BYJU’S in talks to raise $1 billion to fund its future acquisitions
- ByStartupStory | May 13, 2022
BYJU’S a Bengauluru-based startup is said to be in talks with multiple lenders to fund its future acquisition plans. As per the Bloomberg report, the startup is in discussions with Morgan Stanley and JP Morgan Chase & Co. to raise money to obtain another edtech brand. Although it is not sure which company it is planning to acquire.
Giant edtech BYJU’S is led by Byju Raveendran which has become the most valued startup currently in India and has been on an acquisition spree since 2020. In 2021, the company acquired 10 startups which include three foreign companies namely EPIC, Tynker and GeoGebra. In that year itself, it turned heads after acquiring 33-year–old competitive coaching centre Aakash Educational for a record $1 billion. It is helping Aakash to enhance its presence both in the offline and hybrid mode of teaching and learning space.
The startup also acquired coding giant WhiteHat Jr in 2020 which was led by Karan Bajaj in a record deal of $300 million consequently making it India’s highest edtech deal. The most recent development comes when BYJU’S raises $800 million in a round that was led by Raveendran himself and contributed to an increase of 25% of his stake in the company. Other participants in the round were Sumeru Ventures, Vitruvian Partners and BlackRock.
BYJU’S was founded in 2011 by Raveendran and Divya Gokulnath a CAT coaching back then. And from that time it has grown leaps and bounds in each passing year. Its app has more than 150 million downloads and claims to have 71 minutes as the average time spent on the app every day. It is present in seven countries with an annual subscription renewal rate of 86% of its flagship app, BYJU’S – The Learning App
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