July 28, 2021

Byju dethrones Paytm to become India’s most valuable start-up with $ 16.5 billion – Marseille News

Byju did not respond to FE’s questions.

Byju’s dethroned Paytm to become the country’s most valuable start-up after securing nearly $ 350 million in new funding from a group of investors including UBS Group, Blackstone, Abu Dhabi State Fund ADQ, Phoenix Rising, and Zoom founder and CEO Eric Yuan, documents filed by the company with the RoC have shown this.

The latest investment values ​​the company at around $ 16.5 billion. Paytm is valued at $ 16 billion.

Byju did not respond to FE’s questions.

The funding is said to be an extension of the larger, more than $ 1 billion financial round of the Bengaluru-based electronics technology company that it has raised in installments. As part of the investment, the startup led by Byju Raveendran was backed by a group of investors including Facebook co-founder B Capital Group, Eduardo Saverin, Baron Funds, XN Exponent Holdings and others for a valuation of about $ 15 billion earlier this year. The recent $ 350 million investment brings the total size of the funding round to over $ 1.5 billion.

Most of the raised capital will be used to finance a series of acquisitions that Byju’s has lined up. In April, the company acquired physical test preparation service provider Aakash Educational Services (AESL) in a nearly $ 1 billion cash and stock transaction. Byju’s also reportedly acquired rival Toppr in a deal valued at over $ 100 million; the deal has yet to be officially announced. In addition, it is also moving closer to talks to acquire other related businesses, including Great Learning and Gradeup, according to the reports.

The ed-tech space led by Byju’s also cornered most of the seed funding in 2020 as the pandemic led to a boom in subscriptions to online education services. A group of investors, including new backers like Silver Lake and Alkeon Capital, collectively injected more than $ 1 billion into the company last year.

Byju’s, which claims to have up to 80 million registered users and 5.5 million subscribers, saw its revenue double in FY21 compared to the previous year.

In an interview with FE at the end of September last year, founder and CEO Byju Raveendran mentioned that the company added more than 25 million free users to the platform between April and August, up from just over 40. million in the first four and a half years. .

The market size of India’s electronics technology sector is expected to increase 3.7-fold over the next five years, to reach $ 10.4 billion by 2025, from $ 2.8 billion in 2020, according to a recent EY-IVCA report. The segment will have more than 37 million paying users by 2025.

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