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Byju’s targets global expansion for its digital education service after raising $540M

India-based educational startup Byju’s was widely reported to have raised a massive $400 million round and now the company is making things official. The ten-year-old company revealed today it has pulled in a total of $540 million from investors to go after international opportunities.
The round is led by Naspers, the investment firm famous for backing Tencent that also includes educational firms Udemy, Codecademy and Brainly among its portfolio. The Canadian Pension Plan Investment Board (CPPIB) provided “a significant portion” of the round, according to an announcement which also revealed that the deal included some secondary share sales. A source told TechCrunch that’s from Sequoia India, an early investor which is cashing in a piece of its winnings.
This round takes Byju’s to $775 million from investors to date. Its backers include Tencent, the Chan Zuckerberg Initiative — from Facebook founder Mark Zuckerberg and his wife — General Atlantic, IFC, Lightspeed Ventures and Times Internet.
The deal takes the company valuation to nearly $4 billion, a source told TechCrunch. That’s in line with what was reported by India media last week and it represents a major jump on the $800 million valuation that it commanded when it raised money from Tencent in July 2017. It also makes Byju’s India’s fourth highest-valued tech startup behind only Paytm, Ola and OYO.
Founded in 2008 by Byju Raveendran as on offline teaching center, it moved into digital courses as recently as 2015. The company specializes in grades 4-12 educational courses that use a combination of videos and other materials. Besides courses, the service covers exams, free courses and paid-for courses.
Byju’s targets global expansion for its digital education service after raising $540M
Byju’s says that 30 million students have registered for its online educational service Dhiraj Singh/Bloomberg
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