The Edtech Unicorn of India “Byju’s” continues to attract investor interest as newer entities are coming onto its captable.
After raising another $50 Million from India Infoline Finance (IIFL Finance) and Maitri Edtech, the unicorn has become India’s most valuable startup at $16.5 Billion.
According to the statement, Byju’s has raised this amount in a Series F round. The startup has till now raised over $1.5 Million in 2021.
BYJU’s had recently raised $350 million from UBS Group, Blackstone, Zoom founder Eric Yuan, ADG – a state fund of Abu Dhabi, and Phoenix Rising-Beacon Holdings. This round valued the startup at around $16 billion.
BYJU’S has marquee investors in its captable, which include Bond Capital, Yuri Milner, Chan-Zuckerberg Initiative, Tencent, Sequoia Capital, Tiger Global, Silver Lake, and Owl Ventures among others.
After the increase in the demand of online learning after COVID-19, the user base of Byju’s has increased to 80 Million from which 5.5 Million are paid subscribers.There is also 86 percent course renewal rate.
BYJU’S has also added 45 million new users to its platform in the first six months of the pandemic, primarily from Tier II and beyond towns. According to Sensor Tower, it has emerged as one the top 10 education app during the lockdown. The Edtech unicorn has emerged as the leading player in the segment with its closest competitors being players like Unacademy and Vedantu.
Byju’s is more aggressive on the acquisition strategy and buying other startups and companies to expand its portfolio.
In April this year, BYJU’S completed the acquisition of Aakash Educational Services, an offline tutorial setup in a deal valued at around $1 billion. It also acquired WhiteHat Jr last year for $300 million.
The Edtech space in the Indian startup ecosystem has emerged as the most favoured segments among investors, especially with the advent of the pandemic.