Byju’s the Bengaluru-based ed-tech startup has been through numerous rounds of valuations and this time around it is expected to raise upwards of $400 million in fresh capital at a $10 billion, reports suggest.
What started off as a penchant for simple, yet effective teaching methods by Byju Raveendran, Founder of Byju’s, could now become India’s second most valued startup, if it manages to raise fresh capital.
The startup has witnessed a marked increase in the app downloads and learners due to the ongoing nationwide Covid-19 lockdown. It had earlier received an investment from Tiger Global and General Atlantic that stood around $300 million to $350 million and was valued at $8 billion.
Back in July 2019, Byju’s was valued at $5.75 billion when it raised $150 million from Qatar Investment Authority and Owl Ventures.
If this fresh round of funding goes through, Byju’s would become the second most valued startup in India along with budget lodging startup Oyo which is also valued at $10 billion. Paytm, the financial services firm had raised $1 billion at a $16 billion valuation late last year and currently holds the number one spot.
Industry watchers are suggesting that discussions are afoot though nothing has yet been finalised around the terms. Both Byju's and Prosus Ventures have been silent about the reports that appeared in sections of the Indian media.
There were reports that last month Byju’s witnessed 150% increase in traffic on its app and website while adding six million students to its platform during the same period.
Byju’s helps school-going kids understand difficult subjects by illustrating them using familiar objects like pizza and cake. Those pursuing undergraduate and graduate-level courses also learn on the platform.
At the moment, the edtech has over 35 million registered learners of which around 2.4 million are paid users.
via TechCrunch
