Education technology startup Byju's, owned by Think and Learn Pvt Ltd, on Thursday announced that it has raised $200 million in new round of funding from Tiger Global Management, the New York-based investment firm.
The fund infusion takes the valuation of the Bengaluru-headquartered unicorn to about $8 billion.
With this, Byju's, founded in 2015, has become India's third most valued startup. Noida-based payment firm Paytm is the country's most valued startup at around $16 billion, followed by Gurugram-based hospitality unicorn OYO at $10 billion.
Earlier in July last year, Bangalore-based learning app had raised $150 million led by Qatar Investment Authority and San Francisco-based Owl Ventures. The company was then valued at about $5.5-$5.7 billion. Byju's had also received investments from the Chan-Zuckerberg Initiative, a personal fund started by Facebook founder Mark Zuckerberg and his wife Priscilla Chan, and existing investors Sequoia Capital, Sofina SA, Lightspeed Venture Partners, and Times Internet Ltd.
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In December 2018, Indian edtech unicorn had raised $540 million in a funding round led by South Africa's Naspers Ventures. Canada Pension Plan Investment Board (CPPIB) and existing investor General Atlantic also participated in the round.
Founded by Byju Raveendran, the consumer internet company has reported significant improvement in its overall business in financial year 2018-19. The company's consolidated loss declined by 76 per cent to Rs 8.82 crore in FY19, from Rs 37.15 crore in FY18, the RoC filings showed. The revenue jumped 173 per cent from Rs 500 crore in FY18 to Rs 1,366 crore in FY19. The growth was attributed to deeper penetration across India and rise in the number of paid subscribers.
In January this year, BYJU'S has entered into the United States with the acquisition of Osmo, the US-based learning platform.
By Chitranjan Kumar