Billionaire Yuri Milner-led DST Global is reportedly in talks to invest $400 Mn in Indian edtech giant BYJU’S, valuing the company at $10.5 Bn. According to a Bloomberg report citing sources, the deal could be signed as early as this weekend.
With this transaction by DST Global, BYJU’S will be the second most valued Indian startup, and could join Alibaba-backed digital payments giant Paytm and OYO in the decacorn club (over $10 Bn in valuation). While BYJU’S is currently valued at $8.2 Mn, the investment would take it past OYO’s $10 Mn valuation. Paytm was valued at $16 Mn in its last fundraise, while Walmart-owned Flipkart is valued at over $21 Bn.
DST Global has also invested in high profile companies like Alibaba, Facebook, Twitter, along with Indian companies like Flipkart, Ola, Swiggy and Udaan, all of which are valued above $1 Bn.
The development comes a month after BYJU’S raised $23 Mn in Series F from Mary Meeker’s BOND Capital. According to the ministry of corporate affairs filings accessed by Inc42, BYJU’S recorded an approval to raise $23 Mn with 8,070 Series F preference shares at face value of INR 10 from Bond Capital Asia Holdings Limited. The Company needs funds to meet the working capital and business expansion plans.
Commenting on the investment Byju Raveendran, founder and CEO, BYJU’S said, “This partnership is a testament to the role that BYJU’S is playing in helping students learn better by customizing our platform to their abilities. It also demonstrates the rising global interest in education technology as digital learning becomes increasingly accepted and embraced.”
Overall, the Divya Gokulnath and Byju Raveendran-founded company has raised $1.4 Bn till date from investors such as General Atlantic, Tiger Global, Tencent, Naspers, Qatar Investment Authority, and Canada’s Pension Plan Investment Board (CPPIB) among others. It was last valued at $8 Bn in the undisclosed funding round from General Atlantic in February 2020.
As of now, BYJU’s has over 57 Mn registered users and around 3.5 Mn paid subscribers. The company claims to have annual renewal rates of 85%. BYJU’S claims to have doubled its revenue from INR 1430 Cr in FY19 to INR 2800 Cr in FY20.
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Author: Kritti Bhalla
Source : https://inc42.com/buzz/byjus-could-join-decacorn-club-with-dst-global-infusion/
Date : 2020-08-04T03:21:45.000Z