On Tuesday, BYJU’s (1), the edtech major, stated that it had secured an undisclosed amount from BlackRock, Alkeon Capital, and Sands Capital. Owl Ventures, General Atlantic, Tiger Global, the startup investors, and Silver Lake also participated in the latest round, as per the company’s statement.
The fresh tranche is part of the company’s 500 million USD or nearly 3,672 crore INR funding round as per the sources. Now the company’s valuation has reached 10.8 billion USD.
In early September, BYJU’s announced the new fundings from Silver Lake and its existing investors, such as General Atlantic, Owl Ventures, and Tiger Global. The Founder and CEO of BYJU’s, Byju Raveendran, stated that the team is delighted to welcome BlackRock, Alkeon, and Sands Capital as partners. The firm aims to keep creating engaging and personalized learning solutions. With the partnership, the startup can reaffirm its commitment towards building and transforming the learning landscape via technology, quality, and innovation across the globe.
BYJU’s Aiming to Accelerate Its Global Expansion Plans
Raveendran stated that the existing investors’ continuous support indicates their trust in BYJU’s and its mission. Notably, the edtech startups have observed a spike in its growth during the coronavirus pandemic, toiling as an inflection point.
The edtech major has launched BYJU’s Classes and marked its entry in the after-school learning segment. It is a comprehensive program that offers online tutoring. The firm also offers learning programs in multiple languages such as Hindi, Gujarati, Kannada, Malayalam, Bengali during the COVID-19 resultant lockdown.
Last month, the firm acquired a coding platform based in Mumbai, WhiteHat Jr. The startup anticipates that the integration will accelerate its plan of global expansion as coding is an emerging future skill. BYJU’s has observed 25 million new students since the lockdown. Currently, the app has more than 70 million users, with 4.5 million annual paid subscription, as the company claims.