Indian education startup Byju’s raises $200M from General Atlantic
Indian education startup Byju’s said on Friday that General Atlantic, an existing investor in the startup, has pumped additional money to join the new ongoing financing round.
While the startup did not disclose the size of General Atlantic’s check, a person familiar with the matter told TechCrunch that it had invested $200 million in the new round at a valuation of $8 billion.
The announcement today comes weeks after Tiger Global invested $200 million in the nine-year-old startup, which claimed to have reached profitability before the new financing round.
The new round, which has helped Byju’s valuation to climb from about $5.7 billion a year ago to $8 billion, has made the edtech startup the third most valuable private firm in the nation after fintech giant Paytm and budget-hotel operator Oyo.
In a statement, Byju Raveendran, founder and chief executive of BYJU’s said, “General Atlantic has been one of our strongest partners and this additional investment shows their confidence in our vision, growth and future. We are happy to see an ever increasing acceptance for our learning programs in small towns across the country.”
“Today, over 65% of our students are from outside the top 10 cities. This is a validation of how technology can make high-quality learning content more accessible to students, irrespective of their geographies. In fact, technology as an enabler has a lot of potential to further innovate the way in which learning can be made personalised and impactful,” he added.
More to follow…