Byju's escalates $350 million, becomes most valued Indian startup
Ed-tech giant Byju's has raised about $350 million in the latest funding round, becoming India's most-valued startup with an estimation of $16.5 billion.
The company escalated resources from UBS Group, Blackstone, Abu Dhabi's ADQ, Zoom founder Eric Yuan's family office, and Phoenix Rising - Beacon Holdings, the Economic Times reported, citing the company's filings with the Registrar of Companies.
Byju's was appreciated at $16.5 billion in the funding round, building it India's most valuable startup by going past Paytm, which has an appraisal of $16 billion.
The fund boosting is the part of $1.5 billion, the company started raising in April, the publication quoted sources as saying. As per the statements, the company boosted $1 billion recently from investors like Baron Funds, B Capital Group, and XN Exponent Holding, along with existing investors.
The company has been in an acquisition race recently. It procured Aakash Educational Services Ltd (AESL) for around $1 billion in April. Introduced in 2015, Byju's has over 80 million students cumulatively educated from the app, 5.5 million annual paid subscriptions, and an annual renewal rate of 86 percent.