Edtech giant Byju’s raised about $ 350 million in investment from UBS Group and Zoom founders Eric Yuan, Blackstone and others, valuing Bangalore-based companies as $ 16.5 billion (post-money). It has become the most valuable startup in India.
In a new filing, Byju’s revealed that a number of investors, including the Abu Dhabi Government Fund ADQ and Phoenix Rising, have invested about $ 350 million in startups. The new rating helps Byju outperform Paytm. The final value is $ 16 billion, The position of the crown of the Indian startup ecosystem. (Paytm is currently working on a public market survey and Aiming for a valuation of $ 3 billion, up to $ 30 billion.. )
The new tranche of investment is part of Byju’s larger round Kickstart earlier this year We are trying to secure more than $ 1.5 billion. Some recent investors include B Capital Group and hedge fund XN.The startup was rated at $ 11 billion at the end of last year, And $ 5.75 billion in July 2019.
Startups are planning to use some of their new capital to buy more startups. Byju’s acquired an Indian physical coaching agency Almost $ 1 billion Aakash Earlier this year, we conducted due diligence to purchase the online learning startup Toppr. Engaged in US-based epics, TechCrunch reported earlier this year.
Byju’s prepares students for undergraduate and graduate level courses and has recently expanded its catalog to serve students attending all schools. Byju’s app tutors are working on complex themes with real objects such as pizzas and cakes.
The pandemic, which forced New Delhi to blockade nationwide and close schools for a month, accelerated its growth and accelerated the growth of several other online learning startups, including Unacademy and Vedantu.
As of the beginning of the year, Byju’s has attracted more than 80 million users, of which 5.5 million are paid subscribers. In a session held in March by Indian venture fund Blume Ventures, Deborah Quazzo, managing partner of GSV Ventures (supporting Indian startups), said profitable Byju’s earned more than $ 100 million in the United States last year. He said he raised it.
At a UBS event earlier this year, startup executives said Byju’s current revenue execution rate is $ 800 million and is expected to reach $ 1 billion in the next 12 to 15 months.It also has Accelerated its international expansion plan In the last few months.
UBS investment makes Byju’s the most valuable startup in India – TechCrunch Source link UBS investment makes Byju’s the most valuable startup in India – TechCrunch