After Paytm and Oyo, edtech unicorn Byju’s is set to enter the decacorn club as the company is reportedly raising fresh funds at a valuation of $10 billion.
If the deal goes through, it will be with an over 20% jump in the Bengaluru-based company’s valuation which was valued at around $8.2 billion during a fundraising round in February this year.
According to a TechCrunch report, Byju’s will raise around $400 million in an ongoing round which has already seen participation from General Atlantic and Tiger Global. The talks haven’t been finalised yet and terms could change, added the report.
Byju’s offered “no comment” to Entrackr’s queries on the upcoming funding and valuation jump.
Byju’s, which operates in the K-12 learning category, has been exploring more overseas markets for the past couple of years. While the ongoing lockdown has forced many companies to halt their operations temporarily, edtech firms are exploring new ways to maintain their mojo and Byju’s is one of the front runners.
According to the company, it had recorded a 150% surge in traffic in March and onboarded six million new students during the period.
As per the latest data, Byju’s has over 35 million registered users, of which 2.4 million are paid customers. Its freemium model brings more engagement on the platform, which is available for 15 days for a new user.
In the coming months, Byju’s will also explore the ‘after school’ and ‘two-way interaction’ segment to expand its user base.