Less than three months after Byju’s — one of India’s five most valuable startups raised a massive Rs 3780 crore ($540 million) round from global entertainment group Naspers along with Canadian Pension Plan Investment Board (CPPIB) and General Atlantic (GA), it has got additional Rs 33 crore from GA, according to Byju’s regulatory filing sourced by business signals platform Paper.vc. The December 2018 round had valued the company at $3.6 billion making it one of India’s five most valuable internet companies along with Paytm, Ola, OYO Rooms etc.
The company allotted 4,016 Series F compulsorily convertible cumulative preference shares to GA Singapore at a securities premium of Rs 82,882 per share as per the “…resolution passed and approved by the board of directors of the company on 5th March 2019,” the filing said.
World’s most valued edtech startup — Byju’s has been raising capital amid its expansion beyond metro and tier one cities even as it is looking at international growth.
“We are working on creating learning programs in regional languages like Marathi, Gujarati, Malayalam etc., and we plan to roll them out within 2019,” its Founder and CEO, Byju Raveendran had told Financial Express Online. He claimed of getting almost 75% of Byju’s users from outside the top 10 cities, that is more than 1,700+ towns and cities.
In January this year, Byju’s had acquired the US-based maker of educational games Osmo for $120 million to “offering a unique, customized, engaging and fun learning solution for younger kids,” Raveendran said.
“We are launching our K-3 product across the globe and our initial focus is going to be on creating awareness about the benefits of a product. What we are trying to create here is a blended learning experience. The technology Osmo brings to the table can detect shapes, numbers, letters and even images of characters and objects in relatively real-time. Going forward it is this capability that will grow. Imagine a biology classroom where students get step-by-step instructions on how to dissect a frog through software that is watching and correcting their move,” Raveendran said in the interaction.
Since Byju’s app launch in 2015, it has seen 30 million downloads so far. The company has 2 million annual paid subscribers to date. Byju’s revenue in the last financial year was Rs 520 crores and is on target to triple its revenue to Rs 1,400 crores this financial year, Raveendran said.