Indian online study startup Byju’s has nearly redoubled its valuation in a year as it includes one more high-profile name to the list of its sponsors: Bond.
In a statement on Friday, Bangalore-based Byju’s said it had raised an undisclosed extent from the VC fund co-founded by Mary Meeker. The first-female founded VC firm’s check appraised the nine-year-old Indian startup at $10.5 billion, according to a person familiar with the matter. This is the first time Bond has backed an Indian startup.
TechCrunch reported early last-place month that Byju’s was in talks with some investors to raise as much as $ 400 million at $10 billion valuation. TechCrunch notes the fact that Bond is investing under $100 million in Byju’s. A Byju’s representative declined to comment on the startup’s valuation and length of the investment.
The brand-new uppercase reaches Byju’s the second most valued startup in India, ahead of budget-lodging firm Oyo, which was last valued at $ 10 billion. Indian financial services giant Paytm was valued at $16 billion sometime last year where reference is heightened its$ 1 billion Series G.
“Endorsed by hundreds of thousands of students, Byju’s has emerged as a clear leader in education technology, ” said Mary Meeker, General Partner at BOND and writer of the widely influential Internet Trends Report. “We are elicited to support a visionary like Byju and his squad in their quest to continue to innovate and chassis the future of education.”
Byju’s develops students pursuing undergraduate and graduate-level courses, and in recent years it has also expanded its catalog to serve all-school extending students. Mentors on Byju’s app tackle complex topics working real-life objects such as pizza and cake.
Last year, Byju’s acquired U.S.-based Osmo, a startup that develops apps for kids that use offline input, in a cope value $120 million. Osmo has since expanded to serve pre-schoolers market and this month it told TechCrunch that it had improved a video-conferencing service for kids.
The startup said it has amassed more than 57 million cross-file users, more than 3.5 million of whom are paid customers. After New Delhi required a nationwide lockdown in late March, which made all schools to close, Byju’s and ratings of online learning scaffolds including Facebook-backed Unacademy have put in place brand-new grades to students at no charge.
“This crisis has brought online learning to the forefront and has helped parents, teachers and students alike to experience and understand the best interests of the it, ” said Raveendran Byju, the co-founder and chief executive of the eponymous startup.
“We have the chance to positively force how teachers coach, students learn and school’s function. The’ Classrooms of Tomorrow’ will have technology at the core, entitling students to cross over from passive to active understand. The outcome will be a combination of the best of both online and offline educational offerings.”
Investment by Bond is a” evidence to the role that Byju’s is playing in facilitating students learn better by customizing our scaffold to their abilities. It also demonstrates the rising global interest in education technology as digital learn becomes increasingly accepted and espoused, ” he said.
Friday’s announcement comes months after Tiger Global and General Atlantic invested between $300 million to $ 350 million into the nine-year-old startup. At the time, Byju’s was valued at$ 8 billion, up from $5.75 billion in July last year, when it promoted $150 million from Qatar Investment Authority and Owl Ventures.
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