Tencent and General Atlantic’s latest tranche valued Byju’s over $5 Bn


We all are aware of the massive Series F round raised by India’s fourth largest startup Byju’s. African investment giant Naspers had led a $540 million round in the firm along with General Atlantic, Tencent, and CPP Investment.

While the news was circulated in December last year, the company’s filings with Registrar of Companies at the Ministry of Corporate Affairs show that the monetary transactions around those reports are yet to be completed.

Till now, the company has received only around $367 million of the said $540 million, even though the transactions have been going on since October last year. But that’s not all, Series F round has seen the Byju’s valuation go up from $3.26 billion to $5.13 billion, incrementing with every tranche.

When the round began in October, General Atlantic had poured in Rs 199.1 crore via 72,570 Series F CCCPS priced at Rs 72,570.46. As per this share price and the 3.48 lakh equity shares (including warrants) of the company, the valuation stood at $3.26 billion.

The December tranche saw Naspers leading the round with an approximate $176.6 (Rd 1,236.65 crore) investment through 1.59 lakh Series F CCCPS priced at Rs 77,595.05 each. At this price, the valuation reached $3.49 billion.

A day after Naspers, CPP Investments poured in Rs 886.43 crore while purchasing 1.14 lakh shares of the very class but each at a price of Rs 77,868.09, taking the valuation to $3.5 billion.

In the first week of March, General Atlantic invested in another tranche worth Rs 33.29 crore scoring 4,000 shares at Rs 82,882.5 each. With this, the valuation had risen to $3.73 billion.

Finally, in the latest transaction, Tencent has invested Rs 41.64 crore in 5,000 shares at the same Rs 82,000 price. However, General Atlantic in its share purchase has invested Rs 173.24 crore in 15,187 shares at a price of Rs 1,14,060.98 each.

The post-money valuation of the company with this transaction has crossed $5 billion.

Considering the total Series F money has not even been completely raised yet, this trend hints at the startup’s valuation going even beyond this stage or even $6 billion figure. It remains to be seen what actually happens.

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