- General
- September 8, 2020
- 3 minutes read
Silver Lake Leads New Round For Byju’s
Silver Lake Co-CEO Egon Durban. Photo credit: Stuart Isett/Fortune Brainstorm Tech, under Creative Commons license Private equity firm Silver Lake…
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| Silver Lake Co-CEO Egon Durban.
Photo credit: Stuart Isett/Fortune Brainstorm Tech, under Creative Commons license
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Private equity firm Silver Lake has led $500 million in new funding for Byju’s, an Indian ed-tech upstart. The new funding boosts the total amount of financing that Byju’s has raised since its inception to more than $2 billion and is said to value the company at $10.8 billion. Byju’s has been on a fundraising spree this year, bolstered by a coronavirus pandemic that has largely driven up the demand for online education services in India and at large globally. The new funding included, Byju’s has secured more than $1 billion in funding this year alone.
Apart from Silver Lake, other participants in the new funding round include Tiger Global, General Atlantic, and Owl Ventures. Byju’s is also said to be on track to secure as much as $400 million in funding from venture capital firm DST Global. Currently, Byju’s has over 64 million registered users and more than 4.2 million paid subscribers. For the year ended March 2020, the company recorded $373 million in revenue and is currently profitable.
Byju’s isn’t alone in fundraising spree, as other Indian online education upstarts have also followed suit. Recently, Vedantu, a Byju’s competitor, raised $100 million from Coatue Management, a US-based investment firm. Unacademy, another well-known Indian ed-tech upstart, is fresh off $150 million in funding led by SoftBank.
