World’s most valued edtech startup Byju’s has managed to give handsome returns to some of its prominent backers on their investments in the company.
Sequoia Capital, Times Internet, SCHF PV Mautiritus, and Mark Zuckerberg’s philanthropic organization – the Chan Zuckerberg Initiative have together managed to take home about $314 million (Rs 2,229.53 crore) by partly selling their stakes in the Indian edtech company during FY19, Entrackr reported.
These investors have offloaded their respective shares to the other backers of Byju’s including General Atlantic, Naspers Ventures and Canada Pension Plan, in the partial exit scheme.
Quoting the company’s filings, the report said that Sequoia has received 21.13 times of its Rs 78.8 crore investment amounting to Rs 1,665.33 crore during FY19 while Times Internet has made a 7X return amounting to Rs 206.82 crore during the same period.
SCHF PV Mauritius, via secondary transaction, has managed a return of Rs 189.68 crore on an investment of Rs 27.3 crore in the company while Chan Zuckerberg has fetched a return of Rs 167.7 crore on its investment of Rs 22.86 crore.
Divya Gokulnath Ravindran and Zeus Education Promoter’s return on investment stood at Rs 495.76 crore and Rs 32.3 crore, respectively. According to the report, founders continue to hold more than 30 per cent stake in the company.
Byju’s, operated by Bengaluru-based Think and Learn Pvt. Ltd, was recently in the news for raising $200 million in fresh funding from New York-based investment firm Tiger Global at a striking $8 billion valuation. Byju’s was valued at $5.5 billion when it raised $150 million in a funding round led by Qatar Investment Authority (QIA) in July last year. The round had also seen participation of Owl Ventures, an education technology investor.
In December 2018, Byju’s had raised $540 million led by Naspers Ltd, with participation from the likes of Canada Pension Plan Investment Board (CPPIB) and General Atlantic. The round had valued the company at around $3.6 billion. General Atlantic topped its investment with another Rs 75-80 crore in the company in March last year.
Until now, the company has raised about $1.2 billion across rounds. Other investors in the Indian company include Verlinvest, Lightspeed Venture Partners, Aarin Capital, and Tencent.
The company’s net loss narrowed to Rs14.91 crore for the financial year ended March 2019, compared to Rs37.19 crore losses reported in the same period a year ago. Its revenues of stood at Rs1,306 crore in FY19 compared with Rs 471.18 crore in FY18. The company claims to have turned profitable in June 2018 after achieving $14.3 million in monthly revenue.