Byju’s, which is a leading education technology company, has had its valuation increase to more than Rs.37,000 crore or $5.4 billion after it received funds of $25 million from General Atlantic, thus making the company one of the most highly valued private-sector internet firms in the country.
This deal is expected to make Mr. Byju Raveendran, who holds a stake in the company along with his wife, Mrs. Dvya Gokulnath, and brother, Mr. Riju, one of the richest new economy businessmen. Byju’s is also one of the few firms in which the founders still continue to have a stake over 30%, despite being a venture capital backed firm.
The valuation of the edtech firm has increased only 3 months after it was valued at around $3.6 billion, post raising funds from Nasper Ventures and CPPIB. Till early 2018, Byju’s was valued at around $1 billion.
Byju’s was started as an offline-only coaching class for those aspiring to clear the Common Admission Test, popularly known as CAT, to get admissions in IIMs in 2007. In 2009, a number of Mr. Byju’s students joined him, after which the company was registered as ‘Think & Learn Private Limited’. The company’s witnessed significant growth after it launched its application for smartphones in the year 2015.
Since then, Byju’s has attracted a number of investments including from Mr. Mark Zuckerberg’s foundation and Tencent, among others.
Source: The Times of India