For educational app developer Byju’s, the letter F stands for fundraising. In the latest addition to its Series F round, the India-based company has raised $500 million in a deal led by private equity firm Silver Lake. Existing investors Tiger Global, General Atlantic and Owl Ventures (which recently raised two new edtech investment funds), also contributed to this round.
The deal marks the fifth fundraise of 2020 announced by the company, which previously raised $622 million this year alone. It was last reportedly valued at $10.5 billion. According to Crunchbase, Byju’s has raised $2.1 billion to date.
Some of that capital has been deployed for big purchases. Byju’s recently acquired WhiteHat Jr., a provider of coding education courses, for $300 million. Last year, it acquired educational game developer Osmo for $120 million. The company is reportedly in talks to acquire another edtech company, Doubtnut, for $100 million.
In a statement, the company said its revenue reached $373 million for the year ended March 2020, double the amount from the previous period. It claims over 64 million registered students and 4.2 million annual paid subscriptions.
