Edtech firm BYJU’S raises $700 million at $22 billion valuation in latest funding round

• ByStartupStory     |    April 4, 2023

Edtech giant BYJU’S has raised $700 million in a new funding round, with a valuation of $22 billion, according to reports. The funding was led by sovereign wealth funds and private equity companies from West Asia. A portion of the money raised has been earmarked for debt payments.

The listing of test preparation company Aakash by BYJU has been postponed until 10–12 months from now, according to the report. In order to select arrangers for Aakash’s IPO, BYJU began speaking with bankers last year.

 

It was recently revealed that BYJU’S intended to raise up to $250 million through the sale of convertible notes by Aakash Educational Services Ltd, which it had purchased in April 2021 for a $950 million cash-and-stock deal. Following the acquisition of $800 million from Blackrock, Sumeru Ventures, and other investors in March, BYJU’S last raised $250 million in a funding round from its current investors, including Qatar Investment Authority, in October 2022. In October of last year, it also accepted a 300 crore rupee unsecured loan from Aakash.

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