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Ed-tech startup Byju’s raises $200M from General Atlantic

The investment has increased Byju’s valuation from $5.7 billion a year ago to $8 billion, making the edtech startup the third most valuable private firm in India after financial services firm Paytm and budget-hotel operator Oyo.

Indian education firm Byju’s has raised $200M from General Atlantic, an existing investor in the startup.

While the Bangalore-based startup, did not disclose the size of General Atlantic’s check, a source familiar with the matter told that the New York-headquartered equity firm had invested $200 million in the new round at a valuation of $8 billion.

A week before, Tiger Global had invested $200 million in the nine-year-old startup, which claimed profitability before the new financing round.

The investment has increased Byju’s valuation from $5.7 billion a year ago to $8 billion,  making  the edtech startup the third most valuable private firm in India after financial services firm Paytm and budget-hotel operator Oyo.

Raveendran, founder and chief executive, Byju’s, said, “The new investment illustrates an ever increasing acceptance of our learning programs in small towns across the country.”

Byju’s gained attention due to its  innovative ways of teaching such as using a pizza to help explain complex science concepts. The app has over 42 million registered users, 3 million of whom are paid subscribers. The startup offers courses that are aimed at students in grade six and upwards — including those preparing for competitive under-graduate courses.

Over 65 percent of Byju’s students are from outside the top 10 cities in the country, giving many access to quality education for the first time. (Some of its tactic to sign up subscribers has come under scrutiny, however.)

“This is a validation of how technology can make high-quality learning content more accessible to students, irrespective of their geographies. In fact, technology as an enabler has a lot of potential to further innovate the way in which learning can be made personalised and impactful,” Raveendran added.

Byju’s has raised about $1.45 billion to date. It also counts Tencent, and Naspers among its investors. Mark Zuckerberg’s Chan-Zuckerberg Initiative was also an early investor.




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