Byju’s has raised $500 million in a new financing round that values the Indian online learning platform at $10.8 billion.
The round received participation from Menlo Park-headquartered PE firm Silver Lake,and existing investors Tiger Global, General Atlantic and Owl Ventures have also participated in it, India’s second most valuable startup Byju’s said in a statement, but declined to reveal the size of the round and its valuation.
“We are excited to welcome a strong partner like Silver Lake to the BYJU’S family,” said Byju Raveendran, co-founder and CEO of the eponymous startup in a statement.
“We are fortunate to be in a sector of positive relevance during this crisis. This has brought online learning to the forefront and is helping parents, teachers and students experience and understand its value. Our classrooms are changing possibly for the first time in 100 years and I’m really excited about the opportunities that we have to redefine the future of learning,” he added.
Byju’s prepares students pursuing undergraduate and graduate-level courses, and in recent years it has also expanded its catalog to serve all school-going students. Tutors on Byju’s app tackle complex subjects using real-life objects such as pizza and cake.