Bengaluru-based edtech platform BYJU’S said on Friday that it has raised a new round of funding led by globally investing company Silver Lake. A person familiar with the matter told BK that BYJU’S current valuation after this fund is $ 10.8 billion and the company has raised a total of $ 500 million in this round.
Existing investors Tiger Global, General Atlantic and Owl Ventures have also participated in this round.
BYJU’s founder and CEO, Baiju Raveendran said,
“We are excited to welcome a strong partner like Silver Lake to the BYJU’S family. We are fortunate to remain in the area of positive relevance during this crisis. It has brought online learning to the forefront and parents , Is helping teachers and students understand the experience and its value. Our classrooms are probably changing for the first time in 100 years and I am really excited about the opportunities we need to redefine the future of learning is.”
Since the lockdown, BYJU claims that more than 20 million new students have started learning from its platform for free. Today, the app has more than 64 million registered students and 4.2 million annual paid subscriptions. BYJU’S doubled its revenue from Rs 1,430 crore to Rs 2,800 crore in FY 19-20.
Silver Lake co-CEO Greg Mondre said,
“We are leading this investment and partnering with their leading team in education and technology. We look forward to working with them as BYJU’S continues to pursue new partnerships and a wider ecology of innovative educational offerings Accelerates its attractive development path to advance the mechanism. “
In June, BYJU’S announced that it had raised funds from global technology investment firm Bond at a valuation of $ 10.5 billion, but did not disclose the amount raised. In February, the company received approximately $ 200 million in funding from General Atlantic. According to regulatory documents, last month the firm has also secured about Rs 909 crore in funding from DST Global led by billionaire Yuri Milner.
In the last few months, BYJU’S has also forayed into the field of school education with the launch of BYJU’S classes, a comprehensive online tutoring program. In response to the closure of schools due to the ongoing epidemic, the company created content on its learning app for all students for free.
Last month, BYJU’S acquired Mumbai-based coding platform, Whitehat Junior, for $ 300 million. This integration will also accelerate BYJU’S international expansion plans, with rapid coding as a key skill for the future.