Indian edtech decacorn Byju’s raising $296m led by Oxshott Venture Fund

Photo: Screenshot from Byju's website

Indian edtech major Byju’s is raising about $296 million (Rs2,200 crore) in its Series F funding round led by Oxshott Venture Fund, according to the company’s latest MCA filings cited by several media reports.

Other investors including Edelweiss Private Investments Trust, Verition Multi-Strategy Master Fund, IIFL Private Equity Fund, XN Exponent Holdings, and MarketX Ventures, are also participating in the fundraise.

According to the filings, Byju’s is allotting 77,174 Series F compulsory convertible cumulative preference shares (CCPS) at a premium of Rs2,85,062 to the aforementioned investors. Oxshott Venture Fund is contributing Rs 1,200 crores to the round while Edelweiss will be investing about Rs 345 crore, per an INC42 report.

The new investment has valued Byju’s at $18 billion, TechCrunch reported.

The development comes almost a month after the company had raised $150 million as part of its Series F funding round from Asmaan Ventures, Mirae Asset, and ARK Ncore at $16.8 billion valuation.

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

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.

Founded in 2015, BYJU’S offers engaging and effective learning programmes for students in LKG, UKG, classes 1 -12 (K-12) and competitive exams like JEE, NEET and IAS.

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 annual paid subscribers.

In 2021 alone, the edtech decacorn has spent over $2 billion in mergers and acquisitions. Last month, it announced the acquisition of online test preparation platform Gradeup, marking its eighth acquisition this year.

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.

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.