Byju’s, India’s leading edtech startup is in advanced talks with at least two new investors, private equity firm General Atlantic and Singapore government-owned Temasek Holdings, to raise around ₹1,422-2,134 crores ($200-300 million) in funding.
If the deal comes through, Byju’s is expected to be valued at around ₹16,650-17,000 crores ($2.2-2.4 billion), according to the people familiar with the development.
People familiar with the development also said that either General Atlantic or Temasek will participate in the funding round, and may not invest simultaneously. Existing investors, including China’s Tencent Holdings, may also participate.
However, the deal has not been confirmed by Byju’s, Temasek or General Atlantic, so far.
The expected valuation of more than $2 billion will more than double Byju’s previous valuation if the funds are raised.
Byju’s was launched by Divya Gokulnath and Byju Raveendran in 2015. It provides a learning app that offers a learning program for K12 students using effective, adaptive, and engaging contents. It also provides study materials for many competitive exams including JEE, NEET, CAT, IAS, GMAT, and GRE.
The startup claims to have more than 21 million registered students and 1.26 million paid subscriptions. Students across more than 1,700 cities spend around 57 minutes on its app every day.
In July 2018, Bengaluru-based Byju’s had acquired Math Adventures, a math learning startup for an undisclosed amount, to strengthen its K3 product line.
In July 2017, the startup had acquired TutorVista and Edurite.
Other players competing with Byju’s in the edtech domain include Unacademy, Simplilearn, Toppr, Meritnation, and Vedantu, among many others.
Edtech unicorn Byju’s last raised $40 million from China-based Tencent Holdings in August 2017.
In a recent news, online B2B marketplace Udaan raised ₹1,590 crores ($225 million) to become the latest member of the elite Indian Unicron club.