Byju’s raised ₹80 Crore from General Atlantic & Tencent
On 11 March 2019, Byju, World’s leading ed-tech company, raised approximately ₹76 crore from private equity major General Atlantic & Chinese media giant, Tencent. General Atlantic invested ₹33.3 Crore for 4,000 convertible cumulative preference shares (CCPS) at a price of ₹82,882.5 per share and Tencent purchased 5,000 shares at a price of ₹82,882.5 per share, worth of ₹43.0 Cr. Byju’s makes knowledge and education interesting for 4th to 12th standards and those taking competitive exams like JEE, NEET, CAT, IAS, GRE, and GMAT. The company has a strong base of 30 million registered students and 2 million annual paid subscribers at present respectively.
Byju’s aims to use the funds to further make investments in technology that should help Byju’s to further personalise learning for students and to expand internationally. Considering, increasing disposable income of Indian parents, we believe there will be significantly rise in demand for digital and quality education, which will ultimately enhance opportunities for the ed-tech companies in India.