Homegrown education technology unicorn Byju’s has raised $122 million from tech billionaire Yuri Milner’s investment fund DST Global as part of its ongoing funding round, a month after storied Silicon Valley investor Mary Meeker’s Bond Capital chipped in $23 million at a $10.5 billion valuation.
Byju’s has allotted 42,666 Series F preference shares to DST Global for Rs 908.9 crore, regulatory documents filed with the Ministry of Corporate Affairs showed.
The company’s valuation is believed to be the same as when it raised capital from Bond Capital.
News portal Entrackr was the first to report Byju’s latest fundraising on Wednesday.
The Bengaluru-based company hopes to raise as much as $400 million in the ongoing round, sources told ET.
It was unclear whether DST Global and other investors were also purchasing secondary shares and at what valuation.
Byju’s did not respond to ET’s query for comment till press time on Wednesday.
The edtech startup has so far in the year raised around $550 million, with Tiger Global and General Atlantic ploughing in $200 million each in January. That round valued the company at a little over $8 billion; however, its valuation has since jumped by a further $2 billion following its strong performance during the initial months of the Covid-19 pandemic.
Investor interest in the company has been piqued after registered users grew to 57 million and it enrolled over 3.5 million paid subscribers quickly.
Byju’s said it was currently adding over 300,000 new subscribers every month, as schools continue to remain shut across India.
Byju’s isn’t the only ed-tech firm that has reaped the benefits of high growth during the pandemic.
ET reported last week that Unacademy was in talks to raise $150 million led by Japan’s SoftBank at a valuation of $1.3 billion, or more than two and a half times its valuation from its previous round.
Vedantu, too, saw its valuation more than doubling to $600 million when it raised $100 million from US-based Coatue Management recently.
Byju’s is now looking to expand its presence into markets such as the United States, having acquired rival WhiteHat Jr for $300 million in an all-cash deal recently.
The company had also acquired US-based ed-tech player Osmo for $100 million in January 2019 to get a foothold into the mature market.
It had also partnered with Disney and launched Byju’s Disney Early Learn App targeted at children in the 6-8 age group to tap younger users with the idea of retaining them as they go through various grades.