India’s most valued edtech unicorn BYJU’s has increased the size of its ongoing Series F round to INR 2,700 Cr ($363 Mn) at $21 Bn valuation. According to recent filings accessed by Inc42, Chan Zuckerberg Initiative, and GenGlobal Bright Corp, have joined the ongoing Series F round with INR 504 Cr infusion.
This investment marks the first investment from Google founder’s family office through GenGlobal Bright Corp in the country’s largest edtech startup. Chan Zuckerberg Initiative had first invested in BYJU’s in 2016.
Last month, the company had raised INR 2,200 Cr from Oxshott Venture Fund, Edelweiss, Verition Fund, XN Exponent Holdings, and MarketX Ventures.
The round comes a week after BYJU’s bagged $1.2 Bn in a term loan B (TLB) funding round for offshore corporate purposes.
BYJU’s was last valued at $18 Bn, has been on an active lookout for raising funds and acquisitions to strengthen its dominance in the booming edtech space across the globe. The startup has already spent nearly $2.6 Bn for acquiring companies in India and globally.
Here is the list of BYJU’s acquisitions this year:
- Sept: Acquired US-based coding startup Tynker for $200 Mn
- Sept: Acquired exam-preparing platform GradeUp
- August: Acquired AR-startup Whodat
- July: In a bid to strengthen its offerings in the professional and higher education segment, BYJU’s acquired Great Learning for $600 Mn
- July: Acquired US-based digital reading platform Epic Games for $500 Mn
- July: Acquired Mumbai-based Toppr for around $150 Mn
- May: Acquired on-demand tutoring app HashLearn for an undisclosed amount
- April: Acquired Aakash Educational Services for close to $1 Bn
- Feb: Acquired doubt solving platform Scholr for an undisclosed amount
Testing Hybrid Model
Byju Raveendran-led eponymous learning platform has started a hybrid pilot project in major Indian cities for its 100 Mn users.
The Bengaluru-based unicorn is testing a new model where students can visit physical/offline education centres for classes. People aware of the matter requesting anonymity had informed Inc42 that these centres (BYJU’s offline centres) will offer a hybrid learning experience to students.
BYJU’s intends to scale it up nationally. The centres will be called BYJU’s Learning Centre. BYJU’s has been actively hiring teachers and business development executives for this project.
Gearing For IPO
The 2012 founded startup is also looking for a domestic initial public offering in the next 18 months. According to Inc42 sources, the company is eyeing $40 Bn – $45 Bn valuation, almost 2.5 times jump from the current valuation.
Update | 15th Nov, 15:50
The story has been updated to reflect the correct round size.