New fund­ing round val­ues Byju’s at $10.5 bn

Hindustan Times (Gurugram) - - Htbusiness - Sal­man SH sal­man.s@livemint.com

APART FROM DST, BYJU’S EYES AN­OTHER $200 MN FUNDRAISE FROM EX­IST­ING IN­VESTORS

BEN­GALURU: DST Global, the lat­estage ven­ture cap­i­tal fund backed by Is­raeli-Rus­sian bil­lion­aire Yuri Mil­ner, is in ad­vanced talks to in­vest around $400 mil­lion in on­line ed­u­ca­tion plat­form Byju’s, said two peo­ple aware of the talks.

Byju’s has been in a fundrais­ing mode since the start of 2020 and has al­ready se­cured fund­ing worth $500 mil­lion in its cur­rent round from in­vestors in­clud­ing US-based tech­nol­ogy in­vestor Bond, Gen­eral At­lantic and Tiger Global. The edtech startup is be­ing val­ued at $10.5 bil­lion in the cur­rent fund­ing round. Ben­galuru-based Byju’s will look to raise an ad­di­tional $200 mil­lion from ex­ist­ing in­vestors apart from DST in the on­go­ing round, said one of the two peo­ple cited above, who is aware of the fundrais­ing plans. A spokesper­son for Byju’s de­clined to com­ment.

A deal could be signed as early as this week­end, ac­cord­ing to Bloomberg, which first re­ported on DST Global’s in­vest­ment plans. Hong Kong-based DST Global has been ac­tively in­vest­ing in In­dian tech star­tups, in­clud­ing firms such as busi­ness-to-busi­ness sup­plier Udaan, fin­tech startup Khata­book, food de­liv­ery firm Swiggy and so­cial com­merce startup Meesho.

Byju’s is the sec­ond-most val­ued startup in In­dia, over­tak­ing hos­pi­tal­ity uni­corn Oyo, which was last val­ued at $10 bil­lion. Paytm was val­ued at $16 bil­lion in late 2019, when it raised $1 bil­lion in a round led by T Rowe Price and ex­ist­ing in­vestors Ant Fi­nan­cial and SoftBank Vi­sion Fund.

The edtech startup last raised around $100 mil­lion from Bond Cap­i­tal, a global tech­nol­ogy in­vest­ment firm co-founded by Mary Meeker, and $200 mil­lion from Tiger Global in Jan­uary, when it was val­ued at $8 bil­lion.

Since its launch in 2011, Byju’s has raised over $1 bil­lion from Naspers Ltd, Ten­cent Hold­ings Ltd, Ver­lin­vest Group SA, Chan Zucker­berg Ini­tia­tive, Se­quoia Cap­i­tal In­dia, Light­speed In­dia Part­ners, and Gen­eral At­lantic, among oth­ers.

Be­tween Jan­uary and June, edtech star­tups raised $795 mil­lion from ven­ture cap­i­tal firms, ac­cord­ing to data from Ven­ture In­tel­li­gence re­search.

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