Sequoia Capital, the Silicon Valley-based venture fund, is reportedly selling a 7% stake in Bengaluru-based BYJU\u2019S as part of the\u00a0edtech unicorn's mammoth $540 Mn (INR 3,856.33 Cr) funding round. The Series F round was led by Naspers with a significant contribution from Canada's pension fund's investment arm, Canada's Pension Plan Investment Board (CPPIB).\r\n\r\nThe development comes days after Inc42 reported that\u00a0company\u00a0has raised $328 Mn (INR 2,322.18 Cr) from Canada Pension board\u2019s investment arm CPPIB Investment Board Private Holdings, Naspers Ventures BV and General Atlantic Singapore TL Pvt Ltd.\r\n\r\nAt the time, Inc42 sources and data platform Paper.vc confirmed that the edtech unicorn has been valued at $4 Bn (INR 28,918 Cr), making it the fourth most valued in startup in India.\r\n\r\nOn Tuesday (December 18), media reports citing sources said that Sequoia Capital is selling 7% of its stake in BYJU\u2019S for $185 Mn - $190 Mn (INR 1,321 Cr - INR 1,357 Cr). It has invested $50 Mn (INR 356.7 Cr) in the company so far and will continue to be the major investor with a stake of 13-15%, second only to the founders, who control 38%.\r\n\r\nIn an official statement, BYJU\u2019S said it plans to use the funding to further innovate, explore and set new benchmarks for tech-enabled learning products. The company has aggressive plans for international market expansion and will make investments in technology that will help it to further personalise learning for students.\r\n\r\nFounded in 2008 by Divya Gokulnath and Byju Raveendran, BYJU\u2019S offers a learning app, which was launched in 2015 and has learning programmes for students in classes IV-XII along with courses to help students prepare for competitive exams like JEE, NEET, CAT, IAS, GRE, and GMAT.\r\n\r\n\r\n\r\n\r\n\r\nByju Raveendran, founder and CEO, BYJU\u2019S, said, \u201cWe are happy to have prominent and long-term partners like Naspers and CPPIB on board with us. This partnership will strengthen our ability to deliver on our vision to build the world\u2019s largest education company.\u201d\r\n\r\nThe CEO further emphasised that even though near-term profitability is important for them, its main focus continues to be on long-term sustainable growth.\r\n\r\nRussell Dreisenstock, Head of International Investments, Naspers Ventures, said: \u201cWe partnered with BYJU\u2019S because we believe the company\u2019s success in India will translate across borders in any country where students are looking for an innovative and engaging form of education beyond the classroom.\u201d\r\n\r\nAs of June 2018, BYJU\u2019S had more than 20 Mn registered students on its learning app, with close to 1.26 Mn paid annual subscriptions. The app also sees an addition of 1.5 Mn registered students every month.\r\n\r\nFrank Su, Head of Private Equity Asia at CPPIB said, \u201cBYJU\u2019S is a leader at the intersection of education and technology and has established a market-leading position, with a long-term sustainable growth plan across content, subjects, languages and geographies.\u201d\r\n\r\nIn a What The Financials analysis recently, Inc42 Datalabs noted that BYJU\u2019S continued with its claim of achieving profitability between FY18 and FY22 and is looking to generate a net profit of $83.3 Mn by 2022.