Indian edtech unicorn Byju’s snags $150m funding from Mirae, others

Byju Raveendran, the founder of Byju's. Photo: Hemant Mishra/Mint

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.

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.