Edtech firm Byju’s on Friday said it had raised $800 million (about Rs 6,000 crore) in a funding round led by its founder and CEO Byju Raveendran, contributing half of the total amount.
Sumeru Ventures, Vitruvian Partners, and BlackRock participated in the funding round.
The company has raised fresh funds at an enterprise value of $22 billion, which has increased by about 22 percent from the last disclosed valuation of $18 billion.
The investment comes when the company is gearing to come up with its initial public offer in the next 9-12 months.
“Byju Raveendran, Founder, and CEO of Byju’s, is also part of this fund-raise and has made a personal investment of $400 million,” the company said in a statement.
With this investment, Raveendran’sstake in the company will increase to 25 percent from 23 percent earlier.
“We continue to witness accelerated growth in India and international markets through both organic and inorganic routes. Our sustained focus is on achieving our long-term goals around creating life-long value for our learners. We aspire to build something that will last for decades,” Raveendran said.
Edtech is a sector where India can create global champions by solving the trilemma of cost, quality, and scale, he added.
“Will continue to invest in multiple learning models to provide students with quality education across the world,” “Raveendran noted.
Byju’slaims to have over 150 million learners on its platform with an annual renewal rate of 86 percent.
“A leader in the edtech space, Byju’strong growth, and expansion in national and international markets have been up-and-coming. We look forward to working with Byju’ss it builds on and accelerates its compelling growth trajectory,” “Vitruvian managing partner Mike Risman said.