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One of the leading Indian Edtech firms founded in 2011 by Byju Raveendran has been growing tremendously since its commencement. Recently, in its fresh funding round, it is closely raising around $600-700 million from new and existing investors. This fresh new deal is expected to lift the Bengaluru-based firm’s valuation to about $15 billion. Earlier it was valued at US$12 billion in November 2020 and is among India’s Unicorn Club and most valuable private internet firms.
Later, it has been stated that the raised proceeds will be used to purchase Aakash Educational Services, a firm that runs a chain of brick and mortar test preparation coaching centers, reported by Entracker.
The sources said, the new investors joining the round are from the Middle East and the US existing investors would also participate in the funding rounds. This is majorly used to finance acquisitions of Aakash Educational Services.
The final deal is yet to be declared, it was reported in January that Byju’s is thinking to acquire Aakash Educational Services for around $1 billion. The acquisition will move further over the few weeks.
Aakash Educational Services would be the third major acquisition by Byju’s in the last 2 years. In the year of 2019, it acquired US-based Osmo for around $120 million. WhiteHat Jr. another startup in the ed-tech space focused on online coding classes for children.
Lastly, since then it has raised about $2.1 billion investors, it is one of the most renowned start-ups which is backed up by Mark Zuckerberg’s Chan Zuckerberg Initiative, Tiger Global Management, and Bond Capital which was co-founded by Silicon Valley investor Mary Meeker. Currently, it caters to over 70 million users in more than 1,700 cities in India. It is creating educational content for students of all ages including kindergarten to the 12th grade. It also claims to be adding more than 5 million users every single month.
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