Sunday, March 3

Tag: Byjus

Byju’s clears $950 million payment to Aakash
BUSINESS

Byju’s clears $950 million payment to Aakash

Edtech firm Byju's said on Monday that it has completed payment that was due for the acquisition of Aakash Educational Service and received majority of $800 million fund which it announced in March. The company is estimated to have acquired Aakash Educational Services Limited for around $950 million. "Our fundraising efforts are on track and the majority of the 800 million has been already received. The balance is also expected soon. Our payments to Aakash are closed and the audited financial results are going to be announced in the next 10 days," Byju's said in a statement. Byju's founder and CEO Byju Raveendran has made a personal investment of $400 million (over Rs 3,000 crore) of the total $800 million (about Rs 6,000 crore) raised in the latest funding round by the company....
Elon Musk Foundation donates $5 million to Khan Academy
News

Elon Musk Foundation donates $5 million to Khan Academy

World's richest person and Tesla's co-founder Elon Musk donated $5 million to the American non-profit educational organisation Khan Academy through his Musk Foundation. Khan Academy founder Sal Khan announced this news in a video posted on Twitter. Sal khan said he wants to give a huge shout and thank you to Elon Musk and everyone at the Musk foundation. "Thank you @elonmusk and @MuskFoundation for an incredible $5m donation to @khanacademy," he said. Elon Musk, along with his brother Kimbal, founded this NGO in 2002 which donates and support in several areas, including education, renewable energy research, human space exploration research, pediatric research etc. Founded in 2008, Khan Academy has 120 million registered users and 20 to 30 million students are using the platfor...
No More startup after WhiteHat $300 million Sale: Karan Bajaj
Entrepreneurs Talk

No More startup after WhiteHat $300 million Sale: Karan Bajaj

After the blockbuster sale of WhiteHat Jr for USD 300 million to Byju's, the former's founder Karan Bajaj said he is a "wanderer" who will neither go back to creating another startup nor follow in the footsteps of other entrepreneurs who dabble in the space as investors after a successful exit. Bajaj said he is a "minimalist" who does not think a lot about money and stressed that all his investments are long-term ones where he does not fret about those. Earlier this month, Bajaj's edtech venture was acquired by Byju's in an all-cash deal for USD 300 million within 20 months of its incorporation in one of the largest deals in the upcoming space. "I feel there is an endpoint of a journey. With this chapter, I'm kind of putting a lot of myself into it, and I feel I reached a very lo...
BYJU’S sees 150% Growth After Allowing Free Access
News

BYJU’S sees 150% Growth After Allowing Free Access

Edutech company BYJU'S said it has witnessed a 150 per cent increase in the number of new students learning on its app after announcing free access in March 2020. The initiative, taken to support students to learn from home during the disruption caused due to COVID-19, has received an overwhelming response with students from metros and non-metros accessing lessons on the app, BYJU'S said in a release here. Over six million new students have started learning on the app in March 2020 alone. To support students in their learning journeys further, the company has introduced free 'Live Classes' on its platform. Students will now be able to learn real-time from teachers by reserving their preferred topic and slot from the schedule on BYJU'S The Learning App, the release said. "Af...
Byju’s Raises $300 Million Funding From Tiger Global
FUNDING

Byju’s Raises $300 Million Funding From Tiger Global

NEW DELHI, 10 Jan, 2019: New York-based Tiger Global Management has invested $200 million in education app Byju’s, valuing the Bengaluru-headquartered company at about $8 billion. Tiger Global, one of the most influential investors in the Indian startup ecosystem, has been negotiating an investment in Byju’s for the past few months, said two people aware of the developments. They indicated that secondary transactions, estimated at $100-200 million, may also take place, providing exits to some of the early backers of the eight-year-old company. “We are happy to partner with a strong investor like Tiger Global Management. They share our sense of purpose and this partnership will advance our long-term vision of creating an impact by changing the way students learn,” founder Byju Ravee...
Indian Startups raise $38.3 bn Funding in 2018: Report
FUNDING

Indian Startups raise $38.3 bn Funding in 2018: Report

New Delhi: Indian startups are estimated to have raised $38.3 billion in funding in 2018, behind only the US and China, a report by Yostartups said Thursday. Flipkart’s $16 billion deal with American retailer Walmart accounted for the biggest piece of the pie, followed by Swiggy raising about $1.3 billion over three deals, and OYO picking up $1 billion in 2018, the report said. Other big funding deals included those by Paytm Mall ($895 million), ReNew Power ($495 million), Byju’s ($422 million) and Zomato ($410 million). Around 1,000 deals were signed by Indian startups in 2018 with areas like e-commerce, fintech, sustainability and renewable energy, transportation and logistics, health and wellness, and travel and tourism attracting the highest investments, it add...
Top 5 Funding of the Week (17th Dec – 22nd Dec)
FUNDING

Top 5 Funding of the Week (17th Dec – 22nd Dec)

Funding is a very important part of a business and when an entrepreneur starts a business, the major source of expenditure for him is the funding he receives. This week, we saw the food delivery giant raising a huge amount of funds. So, let's dig into the details and have a look on the top five funding activities of the week. Swiggy India’s largest food delivery company Swiggy has reportedly raised an amount of $1 billion in a fresh funding round. The round was led by existing backer, South African media giant Naspers. Along with this, the new investors that participated in the round included China’s Tencent and hedge funds Hillhouse Capital and Wellington Management.  With this new roun...
Byju’s Secures $540 Million for Global Expansion
FUNDING

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 m...
Edtech Major Byju’s Secures an Amount of $400 million
FUNDING

Edtech Major Byju’s Secures an Amount of $400 million

The popular edtech platform Byju’s has raised funds amounting to $400 million in a financing round led by Naspers Ventures and CPPIB. Naspers is a venture arm of South African media giant best known for its early bet on China's Tencent. On the other hand, CPPIB is a new investor. A private equity firm GeneralAtlantic, which has also picked up some secondary shares in the company.  These funds have amounting raised to fuel its global expansion plan of the company. The transaction is expected to value the company at around $3.6 billion which would make it the fifth most valued private internet company in India after Flipkart ($22billion), Paytm ($16 billion), Oyo ($5 billion) and Ola ($4 billion).  Byju’s is in the advanced stages of expanding to Engli...
Byju’s Plans To Raise $250 Million From Softbank & Others
FUNDING

Byju’s Plans To Raise $250 Million From Softbank & Others

Education Technology and Training expertise platform Byju’s is in talks with SoftBank and different traders to lift $200-250 million to fund its international growth plans. In the recent talks, the deal is yet to be finalised. Byju’s is in news to lift about $200-250 million from SoftBank and others. They’re nonetheless discussing the factors. This can assist catapult their worldwide growth. If the deal is successful it would possibly value the company at around $2 billion as stated by Byju's.   “We by no means touch upon hypothesis,” mentioned a SoftBank spokesperson to an electronic mail question from ET, whereas a spokesperson of Byju’s mentioned that they had “no feedback” to supply, mentioned Byju's.   Byju’s-The Learning App, which is the education technology pla...
Byju’s Acquires a Bengaluru-based Maths Learning Startup
ACQUISITION

Byju’s Acquires a Bengaluru-based Maths Learning Startup

The leading edtech platform Byju’s has reportedly acquired Math Adventures which is an online mathematics learning startup based in Bengaluru. However, the amount of the deal has not been disclosed yet. This acquisition by Byju’s marks as the fourth acquisition of the company. Last year, Byju’s acquired two startups namely TutorVista and Edurite in July and Vidyartha in January. After the acquisition process, the team of Math Adventures will become a part of the Byju’s content and R&D team. “Math Adventures’ activities will help us with our K-3 product development,” said Byju Raveendran, chief executive of Byju’s. “The founder comes with a strong math background and also a research and development background in math activities. The team will now be a part of the content and R&D...