India: Edtech giant Byju’s snags $49m funding from IIFL, Maitri EdTech

Online Education

Education technology major Byju’s has raised about $49 million from two new investors India Infoline Finance Limited (IIFL) and Maitri EdTech, revealed the company’s regulatory filings.

As part of the latest fundraise, Byju’s has allotted 12,750 Series F cumulative compulsorily convertible preference shares (CCCPS) at an issue price of Rs 2,85,071.62 each to raise the aforesaid amount.

IIFL through IIFL Special Opportunities Fund and IIFL Monopolistic Intermediaries Fund has contributed about $34.4 million to the round, while Maitri EdTech Special Opportunities Fund LLC has invested $14.6 million.

The latest financing follows the $340-million (Rs2,500 crore) round that the company had raised earlier this month, reportedly at a valuation of $16.5 billion. Investors in the round included UBS Group, Blackstone, Zoom founder Eric Yuan, Abu Dhabi sovereign fund ADQ and Phoenix Rising–Beacon Holdings.

The round also made Byju’s the most-valued startup in India, ahead of Paytm which was valued at $16 billion after its last fundraise in late 2019.

In April, Byju’s had raised $1 billion from Baron Funds, B Capital Group and XN Exponent Holding, along with existing investors.

The company raised more than $1.18 billion last year alone from investors including Mary Meeker’s venture capital firm Bond Capital, DST Global, BlackRock, T. Rowe Price, Silver Lake and MC Global.

With the increased demand for online learning amid the ongoing COVID-19 crisis, Byju’s is looking to grow inorganically and enter new segments of test prep and upskilling.

In April, Byju’s announced the acquisition of Aakash Educational Services Ltd (AESL) with an aim to boost its presence in the test preparation segment. The acquisition was worth almost $1 billion, making it one of the biggest deals in the edtech space.

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.