Byju’s raising Rs 908.95 crore in Series F funding

The latest fund-raise comes two months after the Bengaluru-based ed-tech start-up secured an investment from US-based Bond that valued it at about $10.5 billion.

Byju’s is raising a fresh Rs 908.95 crore ($122.33 million) in funding from DST Global as part of its series F funding round, according to the company’s regulatory filings sourced from business signals platform paper.vc.

Billionaire Yuri Milner-led DST Global is reportedly looking to invest as much as $400 million in Byju’s and the latest funding could be part of a bigger financing round. Byju’s did not comment on the development.

The latest fund-raise comes two months after the Bengaluru-based ed-tech start-up secured an investment from US-based Bond that valued it at about $10.5 billion. Bond is believed to have invested less than $100 million in the company. In all, Byju’s has raised over $1.5 billion from investors including Naspers, Tencent, Verlinvest and Sequoia Capital.

Byju’s has over 57 million registered students and over 3.5 million paid subscribers. It doubled its revenues to Rs 2,800 crore in FY20 from `1,430 crore in FY19 when it posted stand-alone net profits of Rs 20 crore.

In February, Byju’s raised $200 million from General Atlantic which was preceded by a $200 million funding from Tiger Global Management in January. The latest investment has been routed via three entities — DST Asia VII, DSTG VI Investments- A- IN and DSTG VII Investments-2-IN, the filings showed.

Divya Gokulnath, co-founder & Director, Byju’s had told FE in mid-May the number of new users had increased by 200% during the lockdown after the entire content on the app was made available free. Gokulnath said Covid-19 was an inflexion point and that parents, who may have been averse to online learning, would use the company’s products. “We have expanded content adding social science subjects and are now providing it in almost every major language, she said.