Byju's company, which provides online
learning classes, has raised new capital from Silver Lake and existing
investors Tiger Global, General Atlantic and Owl Ventures. The company has not
provided financial statements. However, according to sources, the education-related
company has raised $ 500 million (about Rs 3,672 crore) in the new round. This
brings the company's valuation to $ 10.8 billion. Byju Ravindran, the founder
and CEO of Byju's, said his company is much more relevant in this period of
crisis. He said that due to the current circumstances, the importance of online
learning has come in front of parents, teachers and students.
A statement issued by Byju's said on
Tuesday that Sylver Lake and existing investors Tiger Global, General Atlantis
and Owl Ventures have made fresh investments. "We are very excited about
this investment and the partnership with Byju's impressive team of education
technologies that help children in India and around the world achieve their
true potential," said Greg Lake, Co-CEO of Silver Lake inc. '
Due to the closure of the school due
to the current COVID-19 epidemic, the company has made the content of its
learning app free for all students. In the last few months, BYJU'S has entered
the field of after-school learning. For this, the company has introduced BYJU'S
Classes. It is a comprehensive online tutorial program. After the lockdown is
implemented, two crore students are studying free on the company's platform.
Last month, Byju's acquired
Mumbai-based coding platform WhiteHat Jr. Coding is being considered as a
rapidly emerging skill for the future. As such, the company hopes that this
acquisition will bolster its expansion plans internationally.
The app currently has 6.4 crore
registered students and 42 lakh people have paid subscriptions to the company.
This is the reason why the company's total income doubled to Rs 2,800 crore in
FY 2019-20. The figure stood at Rs 1,430 crore in the previous financial year.
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