BYJU’S Valuation Reaches $23 Bn; Grows 35% In 9 Months

BYJU’S has held the mantle of India’s highest-valued startup since its valuation touched $17 Bn in September 2021. In November 2021, Inc42 exclusively reported that its Series F round valued the edtech giant at $21 Bn. In only nine months, the startup’s valuation has grown by 35% and BYJU’S is now valued at $23 Bn.

According to a Mint report, in September 2021, the share was priced at INR 3,800. Now, the share is reportedly valued at INR 4,750. The current valuation is also a 10% increase from its November 2021 valuation.

BYJU’S spokesperson has declined to comment on the matter.

The report also suggests that BYJU’S valuation jump is also pegged at its increase in revenues. BYJU’S will reportedly have revenue of INR 10,000 Cr in FY22. Incidentally, the startup is yet to announce its FY21 results, let alone shed light on FY22 numbers. 

In FY20, it reported a net profit of INR 51 Cr and revenue at INR 2,434 Cr – growing 81% YoY. BYJU’S claims to be profitable in FY20 and FY19. Further, the edtech giant has also seen a 25% increase in valuation year-on-year and in FY22, BYJU’S valuation has been propelled by its nine acquisitions.

• Dec 2021: Acquired Austria-based Math learning startup GeoGebra
• Sept 2021: Acquired US-based coding startup Tynker for $200 Mn
• Sept 2021: Acquired exam-preparing platform GradeUp
• August 2021: Acquired AR-startup Whodat 
• July 2021: Acquired Great Learning for $600 Mn
• July 2021: Acquired US-based digital reading platform Epic Games for $500 Mn
• July 2021: Acquired Mumbai-based Toppr for around $150 Mn
• May 2021: Acquired on-demand tutoring app HashLearn for an undisclosed amount
• April 2021: Acquired Aakash Educational Services for close to $1 Bn

The Roadmap Ahead For BYJU’S

In FY23, Inc42 also reported that the company is in talks to acquire US-based, NASDAQ-listed edtech firm 2U Inc for close to $2.4 Bn in the largest acquisition in this space. 

The 10-year-old startup is also looking for a domestic initial public offering in the next 18 months. According to Inc42 sources, the company is eyeing a valuation of $40 Bn – $45 Bn – a 2X jump from the current valuation. But some reports suggest that the edtech company will take a SPAC route for a US-based IPO to raise up to $4 Bn.

Last time, BYJU’S increased the size of its ongoing Series F round to INR 2,700 Cr ($363 Mn) at a $21 Bn valuation. 

According to the filings accessed by Inc42, Chan Zuckerberg Initiative and GenGlobal Bright Corp had joined the Series F round with INR 504 Cr infusion. 

Before that, Bengaluru-based edtech had raised INR 2,200 Cr from Oxshott Venture Fund, Edelweiss, Verition Fund, XN Exponent Holdings and MarketX Ventures.

India’s edtech market opportunity is poised to grow to $10.4 Bn in 2025 and to get a holistic foothold in the country’s edtech space, BYJU’S has also ventured into a hybrid teaching model with Aakash’s acquisition. It has launched edtech ventures in the US and now plans on taking on the MENA region.

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