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.