Byju’s adds $190 Mn to its Series F round with three new investors

Byju’s has roped in three new investors in its ongoing Series F round with Blackrock, Sands Capital and Alkeon Capital joining the $500 million round that was announced by the edtech decacorn earlier this month.

On September 8, Byju's announced that it has raised $500 million led by private equity firm Silver Lake with the participation of existing investors. While Byju’s hasn’t disclosed the exact amount invested by the new investors, regulatory filings show that it has received around $190 million from the new and existing investors General Atlantic, Owl Ventures and Tiger Global. 

The Bangalore-headquartered company has allotted 65,605 Series F CCPS for Rs 213,032.06 per share to raise an amount of $190.15 million or Rs 1400 crore. Sands Capital infused $47.53 million followed by General Atlantic with $44.1 million. Owl Ventures and BlackRock poured in $34 million each while Alkeon invested $23.8 million and Panayotis Sparaggis infused $6.8 million. 

Post money, General Atlantic would own 7.3%, Owl Ventures and Sands Capital 0.76% and 0.43% respectively, and BlackRock and Alkeon would hold 0.60% stake collectively.

The holding of promoters group at Byju’s – which includes Byju Raveendran, his wife Divya Gokulnath and brother Riju Raveendran – has been diluted to 29.5% from 33.1% in August.

As per Fintrackr’s estimation, Byju’s valuation will now be around $11.1 billion-$11.3 billion after the allotment of fresh equity shares.

2020 has been phenomenal for Byju’s as it has raised $1 billion in funding so far. The lockdown and then the gradual unlocking presented a major opportunity for edtech companies and their backers.

Since the lockdown, Byju’s claims to have added over 25 million new students on its platform. Till date, it has over 70 million registered students and 4.5 million annual paid subscriptions.