India: Edtech firm BYJU’s in process of raising $50m, IFC likely to invest up to $15m

Four months after it raised $75 million, ed-tech firm BYJU’s Learning App, is in the back in the market and is process of raising $50 million.

DEALSTREETASIA had first reported that BYJU’s was in the midst of fund raising, as a part of which International Finance Corporation was investing $15 million.

“The freshly raised funds will be deployed to fuel international expansion and inorganic growth through global acquisitions. The markets where the company has presence already are India and the Middle East, and will enter United States, UK and other Commonwealth countries over the next few months,” the company said in a statement.

The company did not mention the name of the potential investors or by when it aims to close the round. However, according to IFC, exiting investors are also likely to be participating in the round.

In March, the Bengaluru-based company had raised $75 million from VC firm Sequoia Capital and Belgian investment firm Sofina.

Founded by Byju Raveendran in 2011, Bengaluru-based BJYU’s offers learning programmes for class VI to XII students and preparation programmes for competitive exams. It offers its educational products in over 100 cities across India and parts of the Middle East.

According to the company, BYJU’s Learning App is already profitable in India with month-on-month growth of 15 per cent, while the revenues for June 2016 stood at Rs 30 crore ($4.5 million).

“We are seeing strong inbound interest from multiple investors over the last few months, thanks to our explosive growth. We are keen to bring in partners who will catalyse the next stage for us,” Byju, Founder and CEO, BYJU’s Learning App said. 

BYJU has emerged as the top investment grosser in the education technology sector, that is yet to attract much investor attention.

As per data provided by Tracxn, in the first quarter of 2016, the ed-tech space has raised $77 million. Edtech has not been among the hot startup sectors in the last two years. Out of nearly $8 billion in venture funding in Indian startups last year, only $114.7 million went towards edtech companies.

Also, Toppr, which offers assessments and practice packages for competitive exams, raised $10 million in 2015 from Eight Roads Ventures, Helion Venture Partners and SAIF Partners, followed by a venture debt round of $2 million from InnoVen Capital.

Also Read:

Exclusive: IFC to invest $15m equity in Indian edtech firm Byju’s ongoing round

Indian edtech startup Byju’s raises $75m from Sequoia, Belgian Sofina

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.