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Last Updated : Oct 31, 2018 02:36 PM IST | Source: Moneycontrol.com

Byju's may raise up to $300 million at valuation of $3.5 billion: Report

At this valuation, Byju's will become the fourth most valuable startup in India after Paytm, Ola and hotel chain Oyo Rooms

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Byju's (Think & Learn Pvt Ltd), an online tutoring startup, may be valued at $3.5 billion at the conclusion of its ongoing funding round, after top venture and private equity investors showed interest in the company, three people aware of the development told Mint.

At this valuation, Byju's will become the fourth most valuable startup in India after Paytm, Ola and hotel chain Oyo Rooms. If the deal closes at this price, it would be thrice the company's value from its previous round of funding.

Byju's will raise $200-300 million in primary and secondary capital in its latest round from new investors, including private equity giant General Atlantic, sources said.

The secondary transaction will take place at a lower valuation, with some existing investors like Sequoia Capital looking to secure partial or full exits from their investments.

It was reported earlier this year that the online tutoring firm was looking for fresh funds at a valuation of over $2 billion, which sparked interest from a lot of investors.

Many tech startups in India are growing their businesses and attracting blue-chip investors. Since Byju's started out in 2008, it has raised $240 million from Tencent Holdings, Verlinvest, Chan Zuckerberg Initiative, Sequoia Capital, Lightspeed Venutre Partners and Aarin Capital.

The company started as an offline tuition centre in Bengaluru and launched its app in 2015 to get more users. It currently runs two separate learning apps -- one that caters to students from Classes VI to XII, and one that targets students of Classes IV and V.

The shift to internet has been beneficial to the company as it now earns around Rs 100 crore in monthly revenue and aims to reach Rs 1,400 crore for this year.
First Published on Oct 31, 2018 02:36 pm
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