Thursday, December 19

Byju’s Secures $540 Million for Global Expansion

Education technology platform Byju’s has raised $540 million funding round led by South Africa’s Naspers Ventures as it looks to fuel its global expansion plan, according to a company statement. 

The transaction is expected to value the company at around $3.6-3.7 billion, making it one of the top five most valued internet companies in India.

The round also saw participation from the Canada Pension Plan Investment Board (CPPIB) and private equity firm General Atlantic, as ET had reported earlier this month.

The round will give the company a pre-money valuation of around $3.2 billion to the company. A small part of the $540 million round is also expected to be used for a secondary share purchase, mostly by General Atlantic. 

The development marks a significant jump in the worth of Byju’s as it was valued at $1 billion when it closed a round of funding earlier this year. 

“With the largest school-age population in the world and a growing middle-class with the willingness to commit significant resources towards quality education for their children, BYJU’S is perfectly positioned to provide an effective supplemental education solution for students across India,” said Russell Dreisenstock, Head of International Investments, Naspers Ventures.

The capital will be used “to further innovate, explore and set new benchmarks for tech-enabled learning products,” according to a statement. The company has aggressive plans for international market expansion and will make bold investments in technology that will help to further personalise learning for students, it added.

Owned by Think & Learn Private Limited, Byju’s is looking for acquisitions to accelerate its international expansion through acquisitions. The company plans to launch this product by early next year and it will focus on English speaking markets like the United States, UK, and Australia.