The first edtech startup to get Unicorn status in India, Byju’s has scooped up $100 million in a fresh round from General Atlantic India.
With the latest fundraising, Byju’s valuation has also crossed $2 billion mark and General Atlantic will pick up around 5 per cent stake in the Byju Raveendran-led company, reports Business Standard.
The deal is yet to be confirmed from both sides.
The development was cropped up early this month when the online tutoring platform was reportedly in the advanced stage of investment talks to raise $200-300 million with private equity firm General Atlantic and Temasek Holdings.
However, the early report also clarified that the aforementioned investors may or may not go together in the next funding round. Existing investors, including China’s Tencent Holdings’ participation in the latest funding round, has not been ascertained.
If the deal goes through, this will be another feather in Byju’s hat, which is targeting a revenue of Rs 1,400 crore this financial year.
The Bengaluru-based company has been growing at 100 per cent annually for the last three years and recently crossed Rs 100 crore in monthly revenue.
The edtech firm has over 20 million users, 1.26 million annual paid subscribers and claims 1.5 million registered students join every month.
Through its flagship product-Byju’s-The learning app, it offers learning programmes for class K-12 & test preparation for JEE, AIPMT, CAT, IAS, GRE & GMAT.
Besides, Byju’s has raised about $244 million from investors including Chan-Zuckerberg Initiative, Sequoia, Sofina, Lightspeed Ventures, Verlinvest, Aarin Capital and Times Internet.
The company finds Edureka, Onlinetyari, Simplilearn, Meritnation among others as its competitors.