Byju’s becomes most valued Indian startup after $340m fundraise

Photo by Thomas Park on Unsplash

Education technology major Byju’s has surpassed Paytm to become the most valuable Indian startup after raising about $340 million (Rs2,500 crore) in fresh funding at a valuation of $16.5 billion.

Digital payments company Paytm is currently valued at about $16 billion.

According to a report in the Economic Times, investors in Byju’s latest round included UBS Group, Blackstone, Zoom founder Eric Yuan, Abu Dhabi sovereign fund ADQ and Phoenix Rising–Beacon Holdings.

The capital injection is part of a $1.5 billion round that the company started raising in April, the report said. Byju’s had raised $1 billion in April 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.

The company is reportedly also in advanced talks to acquire upskilling platform Great Learning and test prep firm Gradeup.

Launched in 2015, Byju’s claims to have more than 80 million students, including 5.5 million annual paid subscribers. The company saw revenues grow at a CAGR of 125% over the past three years to about $400 million. It aims to close FY21 with $1 billion in revenues, per a Financial Express report.

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.