Ed-tech pioneer, Byju’s is set to raise $150 million from UBS Group AG. Following this deal it will stand at a valuation of $16.5 billion, making it India’s most-valuable start-up.
A daughter associate of UBS Asset Management is investing the fund. If this deal finalises, invest additional money, which would take its total investment in Byju’s to about $300 million as per speculation. The start-up could rope in another investor to take the fresh funding up to $400 million.
Byju’s recently raised about $1 billion from Facebook Inc. co-founder Eduardo Saverin’s B Capital Group as well as Baron Funds and XN, Bloomberg News reported earlier this month citing a person familiar. India’s start-up industry has been birthing unicorns, private companies valued at $1 billion or more, at a breathless pace.
The Bangalore-based start-up was founded by Byju Raveendran, 39, who presently owns about a third of the company. The online EdTech start-up has amassed a large roster of investors like Tiger Global Management, Owl Ventures, Silver Lake Management, and T. Rowe Price, alongside its earlier investors like Naspers Ltd, and Facebook’s Chan-Zuckerberg Initiative.
The start-up’s “K-12 app” has over 80 million registered users in India, and brings in a major chunk of its revenues. The platform aims to help students grasp Science and Maths fundamentals through animated videos and games. Recently, Byju’s has quickened the pace of acquisitions expanding its footprint in markets like Australia, U.S., and Latin America, in addition to India.