BYJU'S Raises $460 Mn In Series F Round
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Edtech unicorn BYJU'S has raised $460 million as part of its ongoing Series F funding round led by MC Global Edtech Investment Holdings at a valuation north of $13 billion, according to a report.
The other investors who participated in this round include B Capital, Baron Global Advantage Fund, XN Exponent Holding, Arison Holdings, TCDS (India), and TIGA (India), filing with the Registrar of Companies (RoC) by the company discloses.
According to the RoC filings, BYJU'S issued 1,40,233 compulsorily convertible preference shares (CCPS) at a face value of INR 10 with a premium of INR 2,37,326.33.
MC Global took the majority share in this round of funding with the allotment of 68,613 CCPS followed by Baron at 24,535 and B Capital at 23,622. According to the platform, the amount raised in this round will be used for working capital requirements and business expansion.
Following this transaction, MC Global will hold a 1.73 percent stake in the company and for Facebook co-founder Edurado Saverin’s B Capital it is 0.59 percent, the report stated.
The company has raised over $1 billion in 2020, it further said.
According to the Indian Private Equity and Venture Capital Association (IVCA), edtech funding grew from $522 million in 2019 to an all-time high of $2.2 billion in 2020.
BYJU'S also has been an acquisition spree with WhiteHat Jr for $330 million and is now undertaking the due diligence of offline tutoring school for various competitive exams Akash Educational Services, which is owned by private equity players Blackstone, the report further shared.