techcrunch.com
UBS investment makes Byju’s the most valuable startup in India
Manish Singh
@refsrc / Invalid DateTime
Image Credits: Paul Yeung / Bloomberg / Getty Images
Edtech giant Byju’s has become the most valuable startup in India after raising about $350 million in a new tranche of investment from UBS Group and Zoom founder Eric Yuan, Blackstone and others that valued the Bangalore-based firm at $16.5 billion (post-money).
In a new filing, Byju’s revealed that scores of investors including Abu Dhabi government fund ADQ and Phoenix Rising had together invested about $350 million in the startup. The new valuation helps Byju’s surpass Paytm, which was last valued at $16 billion, for the crown position in the Indian startup ecosystem. (Paytm is currently working on exploring the public markets and eyeing to raise as much as $3 billion and eyeing a valuation of up to $30 billion.)
The new tranche of investment is part of a larger round that Byju’s kickstarted earlier this year and is looking to secure over $1.5 billion. Some of its recent investors also include B Capital Group and hedge fund XN. The startup was valued at $11 billion late last year, and $5.75 billion in July 2019.
The startup plans to use the fresh capital, in part, to acquire more startups. Byju’s, which acquired Indian physical coaching institute Aakash for nearly $1 billion earlier this year, is conducting due diligence to buy an online learning startup Toppr and has also engaged with U.S.-based Epic, TechCrunch reported earlier this year.
Byju’s prepares students pursuing undergraduate and graduate-level courses, and in recent years it has also expanded its catalog to serve all school-going students. Tutors on the Byju’s app tackle complex subjects using real-life objects such as pizza and cake.
The pandemic, which prompted New Delhi to enforce a months-long nationwide lockdown and close schools, accelerated its growth, and those of several other online learning startups including Unacademy and Vedantu.
As of early this year, Byju’s said it had amassed over 80 million users, 5.5 million of whom are paying subscribers. Byju’s, which is profitable, generated revenue of over $100 million in the U.S. last year, Deborah Quazzo, managing partner of GSV Ventures (which has backed the Indian startup), said at a session in March held by Indian venture fund Blume Ventures.
The startup executives said at a UBS event earlier this year that Byju’s current revenue run rate is $800 million, a figure they expect will reach $1 billion in the next 12-15 months. It has also accelerated its international expansion plans in recent months.
The IPO parade that has continued in 2021 is not a strictly domestic affair. Other countries are getting in on the unicorn liquidity rush. This week, India-based food-delivery unicorn Zomato filed to go public. As TechCrunch reported, the company intends to list “on Indian stock exchanges NSE and BSE.” The Zomato IPO is incredibly important. … Continue reading
Sign up for Newsletters
See all newsletters
Daily
Week in Review
Startups Weekly
Event Updates
Advertising Updates
Extra Crunch Announcements
Extra Crunch Events
Extra Crunch Roundup

Email
Tage Kene-Okafor
Invalid DateTime
Miranda Halpern
Invalid DateTime
Aria Alamalhodaei
Invalid DateTime
An error occurred with this part of the page, sorry for the inconvenience.
Drivers for Elon Musk’s Loop get a script about their ‘great leader’
Mark Harris
Invalid DateTime
Amanda Silberling
Invalid DateTime
Sarah Perez
Invalid DateTime
Ville Houttu
Invalid DateTime
Natasha Mascarenhas
Invalid DateTime
An error occurred with this part of the page, sorry for the inconvenience.
Brian Heater
Invalid DateTime
Aria Alamalhodaei
Invalid DateTime
Alex Wilhelm
Invalid DateTime
Amanda Silberling
Invalid DateTime
Bikram Singh
Invalid DateTime
Devin Coldewey
Invalid DateTime
An error occurred with this part of the page, sorry for the inconvenience.
An error occurred with this part of the page, sorry for the inconvenience.
Sarah Perez
Invalid DateTime
Alex Wilhelm
Invalid DateTime
About
TechCrunch
Staff
Contact Us
Advertise
Legal
Privacy Policy
Terms of Service
Extra Crunch Terms
Privacy Dashboard
Code of Conduct
International
Japan
Facebook
Twitter
YouTube
Instagram
LinkedIn
© 2013-2021 Verizon Media.
All rights reserved.
Powered by WordPress VIP.