Byju’s, the Bengaluru-based edtech firm and the learning App founded by Byju Ravindran has seen substantial growth in its evaluation due to the on-going epidemic in the form of education, largely transferred online with schools and colleges to further stem the coronavirus spread.
Edtech decacorn has named Byju as private equity (PE) players Blackrock and T. Raised $ 500 million in new funding rounds from Rowe Price.
It has boosted the valuation of online education startups by $12 billion, nearly $ 1 billion more than the first round in September, where it raised 500 bilion from the investors group comprising PE firm Owl Ventures, General Atlantic, Silver Lake Partners, Tiger Global and at a valuation of $10.8 billion.
According to the Hurun India Unicorn Index 2020, with the latest funding round, Byju, The Learning App has further reduced its valuation gap with Paytm, the digital payment platform which is currently valued at $16 billion.
Alkeon Capital, Sands Capital, and Blackrock joined as new investors, with the latter round valuing Byzu reaching $ 11.1 billion.
In the latest round, BlackRock, as current investor participated along with T. Rowe Price, who joined as a new investor.
With this investment, the interest raised more than $ 2.3 billion from investors in 18 funding rounds. away.
The learning app startup saw a spectacular growth during the lockdown period. The Adding over 25 million new students to its platform.
As of date, Byju mobile app had over 4.5 million annual paid subscriptions and more than 70 million registered students.
Apart from this, the interest of the new investor also propelled the company to be the second most valuable startup in India, which also earning it decacorm. A decacorn is a firm worth more than $ 10 billion.
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The online edtech startup has also increased its revenue from Rs 1,430 crore to Rs 2,800 crore in FY15 and is heading towards a revenue milestone of $ 1 billion.