Byju’s, the Bengaluru-based online educational services provider that offers technology based education platforms for primary and secondary school subjects, overseas and domestic test preparation courses, engineering and medicine announced that it has raised $122 million from tech billionaire Yuri Milner’s investment fund DST Global.
Byju’s has allotted 42,666 Series F preference shares to DST Global for Rs 908.9 crore, regulatory documents filed with the Ministry of Corporate Affairs showed, according to the ETtech report.
The Bengaluru-based company hopes to raise as much as $400 million in the ongoing round, sources told ET. It was unclear whether DST Global and other investors were also purchasing secondary shares and at what valuation.
Till now Byju’s had raised around $550 million, with Tiger Global and General Atlantic ploughing in $200 million each in January.
Byju’s said it was currently adding over 300,000 new subscribers every month, as schools continue to remain shut across India.
Byju’s is now looking to expand its presence into markets such as the United States, having acquired rival WhiteHat Jr for $300 million in an all-cash deal recently. Also, it had acquired US-based ed-tech player Osmo for $100 million in January 2019.
Byju’s had also partnered with Disney and launched Byju’s Disney Early Learn App targeted at children in the 6-8 age group to tap younger users with the idea of retaining them as they go through various grades.
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