Online education startup Byju’s is close to raising $200 million in a fresh funding round from American investment firms BlackRock and T. Rowe Price at a valuation of $12 billion, said a person familiar with the matter.
The Bengaluru-based edtech firm had last raised $500 million in September from a group of investors including private equity firm Silver Lake Partners along with existing investors General Atlantic, Owl Ventures and Tiger Global at a valuation of $10.8 billion.
BlackRock, Sands Capital and Alkeon Capital joined as new investors, as part of the same round later, with valuation climbing to $11.1 billion.
A Byju’s spokesperson didn’t respond to queries.
BlackRock and T. Rowe Price couldn’t be immediately reached.
The surge in investor interest also catapulted Byju’s into India’s second-most valuable startup, also earning it the decacorn status—the handful of startups that are valued at more than $10 billion.
“Byju’s is not only eyeing international expansion actively but also looking at strategic inorganic growth,” said a second person, requesting not be named.
Byju’s was valued at around $8 billion in January when it raised $200 million in equity funding from New York-based hedge fund Tiger Global Management. That round had elevated Byju’s valuation by 45%. Since then, Byju’s valuation has increased by a further 35%. It had turned into a unicorn in late 2017 when it raised money from a group of investors, led by China’s Tencent.
This article was first published on livemint.com.
