Edtech startup BYJU'S will use the funds raised from DST Global for working capital requirements and business expansion plans.
Edtech startup BYJU'S is raising about Rs 909 crore in funding from billionaire Yuri Milner-led DST Global, according to regulatory documents. The company will use funds to meet the working capital requirements and business expansion plans, the document said. Post-issue shareholding of DST will be 1.2 percent.
In June, BYJU'S announced it had raised funds from global technology investment firm BOND but had not disclosed the amount raised. In February, the company raised about $200 million in funding from General Atlantic.
While a number of players have raised fresh funding from investors, consolidation is also being seen in the industry with deals like Unacademy acquiring PrepLadder for $50 million.
The edtech space has seen strong growth globally with the COVID-19 pandemic serving as an inflection point. BÝJU'S had recently bought coding training platform WhiteHat Jr for $300 million which will continue to be led by founder Karan Bajaj to scale the business in India and the US. This acquisition is expected to help BYJU'S with its plans to expand further into the US market. The unicorn is also looking to provide coding programs for kids, an area of expertise for WhiteHat Jr.