.55%. It’s worth noting that the company’s three co-founders, including Byju Raveendran, Divya Gokulnath and Riju Raveendran, held around 22.97% stake in the company during the last tranche. Byju’s has not made any comments on the story.
Meanwhile, Byju’s reportedly in talks with numerous investors to raise $1.5 billion at an over $21 billion estimated valuation. The company is also planning for a public listing. As per media reports, the company may file IPO papers as early as the second quarter of next year and is looking for a $40 to $50 billion valuation.
Byju’s had recently published its annual financial report for FY20, in which it listed an 82.31% surge in its revenue from operations to Rs 2,381 crore. During the period, its losses plummeted 30 fold to Rs 262 crore. Notably, the firm was close to profitability in FY19.
Next Big Brand shared in September about Byju’s financial statistics of FY20 and latest operations, including profit surges.
On September 16, Byju’s announced it will acquire Tynker, a US-based coding platform for children. This year, the ed-tech giant is freshest in a series of takeovers to fortify its leadership in the K-12 (kindergarten to 12th grade) division, even as it shows a plan to list on the public markets in the US. Byju’s breathtaking movement of fund-raising and acquiring has earned it the moniker of ‘Buyju’s’ in the internet ecosystem.
NextBigBrand was the first one to break this story Byju’s-Tynker deal on August 16, 2021.
Tynker is its 9th acquisition of 2021, coming on the crusts of Byju’s such as Aakash, Great Learning, Epic, Scholr and Gradeup as Byju’s buttresses its product holdings to go after diverse sections such as K12, test prep, upskilling and learning.
Byju Raveendran is the co-founder and CEO of Byju’s. He belongs to a teachers’ family. His parents and Byju himself is a teacher. He still takes few classes on Byju’s platform.
