Byju’s To Raise $1.5 Billion At $21 Billion Valuation
- ByAyushi Ray | August 16, 2021
Byju’s to raise $1.5 billion at $21 billion valuation. Byju’s is at present India’s most valuable startup and they are seeking a 27% increase from the last $16.5 billion valuation at which the company raised funds in June. The fundraising would continue for a month. Byju’s growth has been unprecedented especially after online learning came to the forefront during the Pandemic. In the past four months, Byju’s went on an acquisition spree, buying higher education platform Great Learning for $600 million, kids’ digital reading platform Epic for $500 million, and test preparation provider Aakash Educational Services for $1 billion in quick succession.
“Demand for online classes is increasing exponentially, which is driving the business and attracting investors. At least four new large funds are coming in, and a few existing investors, too, are keen to up their stake in Byju’s. The deal will take Byju’s beyond $20 billion, the education space is clearly hot right now, and the company’s IPO plan is being concretized. That’s the opportunity the investors are enthused about,” said a close source. Byju’s founder Raveendran said that the company will go for an initial public offering in 18-24 months.“Byju’s will not only become the largest startup but also the fastest and the first Indian startup to cross the $20 billion valuation mark,” said the first person. Byju’s has at present more than 65 million subscribers, out of which 25 million new users just signed up in the last 1.5 years : anxious parents who wanted their children to get the best of e-learning during the Covid-19 pandemic-induced lockdown was announced last year in March.
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