Byju's raises $800 million, CEO Byju Raveendran invests 50% in funding round
Byju's has over 150 million learners on its platform with an annual rate of 86% and this investment comes at a time when CEO Byju Raveendran is bracing for its initial public offer in around 9-12 months.
Edtech firm Byju's on Friday has raised around ₹6,000 crore (USD 800 million) in a funding round led by founder & CEO Byju Raveendran. The amount contributes to half of the total amount. The Edtech firm in a statement said that Byju Raveendran is also a part of this fund-raise and has also made a personal investment of USD 400 million. With this, Raveendra's stake in the firm has increased to 25 percent from 23 percent.
This investment comes at a time when the firm is bracing for its initial public offer in around 9-12 months.
Raveendran in a statement said, "We continue to witness accelerated growth in India and international markets through both organic and inorganic routes," reported PTI. He further reiterated that their sustained focus is on achieving long-term goals around creating life-long value for learners.
Reportedly, Byju's has over 150 million learners on its platform. Their annual renewal rate is at around 86 percent.
The company's CEO added that India's Edtech sector has the potential to create global champions by solving the trilemma of cost, quality, and scale.
Founded in 2011 by Byju Raveendran and Divya Gokulnath, the company is an Indian multinational educational technology company.
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(With PTI inputs)