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.