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Tencent, General Atlantic put additional Rs 80 Cr in Byju’s


After raising more $540 million in December 2018, ed-tech major Byju’s has added more funds in its kitty from the existing investors – General Atlantic and Tencent.

Private equity major General Atlantics has infused in Rs 33.28 crore for over 4,000 compulsorily convertible cumulative preference shares at a price of Rs 82,882.50 per share.

Interestingly, the PE that invested Rs 199.1 crore in the ed-tech firm at a share price of Rs 72,570 each, has now paid an additional Rs 10,312.50 per share in the current round.

General Atlantic, which managed assets of about $28 billion as of June last year, had invested Rs 199.1 crore in Byju’s in December, shelling out Rs 72,570 per share at the time.

On the other hand, Tencent through its entity Proxima Beta is expected to have invested Rs 43 crore for over 5,000 shares at the aforementioned share price said an Economic Times report quoting Paper.vc.

The fresh investment takes Byju’s total funding to $786 million from bluechip investors including Tencent, the Chan Zuckerberg Initiative, Times Internet, General Atlantic, IFC, and Lightspeed Ventures.

The valuation of the decade-old firm is hovering around $4 billion.

Apart from the back to back investments, General Atlantic was also involved in secondary share purchase from Byju’s founder and its early backer Sequoia Capital.

In December, it was reported that General Atlantic and Naspers had picked up 7 per cent stake from Sequoia at a $2-2.5 billion valuation. According to estimates, GA spent Rs 367.8 crore in acquiring shares in a secondary transaction.

According to data provided by paper.vc, Byju Raveendran holds 21.84 per cent stake in the company while Naspers holds 11.82 per cent.

While Sequoia has cumulative ownership of 14.2 per cent, the company’s other co-founders Riju Raveendran and Divya Gokulnath holding 8.75 per cent and 4.47 per cent respectively.

Other investors including CPP, Verlinvest, Chan-Zuckerberg Initiative and Proxima Beta have less than 5 per cent stake in Byju’s.

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