ADQ, formerly known as Abu Dhabi Developmental Holding Company, has invested in edutech major Byju’s. In a LinkedIn post, ADQ Head of VC and Technology Mayank Singhal said: ‘We met Byju in 2020 and were floored by his story. Honored to now be a part of it!’.
Singhal, however, did not specify the quantum of investment made in the edtech company, which is among the most valued startups in the country. Byju’s did not comment on the matter. The funding by ADQ is reportedly part of USD 350 million round that values the company at USD 16.5 billion. This, however, could not be verified.
Think & Learn Pvt Ltd – which operates Byju’s – is backed by marquee investors like Mary Meeker, Yuri Milner, Chan-Zuckerberg Initiative, Tencent, Sequoia Capital, Tiger Global, and others. It is estimated to have raised over USD 2 billion in funding.
In April this year, Byju’s had acquired Aakash Educational Services Ltd (AESL) to bolster its presence in the test preparation segment in the country in an estimated USD 1 billion deal. The ed-tech major had also bought coding training platform WhiteHat Jr for USD 300 million last year.
Launched in 2015, Byju’s has well over 80 million students cumulatively learning from the app, 5.5 million annual paid subscriptions, and an annual renewal rate of 86 percent. During April-September 2020, Byju’s had added 45 million new students to its platform. The edtech space has seen strong growth globally with the COVID-19 pandemic serving as an inflection point.
While a number of players have raised fresh funding from investors, consolidation is also being seen in the industry with deals like Unacademy acquiring PrepLadder and Byju’s acquisition of AESL.