Byju’s valuation crosses $5 billion mark
Byju’s, a Bengaluru based edtech company has reached the valuation of $5 billion from $3.6 billion during last year. Recently, Byju’s raised funding of $31 million in a financing round led by US based growth equity investor General Atlantic, along with Chinese investment company, Tencent. “This indicates that Byju’s may be preparing to raise more money at a significantly higher valuation, leading General Atlantic and Tencent to do a pro-rata in order to maintain their percentage holdings,” said Vivek Durai, founder of Paper.vc.
Prior to this funding round, Byju’s had raised $400 million from Canada Pension Plan Investment Board (CPPIB), Naspers Ventures and General Atlantic. Byju’s has so far raised a total of $795.5 million over nine rounds. These funds would help Byju’s to make more innovative technology enabled learning products and expand into international market. Ed tech market is on growth trajectory in India and is expected to reach $2.0 billion by the end of 2021, from $0.4 billion in 2017.