Byju’s phenomenal fundraising spree ins’t coming to a halt anytime soon. After raising over $400 Million within a short span already, the ed-tech behemoth has now gobbled up another $122Mn from Israeli-Russian billionaire Yuri Milner’s DST Global. There has been non official announcement around this fundraise, which has come to light through new regulatory filings by Byju’s.
According to filings, this DST Global fundraise is a part of the company’s never-ending Series F round. The investment comes within a month of Mary Meeker co-founded BOND’s $23 million investment. Media reports suggest that Byju’s is raising close to $400 million in this Series F round, at a $10Bn valuation. Close to $150Mn of it has already come in. Byju’s has allotted 42,666 Series F preference shares to DST Global for ₹908.9 crore, regulatory documents filed with the Ministry of Corporate Affairs showed.
And even though Byju’s continues to raise money, it already has raised more capital than any other edtech company globally. And it is 2020, wherein Byju’s has really taken off — both in terms of capital raise as well as business — due to increased Work from Home dependencies for kids. The company has raised to the north of $550Mn this year, with Tiger Global and General Atlantic coughing up $200 million each.
This sudden pick up in fundraising activity is a result of an ever-increasing number of students completing their entire studies from home.The ed-tech sector has hence seen a rise in investor interest in general. Registered users for Byju’s have grown to 57 million and the platform enrolled over 3.5 million paid subscribers quickly.
Byju’s says it is currently adding over 300,000 new subscribers every month, as schools continue to remain shut across India.