Source:https:\/\/techcrunch.com\/2023\/05\/12\/indian-edtech-giant-byjus-raises-250-million-on-track-to-close-another-700-million\/<\/a><\/br>
\nIndian edtech giant Byju\u2019s raises $250 million, on track to close another $700 million<\/br>
\n2023-05-12 21:51:11<\/br><\/p>\n

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Byju\u2019s has raised $250 million in fresh funding and is close to securing an additional $700 million, two people familiar with the matter told TechCrunch, as the Indian edtech giant builds up its war chest ahead of the highly anticipated IPO of its subsidiary Aakash<\/a>.<\/p>\n

The New York-headquartered investment firm Davidson Kempner has invested $250 million in Byju\u2019s via structured instruments, the people said, requesting anonymity as the information is not public.<\/p>\n

The Bengaluru-headquartered startup, India\u2019s most valuable, is finalizing the remainder of the capital from a sovereign fund, the people said. That capital, expected to arrive in two weeks, will come into the startup as part of a convertible note that caps the valuation at $22 billion.<\/p>\n

Byju\u2019s has maintained its $22 billion valuation<\/a> throughout the past year even as numerous high-profile startups globally have had severe corrections in their value.<\/p>\n

Davidson Kempner declined to comment, while Byju\u2019s did not immediately respond. TechCrunch could not identify the sovereign fund. Indian news outlet Moneycontrol earlier reported<\/a> about Byju\u2019s plans for fresh funding.<\/p>\n

The large financing round in Byju\u2019s comes at a time when the Indian startup ecosystem is reeling from a funding crunch amid weakening global economy.<\/p>\n

Byju\u2019s is in advanced discussions with bankers including Citi and Goldman Sachs to go ahead with the IPO of Aakash, a physical tutor chain it acquired for nearly $1 billion two years ago, TechCrunch reported earlier.<\/p>\n

Byju\u2019s has received the approval from its board of directors to go ahead with the IPO of Aakash, and it\u2019s gearing up to file the paperwork.<\/p>\n

The startup \u2014 which prepares students pursuing undergraduate and graduate-level courses, and in recent years has expanded to serve all school-going students \u2014 has amassed 150 million users who use its learning app while hundreds of thousands of students visit the firm\u2019s brick-and-mortar centers.<\/p>\n

Byju\u2019s, like many other edtechs, benefited from the lockdown as more parents explored digital supplements to continue their kids\u2019 education. The startup spent more than $2.5 billion in the past two and a half years to acquire startups globally as the Indian firm expanded and broadened its offerings in several international markets, Prosus Ventures, a backer of Byju\u2019s, disclosed in a filing last year.<\/p>\n

The startup generated a gross revenue of $1.258 billion (unaudited) in the financial year that ended in March last year year. Between April and July, the startup logged revenue of $570 million, it said. Byju\u2019s counts Prosus Ventures, Chan Zuckerberg Initiative, Sequoia Capital India, Silver Lake, Owl Ventures, UBS and Blackrock among its backers and has raised over $6 billion to date.<\/p>\n<\/p><\/div>\n

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Science, Tech, Technology<\/br>
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\nSource:https:\/\/techcrunch.com\/2023\/05\/12\/indian-edtech-giant-byjus-raises-250-million-on-track-to-close-another-700-million\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/05\/12\/indian-edtech-giant-byjus-raises-250-million-on-track-to-close-another-700-million\/ Indian edtech giant Byju\u2019s raises $250 million, on track to close another $700 million 2023-05-12 21:51:11 Byju\u2019s has raised $250 million in fresh funding and is close to securing an additional $700 million, two people familiar with the matter told TechCrunch, as the Indian edtech giant builds up its war chest ahead of the […]<\/p>\n","protected":false},"author":1,"featured_media":32024,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,17,8],"tags":[],"class_list":["post-32023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","category-tech","category-technology"],"yoast_head":"\n