New Delhi: EdTech Head byju’s Sources close to the development said there is a possibility of raising $500 million (about Rs 3,900 crore) in about a week at a valuation of around $23 billion.
He said the company plans to use the funds for acquisitions in the US.
The company is in discussions with Sovereign Wealth Funds (SWF) of Abu Dhabi and Qatar Investment Authority (QIA) to raise in the range of $400-500 million and $250-350 million respectively, according to sources.
One of the sources told PTI, “Byju’s is in an advanced stage of discussions with some investors. The company is likely to raise over $500 million in about a week. The transaction is expected to close at a valuation of around $23 billion.” ” who did not wish to be named.
Byju declined to comment on the development.
According to the source, the funding is part of the company’s plan to use the fund exclusively for inorganic expansion in the US.
The company has already bought US-based reading platform Epic for $500 million and coding site Tyker for $200 million.
Byju’s other overseas acquisitions include Singapore-based great learning for about $200 million and the Austrian math operator Geogebadra for about $100 million.
Byju’s is known to be in active discussions with the US-based edtech firm 2U, which runs platforms like edx Joe offers online courses created by Harvard UniversityMassachusetts Institute of Technology (MIT) Boston University etc.
The edtech firm was also looking to acquire Chegg,
However, according to a company insider, there are no active discussions going on with Chegg.
Fresh fundraising for Byju’s comes at a time when the company is yet to receive $250 million as part of the $800 million funding announced in March by Sumeru Ventures and Oxshot at a $22 billion valuation.
Sources said the company has maintained the growth momentum and inorganic expansions, especially Aakash and Great Learning are fueling its consolidated business.
“Byju’s Great Learning has achieved over 200 percent growth in international learner base in 2021. Great Learning has surpassed $100 million revenue run rate in FY21.
“The company ended FY20 with book revenue of Rs 325 crore, which is an increase of nearly 150 per cent over FY19. The company’s user base has also grown ten-fold in FY21,” he said.
Byju’s, which has a presence in 120 countries, claims to have 7.5 million paid users on its platform and maintains an average retention or renewal rate of 86 percent annually.
He said the company plans to use the funds for acquisitions in the US.
The company is in discussions with Sovereign Wealth Funds (SWF) of Abu Dhabi and Qatar Investment Authority (QIA) to raise in the range of $400-500 million and $250-350 million respectively, according to sources.
One of the sources told PTI, “Byju’s is in an advanced stage of discussions with some investors. The company is likely to raise over $500 million in about a week. The transaction is expected to close at a valuation of around $23 billion.” ” who did not wish to be named.
Byju declined to comment on the development.
According to the source, the funding is part of the company’s plan to use the fund exclusively for inorganic expansion in the US.
The company has already bought US-based reading platform Epic for $500 million and coding site Tyker for $200 million.
Byju’s other overseas acquisitions include Singapore-based great learning for about $200 million and the Austrian math operator Geogebadra for about $100 million.
Byju’s is known to be in active discussions with the US-based edtech firm 2U, which runs platforms like edx Joe offers online courses created by Harvard UniversityMassachusetts Institute of Technology (MIT) Boston University etc.
The edtech firm was also looking to acquire Chegg,
However, according to a company insider, there are no active discussions going on with Chegg.
Fresh fundraising for Byju’s comes at a time when the company is yet to receive $250 million as part of the $800 million funding announced in March by Sumeru Ventures and Oxshot at a $22 billion valuation.
Sources said the company has maintained the growth momentum and inorganic expansions, especially Aakash and Great Learning are fueling its consolidated business.
“Byju’s Great Learning has achieved over 200 percent growth in international learner base in 2021. Great Learning has surpassed $100 million revenue run rate in FY21.
“The company ended FY20 with book revenue of Rs 325 crore, which is an increase of nearly 150 per cent over FY19. The company’s user base has also grown ten-fold in FY21,” he said.
Byju’s, which has a presence in 120 countries, claims to have 7.5 million paid users on its platform and maintains an average retention or renewal rate of 86 percent annually.