BYJU’S secured $460M in Series F Funding round

BYJU’s, an edtech platform, has now secured INR 3328.23 crore as a part of its ongoing Series F funding round backed by the MC Global Edtech Investment Holdings at a valuation north of $13 billion.

The other investors who participated in the funding round include Baron Global Advantage, B Capital, Arison Holdings, IGA, TCDS, XN Exponent Holdings, as per the report.

According to the report, BYJU’s issued 140233 convertible preference shares at face value of INR 10 with a premium of INR 237326.33.

MC Global took the majority share in this funding round with an allotment of 68613 CCPS, followed by the Baron at 24535 and B Capital at 23622.

According to the BYJU’s, the amount secured in this funding round will be used for the business expansion and working capital requirements.

Following this transaction, MC Global will hold a 1.73 percent stake in the company, and for Facebook Co-founder Eduardo Saverin’s B Capital, it is 0.59 percent.

This is the first funding round for the BYJU’s this year as it had secured around $1 billion in 2020.

According to the Indian Private Equity and Venture Capital Association (IVCA), edtech funding grew from $522 million in 2019 to an all-time high of $2.2 billion in 2020.

BYJU’S also has been an acquisition spree with WhiteHat Jr for $330 million and is now undertaking the due diligence of offline tutoring school for various competitive exams Akash Educational Services, which is owned by private equity players Blackstone.

There are reports that BYJU’S is also in talks to acquire the Mumbai headquartered edtech startup Toppr.

Other leading edtech startups like Vedantu and Unacademy have also been acquiring other startups beside raising fresh capital.

Also Read: Lattice secured $60M in Series E Funding Round

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