Edtech giant Byju's company has raised over $800 million through an upcoming round, which saw Bengaluru-based CEO and founder Byju Raveendran make a $400 million investment.
The round included participation from Investors Sumeru Ventures, Vitruvian Partners and BlackRock with an estimated value of $22 billion. This makes it the highest-valued startup in India.
According to media reports Raveendran's stake within the company has increased to 25 percent. Prior to this round the stake in Byju's holdings for promoters of Byju's was estimated to be 22.55 percent as per Financial Tracker's estimations. Byju's is also in discussions to launch an initial round of $1 billion.
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Byju's was able to raise its most recent tranche for an estimated value at $1.8 billion.
According to Byju, there are more than 150 million users on its platform, with an average annual rate of renewal at 86 percent. Although the company didn't release its most recent financial figures, it did report an 82.31 percent growth in its operating revenues up to Rs 2,381 crore for FY20. In the same time, its losses increased 30 times to 262 crore.
The firm was in the process of reaching the profitability mark in FY19.
In addition to the increase in fundraising, Byju's has also spent approximately $2.5 billion to acquire half a dozen startups. Aakash Educational Services was the biggest acquisition for the company with a cost of about $1 billion. The company also paid about 600 million in exchange for Great Learning and $500 million for the US-based Epic which is a reading platform. The company recently purchased the recruitment platform Superset through Great Learning.
Also read: Wakefit Slips Into Losses After Crossing Rs 400 Cr in Revenue
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