Education technology company Byju’s has raised $800 million (about Rs 6,000 crore) in a funding round led by founder and CEO Baiju Raveendran.
Byju’s noted that Sumeru Ventures, Vitruvian Partners and BlackRock also participated in this financing round. Byju’s has raised fresh funds at an enterprise value of $22 billion, about 22 percent higher than the company’s previous valuation of $18 billion.
Why is it important? The funding comes at a time when the company is gearing up for its initial public offering (IPO) in the next 9 to 12 months. Byju’s will get listed on the stock exchange through the IPO.
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Share of Ravindran: “Byju’s founder Raveendran also joined the round and has made a personal investment of $400 million,” the company said in a statement, raising Raveendran’s stake in the company from 23 per cent to 25 per cent. .