Indian ed-tech giant, Byju’s, has raised a whopping $300M in a funding round aimed at accelerating the company’s growth and expansion plans. The funding round was led by US investment firm, BlackRock, and also saw participation from existing investors including Abu Dhabi sovereign wealth fund, ADQ, and Canadian pension fund, CPPIB.
The $300M fund is a significant boost for Byju’s, which is already one of the world’s most valuable ed-tech companies, with a current valuation of $16.5 billion. The company has seen tremendous growth over the past few years, with its flagship app, Byju’s – The Learning App, becoming a popular choice among students in India and abroad.
With the new fund, Byju’s is set to further accelerate its growth and expansion plans. The company has already made significant investments in recent years, including the acquisition of US-based Osmo for $120M in 2019, and the purchase of Indian test-prep firm, Aakash Educational Services, for $1 billion earlier this year.
Byju 300m Fund
Byju Raveendran, founder and CEO of Byju’s, said in a statement, “This investment is a testament to the role that Byju’s is playing in helping students learn better by customizing our platform to their abilities. We will continue to innovate and make investments to further our mission of transforming education globally.”
The funding round comes at a time when ed-tech companies are seeing tremendous growth and investment globally, as the COVID-19 pandemic has forced schools and universities to switch to online learning. Byju’s has been one of the biggest beneficiaries of this trend, with its app seeing a surge in usage during the pandemic.
The $300M fund is also a reflection of the growing interest in Indian startups among global investors. India has been witnessing a startup boom in recent years, with several unicorns emerging from the country’s burgeoning tech ecosystem.
Byju’s is not the only ed-tech company in India to attract significant investment in recent months. Other major players in the space include Unacademy, Vedantu, and Simplilearn, which have all raised substantial funds to fuel their growth plans.
In conclusion, Byju’s $300M fund is a significant milestone for the company, as it looks to further expand its reach and impact in the global ed-tech market. With its innovative platform and proven track record of success, Byju’s is well-positioned to capitalize on the growing demand for online learning and continue its upward trajectory in the years to come.