The online learning platforms have lately been witnessing a massive surge in users due to the government imposed nationwide lockdown. Since the New Delhi called for a nationwide lockdown, physical learning taking place in classrooms of colleges, schools or coaching institutes have come to a halt.
While schools are having a tough time to connect with students, Edtech platforms have already stepped up their game to fill the void in the field of education. Several learning platforms have reported a rise in their user base since the lockdown begun and investors have taken a note of this newly increased demand.
To better conduct their operations and ride on this new wave of users, edtech startups are now raising new funds. Recently, it was being reported in the media that India’s edtech unicorn Byju’s is looking to raise as much as $400million in fresh capital at a valuation of $10 billion.
According to a TechCrunch report, the nine-year-old startup would now raise an additional $400 million to improve its services and scale operations. The additional capital would be part of the Bangalore-based startup’s ongoing financing round that has already seen Tiger Global and General Atlantic invest between $300 million to $350 million into the startup.
Although the company’s earlier fundraising was at a valuation of $8 billion, the company is now eyeing to enter the decacorn club with the new funds.
If the deal goes through at this new term, Byju’s would join hospitality startup OYO, which is also valued at $10 billion, and financial services firm Paytm that is at $16 billion.
Through its app, tutors on Byju’s help all school-going children understand complex subjects using real-life objects such as pizza and cake. The app also prepares students who are pursuing undergraduate and graduate-level courses.
Over the years, Byju’s has invested in tweaking the English accents in its app and adapted to different education systems. It had amassed more than 35 million registered users, about 2.4 million of which are paid customers as of late last year.
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