Indian edtech giants Baiju, which raised nearly a billion dollars last year as the epidemic accelerated the adoption of online learning services in India, is to end a new fundraising race.
Byju is in talks to raise more than $ 600 million in a new financing round, which will give Indian startups a value of $ 15 billion, up from about $ 11 billion last year and more than $ 5.75 billion in July 2019. Two people familiar with the matter told Techrrunch.
Byju Ravendran, the baptism startup’s co-founder and chief executive, had informed some current investors last month that he would be raising a big round this month, a person familiar with the matter said. The new round is in advanced stages of negotiations, and some new investors are expected to lead and participate, the people said.
A Biju spokesperson declined to comment last month and earlier this week.
The startup plans to use fresh capital to acquire more startups. It is currently in talks with a US-based firm – whose name ClearTips could not determine – for a takeover, and Indian physical coaching institute is conducting due diligence to purchase Akash, the people said. Requesting anonymity in the form of a conversation is private.
Byju prepares students pursuing undergraduate and graduate level courses, and in recent years it has also expanded its list to serve all students in the school. On the Byju’s app, tutors deal with complex topics using real-life items such as pizza and cakes.
It has more than 80 million users, of which 5.5 million are paying customers. Byju, which is profitable, generated more than $ 100 million in revenue in the US last year, GSV Ventures managing partner Deborah Quazo said earlier this week in a session organized by Indian venture fund Blum Ventures.
This is a developing story. More to follow…