Byju’s on Friday announced that it had raised $800 million (about Rs.6,000 crore) in a seed round led by its founder and CEO Byju Raveendran, who contributed half of the total amount.
Sumeru Ventures, Vitruvian Partners and BlackRock also helped raise funds.
The company raised new capital at an enterprise value of $22 billion, a 22% increase from the previously announced valuation of $18 billion.
The investment comes as the company prepares to launch its IPO in the next 9-12 months.
“Byju Raveendran, Founder and CEO of Byju’s, is also involved in this fundraiser and has personally pledged $400 million,” the company said in a statement.
Raveendran’s share in the company will increase from 23% to 25% as a result of this transaction.
We continue to see faster growth in India and in global markets, both organic and inorganic. Our constant goal is to achieve our long-term goals of providing our learners with long-term value. “Our goal is to create something that will last for decades,” Raveendran explained.
He said edtech is a sector in which India has the ability to develop global champions by solving the trilemma of cost, quality and scale.
“We will continue to invest in a variety of learning modalities to give children a high quality education everywhere,” Raveendran said.
Byju claims to have over 150 million learners on its platform, with an annual renewal rate of 86%.
“Byju’s remarkable growth and expansion in both domestic and international markets has shown great promise as an edtech leader. “We are delighted to engage with Byju’s as it continues and accelerates its remarkable growth trajectory,” said Mike Risman, Managing Partner of Vitruvian.