India: General Atlantic, Tencent pump in more funds into Byju’s

Byju’s founder Byju Raveendran. Photo: Mint

Three months after raising a massive $540 million funding round, Indian education technology major Byju’s is said to have raised an additional Rs 75-80 crore from private equity firm General Atlantic and Chinese internet giant Tencent.

According to regulatory filings quoted by data and intelligence platform paper.vc, General Atlantic put in Rs 33.28 crore for over 4,000 compulsorily convertible cumulative preference shares, or Rs 82,882.50 per share. According to the report, it is estimated that General Atlantic spent Rs 367.8 crore in acquiring shares from Byju’s co-founder Riju Raveendran and Sequoia Capital in a secondary transaction.

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.

Founded in 2008, Byju’s has over the years raised around $784 million from investors such as Tencent, Verlinvest, Chan-Zuckerberg Initiative, Sequoia Capital, Lightspeed Venture Partners, Aarin Capital and others. In July 2017, the company raised about $40 million from Tencent, months after it raised $30 million from Verlinvest.

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.

Byju’s has been expanding aggressively not only in India but also overseas. In January, it acquired US-based playful learning system Osmo for $120 million, which was aimed at helping it expand into a new younger demographic of kids between 3 and 8.

Education technology has emerged as one of the most attractive spaces for investors in India. Other players in the space include online tutoring platform Vedantu, which raised $11 million recently in a round led by Omidyar Network. Unacademy, another online learning platform, raised a $21 million Series C round from Sequoia India, SAIF Partners and others.

Also Read:

Indian edtech startup Byju’s rakes in $540m funding at valuation of $3.6b

India: Byju’s raises $400m from CPPIB, Naspers, others as valuation soars to nearly $4b

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.