Edtech firm Byju’s has raised $50 million in its Series F funding round from investors. According to regulatory filings, the amount was raised from IIFL and Maitri Edtech. IIFL invested $35 million, while Maitri Edtech invested $15 million.
This latest round of funding comes a week after a bunch of investors including UBS Group, Blackstone, Abu Dhabi state fund ADQ, Zoom founder Eric Yuan and Phoenix Rising-Beacon Holdings pumped in $350 million into the homegrown edtech giant, taking its valuation to $16.5 billion. Byju’s is India’s most-valued startup, ahead of digital payments platform Paytm that is valued at $16 billion.
The company, headed by Byju Raveendran, has been raising funds in tranches as part of the Series F investments. Investors including Baron Funds, XN Exponent Holdings and Facebook co-founder Eduardo Saverin’s B Capital Group have infused over $1 billion into the company so far. With the latest $50 million, Byju’s financing has reached more than $1.5 billion.
Most of the capital raised will drive Byju’s acquisition plans. In April, it acquired exam preparation company Aakash Educational Services Limited (AESL) for nearly $1 billion. It had also acquired children’s coding platform WhiteHat Jr for $300 million last year.
The company is backed by some big names including Tiger Global, Sequoia Capital, and Canadian Pension Plan Investment Board (CPPIB). It is aiming to expand its presence in the US, UK, Mexico, Brazil and Indonesia through its Future School platform.