EdTech giant BYJU’ S Raises $296 Million in Fresh Series of Funding

 


Original Content: Business Upside India 

According to data released by research firm Tofler, BYJU’S latest round of funding is set to value the company at $18 billion. The largest EdTech firm of India is set to raise $296 million (INR 2200 crore) from a clutch of investors that includes Edelweiss Private Investments Trust, IIFL, Verition Multi Strategy Master Fund, Oxshott Venture Fund, MarketX Ventures, and XN Exponent Holdings.

The company will allot 77,174 Series F compulsory convertible cumulative preference shares (CCPS) at a premium price of INR 2,85,062 as informed to the Corporate Affairs Ministry.

As per the company’s filings, Oxshott Venture Fund will get 42,095 shares at an investment of INR 1200 crores as a majority shares holder. Edelweiss is the next largest investor at 345 crores, followed by XN Exponent Holdings at 150 crores. The other investors Verition, MarketX Ventures, and IIFL, will invest Rs 147 crore, 144 crore, and 111 crores, respectively.

This round of funding has come only after a few weeks of earlier funding of $150 million from investors Asmaan Ventures, ARK Ncore, and Mirae Asset, along with others. 

The last two rounds of investments come on the heels of the company acquiring Tynker, a US-based coding start-up, for approximately $200 million in September. In 2021, BYJU’S have already spent more than $2 billion in M&A deals. Since its inception, the EdTech giant has acquired 15 companies in the Education Technology space, with nine of them coming in 2021 alone. 

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