Indian edtech unicorn Byju's bags $297 million in a Series F funding round
Byju’s, a Bangalore-based Indian multinational educational technology unicorn, was established in 2011, recently announced that it has secured Rs 2,200 crore which is around $297.5 million in fresh funds, indicating growing investor confidence in India’s most-valued edtech company despite its widening ends. The latest funding round was led by Oxshott Capital Partners. Over the last year, the pandemic has fueled a virtual education surge, with parents enrolling their children in online classrooms. The edtech industry has been on a purchasing binge, actually spending $2.2 billion on mergers so far this year. According to regulatory filings, Bjyu’s combined net sales increased by roughly 80% in FY19-20 compared with the previous year. During the time period under consideration, though, its losses increased by roughly 30 times. It just acquired Tynker, a children’s programming platform located in the United States, in its ninth purchase of the year. In September, it also purchased Gradeup, an online test preparation website.