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Byju's raises another $50 million led by IIFL AMC

Byju's raises another $50 million led by IIFL AMC

Edtech firm Byju's has raised $50 million in a Series F round from IIFL AMC's private equity fund and Maitri Edtech, according to the latest regulatory filings sourced through business intelligence platform Tofler. IIFL AMC led the round with a $35 million investment, while Maitri Edtech invested $15 million.

ET reported on June 12 that Byju's had raised about $340 million from investors such as UBS Group, Zoom founder Eric Yuan, Blackstone, Abu Dhabi sovereign fund ADQ and Phoenix Rising-Beacon Holdings. This round valued the company at around $16.5 billion, making it India's most valuable startup, ahead of digital payments giant Paytm, which is valued at $16 billion. Byju’s valuation remains $16.5 billion after the latest round of funding. 

The company’s investors include Tiger Global, Sequoia Capital, Canadian Pension Plan Investment Board (CPPIB) and Lightspeed Venture Partners. It launched the Future School platform earlier this year through which it hopes to expand its presence in the US, UK, Brazil, Indonesia and Mexico. In April, it closed a deal to acquire exam preparation firm Aakash Educational Services Limited (AESL) for nearly $1 billion. The stock-and-cash deal was the biggest in the education space, according to reports.

Last year, it acquired children’s coding platform WhiteHat Jr in a $300 million all-cash transaction. It is in talks to acquire other edtech startups including Gradeup and Great Learning, reports said. Queries sent to Byju's remained unanswered as of press time. News website Entrackr firstreported the development on Monday. The company has over 95 million registered students on its app, according to a recent press statement. Earlier this month, it announced a partnership with Google to promote continuity of online learning for both teachers and students. “This integration of Google Workspace for Education with Byju’s will offer a collaborative and personalised digital platform for classroom organisation, available for free to participating educational institutions,” the company said.