With rising speculations over its funding and valuation, Edtech Unicron Byju’s has now made announcements about its latest funding. It has secured $540 million in a funding round which has been led by Naspers.
The startup is planning to utilize the proceeds for expanding its presence abroad, especially in English speaking nations such as the US, Australia, and the UK. It is already operating in some African and Middle Eastern countries.
Canadian Pension Fund, CPPIB also participated in the latest funding round. With the latest round of funding, Byju’s valuation stands at $3.6 million, which has paved the way for it to get entry into the top five unicorns in India.
The fresh investment has taken the total funding of Byju’s to $775 Million from bluechip investors like Times Internet, Tencent, The Chan Zuckerberg Initiative, Lightspeed Ventures, IFC, and GeneralAtlantic.
Now, all the 3 co-founder of the company has about a 38% stake in the company. Byju’s provides learning programmes for class 4-12 along with test preparation for exams like CAT, AIPMT, JEE, GRE, GMAT, and IAS.
The company has claimed that over the last 3 years, it has grown at a rate of 100 percent annually. Moreover, it has recently achieved the feat of crossing monthly revenue of Rs 100 crore. The company has amassed Rs 250 crore in revenue in FY17.
Picture Credits: Byju’s