Indian ed-tech juggernaut Byju’s continues to attract heavy investor money. After a recent $250M round via Qatar Investment Authority, the edtech company has now received another $200 million from Tiger Global Management. With this funding, the company is now reportedly valued to the north of $8 billion.
As per the report secondary transactions estimated at $100-$200 million are also anticipated which will provide exits to some of the early backers of the company.
Commenting on this new funding round, Raveendran said: “We are happy to partner with a strong investor like Tiger Global Management. They share our sense of purpose and this partnership will advance our long term vision of creating an impact by changing the way students learn. This partnership is both a validation of the impact created by us so far and a vote of confidence for our long term vision.”
Byju’s started out as an offline teaching center in Bengaluru in 2008 and launched its digital education platform in 2015 in order to increase its user base. The company is operating two separate learning apps — one catering to students from Classes VI to XII and one that caters to students from Classes IV and V.
So far, the company has received funding from some of the marquee investors including Tencent, Verlinvest, Chan-Zuckerberg Initiative, Sequoia Capital, Lightspeed Venture Partners, Aarin Capital among others.
Last month, the company reported a net income of ₹20.16 crore for the financial year ended March 31, 2019. It managed to turn in profit which as the number of paid users increased to 2.8 million. The company claims it has 40 million registered users on its platform. Total expenses for the fiscal year 2019 rose to ₹1,321.65 crore from ₹518.52 crore in the year-ago period.