Byju?s [https://byjus.com/], an education learning startup in India that has
seen a surge in its popularity in recent weeks amid the coronavirus outbreak, is
in talks to raise as much as $400 million in fresh capital at a $10 billion
valuation, said three people familiar with the matter.
The additional capital would be part of the Bangalore-based startup?s ongoing
financing round that has already seen Tiger Global andGeneral Atlantic
[https://crunchbase.com/organization/general-atlantic]invest between $300
million to $350 million into the nine-year-old startup.
That investment by the two firms, though, was at an $8 billion valuation, said
people familiar with the matter. Byju?s was?valued at $5.75 billion in July last
year, when it raised $150 million from Qatar Investment Authority and Owl
If the deal goes through at this new term, Byju?s would become the second most
valuable startup in India, joining budget lodging startup Oyo, which is?also
valued at $10 billion, and following financial services firm Paytm that
raised?$1 billion at $16 billion valuation late last year.
The talks haven?t finalized yet and terms could change, said one of the
aforementioned people. This person, along with the other two, requested
anonymity as the matter is private.
Spokespeople of Byju?s andProsus Ventures,
[https://crunchbase.com/organization/prosus-ventures]the largest external
investor in the startup, declined to comment. A spokesperson for Tiger Global
did not respond to a request for comment.
Byju?s, which has raised more than $1.3 billion to date, has seen a sharp surge
in both its free users and paying customers in recent weeks as it looks to court
students who are stuck at home because of the nationwide lockdown New Delhi
ordered in late March.
Over the years, Byju?s has invested in tweaking the English accents in its app
and adapted to different education systems. It had amassed more than 35 million
registered users, about 2.4 million of which are paid customers as of late last