In less than two weeks, Indian ed-tech unicorn Byju’s has raised an additional $31 million (Rs 215 crore) in fresh funding from existing investors General Atlantic and Tencent Holdings, according to the company’s filings with the Registrar of Companies (RoC) sourced by paper.vc.
The new funding round has taken the company’s valuation to over $5 billion.
The company’s filings show that General Atlantic has subscribed to 15,187 compulsorily convertible cumulative preference shares (CCCPS) at a premium of Rs 1,14,060 per share for about $25 million (Rs 173.24 crore) while Tencent via Proxima Beta Pte Ltd has been issued 5,023 CCCPS at a premium of Rs 82,882 per share for $6 million (Rs 41.63 crore).
Earlier this month, General Atlantic had put in Rs 33.28 crore in Byju’s for over 4,000 CCCPS, showed separate RoC filings.
In December last year, Byju’s had raised $540 million as part of a funding round led by Naspers Ltd, with participation from the likes of Canada Pension Plan Investment Board (CPPIB) and General Atlantic. The round had valued the Bengaluru-based firm at around $3.6 billion.
At that time, Sequoia Capital was reported to have sold its 7 per cent stake in Byju’s for $185-190 million. It, however, continues to hold 13-15 per cent stake in the ed-tech firm, per media reports.
Meanwhile, it is unclear whether the current infusion is part of the $540 million round led by Naspers.
Founded in 2008, Byju’s has raised over $795.5 million in funding till date. Other investors in the Indian company include Verlinvest, Chan-Zuckerberg Initiative, Lightspeed Venture Partners, and Aarin Capital among others.
The company, which started out as an offline teaching centre in Bengaluru, launched an app in 2015 to increase its user base. It currently offers two separate learning apps — its flagship app caters to students from Classes VI to XII, while the second targets students of Classes IV and V.
While Byju’s, operated by Think and Learn Pvt. Ltd, continues to expand operations in the domestic market, it has also been planning overseas expansion for a long time. In January, the company announced that it has acquired US-based playful learning system Osmo for $120 million. According to a December TechCrunch report, overseas operations comprise 15 per cent of the company’s revenue.