Edtech major Byju’s is raising further funding of up to Rs 2,200 crore led by Oxshott Venture Fund, regulatory filings sourced through business intelligence platform Tofler showed.
Edelweiss’s Crossover Opportunities Fund Verition Multi-Strategy Master Fund, XN Exponent Holdings, and MarketX Ventures will also participate in what will be a Series F funding round from the Bengaluru-based company.
Byju’s will allot 77,174 compulsory convertible cumulative preference shares at a premium of Rs 2,85,062, according to the filings. Oxshott Venture Fund is expected to invest Rs 1,200 crore, while XN Exponent Holdings will invest Rs 150 crore and Verition Multi-Strategy Master Fund will invest Rs 147 crore, the filings reveal.
Byju’s is backed by marquee investors, including General Atlantic, Sequoia Capital, the Chan-Zuckerberg Initiative, Naspers, Silver Lake and Tiger Global.
The startup, valued at $16.5 billion after its last funding round in April, is reportedly in talks with investors to raise $1.5 billion at a valuation of around $20-$21 billion.
In the past, Byju’s had acquired TutorVista and Edurite (from Pearson in 2017) and Osmo in 2019. Last year, the company had bought the coding training platform WhiteHat Jr for $300 million and in April this year, it acquired Aakash Educational Services Ltd (AESL) to bolster its presence in the test preparation segment in the country.
In July this year, Byju’s had announced the acquisition of Singapore-headquartered Great Learning in a transaction valued at $600 million (about Rs 4,466 crore), and said it will invest an additional $400 million to strengthen its position in the professional and higher education segment.
In all, the Byju Raveendran-led company has spent more than $2 billion in the past few months on acquisitions in India and abroad and has acquired about 15 companies since it was founded in 2011.
Categories: Venture Capital