Byju’s announced that it has raised $500 million in a new financing round led by Silver Lake at a $10.8 billion valuation, reports TechCrunch.
Existing investors Tiger Global, General Atlantic and Owl Ventures also participated in the new financing round, India’s second most valuable startup Byju’s said in a statement.
“We are excited to welcome a strong partner like Silver Lake to the BYJU’S family,” said Byju Raveendran, co-founder and CEO of the eponymous startup in a statement. “We are fortunate to be in a sector of positive relevance during this crisis. This has brought online learning to the forefront and is helping parents, teachers and students experience and understand its value. Our classrooms are changing possibly for the first time in 100 years and I’m really excited about the opportunities that we have to redefine the future of learning,” he added.
Byju’s prepares students pursuing undergraduate and graduate-level courses, and in recent years it has also expanded its catalog to serve all school-going students. Since the lockdown, Byju’s has added 20 million new students on its platform. Today, the app has over 64 million registered students and 4.2 million annual paid subscriptions.
“We are delighted to lead this investment and partner with Byju and his impressive team of education technology pioneers in their mission to help children in India and around the world achieve their true potential,” said Greg Mondre, Co-CEO of Silver Lake in a statement.
“We look forward to working with them as BYJU’S builds on and accelerates its compelling growth trajectory by forging new partnerships and continuing to cultivate a comprehensive ecosystem of innovative educational offerings,” Greg added.
Recently, Byju’s acquired 18-month-old WhiteHat Jr., which teaches coding to kids, for $300 million.
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