Think and Learn Pvt. Ltd’s owned Byju’s has raised $540 million at a valuation of $3.6 billion, turning the founder of the online education start-up into a billionaire. Naspers along with the likes of Canada Pension Plan Investment Board and private equity firm General Atlantic took part in the latest round of fundraising.
After the latest round of fundraising, Byju’s has turned into the fourth-most valuable start-up in the country. Byju’s in a press release also stated that the company has become the most valuable edtech start-up in the world.
Byju’s founder and CEO, Byju Raveendran in an interview said, “Because the business has almost doubled in the last six months, naturally the valuation went up. The valuation growth is not because there were a lot of investors wanting to come on board—it’s mostly to do with the business growth.”
The latest round of the fundraising has more than tripled Byju’s valuation from its previous round and placed the company in the fourth rank in the Indian startup ecosystem after Paytm (One97 Communications Ltd), Ola and Oyo Rooms.