Byju’s Valuation Touches $3.8 Billion, Becomes Fourth Most Valuable Startup
Byju’s, an online tutoring startup run by Think and Learn Pvt. Ltd., has raised $400 million in a fresh round of funding, valuing the company at about $3.8 billion, one person privy to the development told BloombergQuint.
The $3.8 billion valuation makes the Bengaluru-based Byju’s the fourth most valuable startup in the country, after Paytm, Oyo and Ola.
The fresh round is led by Naspers Ventures with the participation of Canada Pension Plan Investment Board. Existing investor General Atlantic also participated in the round, the person said requesting anonymity.
As per filings made with the Registrar of Companies which were reviewed by BloombergQuint, Byju’s has already raised about Rs 1,236 crore from Naspers and about Rs 864 crore from Canada Pension Plan Investment board. This is a part of the overall round, the person quoted above said.
The company plans to use the funds to expand to the U.S., U.K. and Australian market, the person said, adding that the U.S. expansion is set to take off in the next six to nine months.
A spokeswoman of Byju’s declined to comment on the development.
Byju’s, which clocked around Rs 520 crore in revenue in FY18, is now looking to touch Rs 1,400 crore in FY19. It counts investors such as Tencent, Verlinvest, Chan-Zuckerberg Initiative, Sequoia Capital, Lightspeed Venture Partners, Aarin Capital, among others.