Byju Raveendran, the co-founder and chief executive of eponymous Indian edtech giant Byju’s, has invested $400 million into the startup, the two said on Friday. His backing is part of a larger $800 million round Byju’s has secured, the Bengaluru-headquartered startup said.
Sumeru Ventures, Vitruvian Partners and BlackRock also invested in the round, a name of which the startup did not disclose. The round values Byju’s at about $22 billion, a person familiar with the matter said. The financing comes at a time when Byju’s is widely expected to file for an initial public offering.
“We continue to witness accelerated growth in India and international markets through both organic and inorganic routes,” he said. “Our sustained focus is on achieving our long term goals around creating life-long value for our learners. For that, we are imagining and reimagining the way students will learn, unlearn and relearn in the future. Our aspiration is to build something that will last for decades.”
The startup — which prepares students pursuing undergraduate and graduate-level courses, and in recent years it has also expanded its catalog to serve all school-going students — said it has amassed 150 million users, up from roughly 80 million it disclosed early last year. The startup says its annual renewal rate is 86% and NPS is 76.
This is a developing story. More to follow…