Indian most valuable startup Byju’s, which has been on fundraising and acquisition spree this year, has raised another $150 million as part of its Series F funding round from Asmaan Ventures, Mirae Asset, and ARK Ncore.
The edtech major, operated by Bengaluru-based Think and Learn Pvt. Ltd, is reportedly in talks with several investors to raise $1-1.5 billion at a valuation of nearly $21 billion.
According to the latest regulatory filings sourced by paper.vc, Byju’s has alloted 6,045 Series F preference shares at Rs 285,072 per share to Mirae Asset and ARK Ncore and 38,705 Series F preference shares to Asmaan Ventures at Rs 238,125. While Asmaan Ventures’ contribution comes to about Rs 921.7 crore, Mirae Asset and ARK Ncore have invested Rs 137.85 crore and Rs 34.46 crore respectively.
The development was first reported by Entrackr.
Byju’s had raised over $1.5 billion from UBS Group, Abu Dhabi sovereign fund ADQ, Blackstone Group and others at a valuation of $16.5 billion this June.
Byju’s saw its valuation spike amid the pandemic that has fuelled an online learning boom across the country. At present, BYJU’s has over 100 million registered students and 6.5 million paid subscribers.
On Tuesday, the Tiger Global-backed company also announced the acquisition of online test preparation platform Gradeup, marking its eighth acquisition this year. Post the acquisition, BYJU’s will rebrand Gradeup as BYJU’s Exam Prep, catering to students preparing for over 150 exams across 25 exam categories, covering government jobs and PG entrance exams, including IAS, GATE, CAT, Bank PO/Clerk, Defence, UGC-NET, etc.
In 2021 alone, the edtech decacorn has spent over $2 billion in mergers and acquisitions. In August, it had acquired Whodat — a computer vision and AR startup. Earlier this year, BYJU’s acquired Aakash Educational Services Ltd. for a whopping $950 million, making it one of the most expensive acquisitions in Indian edtech till date.
It subsequently also acquired Great Learning for $600 million, US-based kids’ digital reading platform Epic for $500 million, schools focused test preparation platform Toppr for $150 million, and startups like HashLearn and Scholr
In an April interview, founder Byju Raveendran said that the company will go for an initial public offering in 18-24 months.
Byju’s recorded Rs2,380 crore income in FY20, as compared to Rs1,305 crore in the previous year.