Edtech major BYJU’s has raised a term loan B (TLB) funding round and, according to a source close to the development, the size of the round is $1.2 billion.
Per a regulatory filing, the company will use these funds for general corporate purposes, offshore only. This will include supporting business growth in North America and funding potential inorganic growth opportunities.
Previous funding rounds
In October, BYJU’s raised ₹2,200 crore from Oxshott Venture Fund along with the participation of Edelweiss Private Investments Trust, Verition Multi-Strategy Master Fund, IIFL Private Equity Fund, XN Exponent Holdings and MarketX Ventures, among others. In September, BYJU’s raised ₹1,093 crore from Asmaan Ventures, Mirae Asset and ARK Ncore, according to the company’s MCA filings.
In past funding rounds, BYJU’s has been backed by marquee investors such as General Atlantic, Sequoia Capital, the Chan-Zuckerberg Initiative, Naspers, Silver Lake and Tiger Global.
The edtech decacorn has officially announced ten acquisitions in the edtech space — Tynker, Gradeup, TutorVista, Edurite, Math Adventures, Osmo, Whitehat Jr, Aakash Education Services, Epic, and Great Learning.
In-house solutions
BYJU’s has recently announced the launch of its innovation hub BYJU’s Lab to focus on building in-house technology solutions. Broadly, the lab will focus on bringing deeper personalisation and democratisation into a student’s learning journey.
Headed by the company’s Chief Innovation and Learning Officer, Dev Roy, BYJU’s Lab will be based out of the United Kingdom, US and India. The hub will onboard AI and ML specialists, along with some hires in psychometric and other domains that could help the team gain a deeper understanding of how students absorb and consume content.
A BYJU’s spokesperson declined to comment on the funds raised.
BYJU’s claims to be serving 100 million students around the world today.