Published By : 26 Jul 2017 | Published By : QYRESEARCH
With its continued fundraising spree, Byju’s has just closed a new round of investment from Tencent Holdings Ltd., a China-based Internet Conglomerate. The Indian edtech startup, which was founded in 2011, already has the likes of Mark Zuckerberg and Sequoia as its investors. The latest round of fundraising is likely to boost up the development of products for the new markets and facilitate inorganic growth via acquisitions. From Tencent, Byju’s has gained a total ofUS$40 mn in investment. This fundraise has come four months later of previous financing round when the startup raised US$30 mn from Verlinvest, a Belgium-based company in a deal that valued Byju’s at US$670 mn.
Byju Raveendran, the founder of Byju’s, stated that with this fundraising round, their already robust investor portfolio all the more diverse. “Byju’s have been privileged enough to have such investors, who always play an essential role as the partners in the company’s growth story. With the augmented awareness regarding brands and the increasing uptake among students, this year the company is expecting the revenue to increase two-folds again, leading to a highly profitable year,” he added.
Recently, Byju’s entered into an acquisition deal with publishing giant, Pearson, to acquire TutorVista and Edurite. The Bengaluru-based startup boasts of a strong presence in the Middle East. Currently it is looking for an expansion in the U.K., the U.S., South Africa, and several other African and Commonwealth countries. Hitherto, the edtech startup has raised nearly US$250 mn from Sofina, The Chan Zuckerberg Foundation, Sequoia Capital, Lightspeed Ventures, Aarin Capital, Verlinvest, and Times Internet.