Ed-tech major Byju’s has raised fresh funding from Silver Lake and existing investors, Tiger Global, General Atlantic and Owl Ventures.
While the company did not disclose financial details, sources said Byju’s has raised $500 million (about Rs 3,672 crore) in the new round that valued it at $10.8 billion.
“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,” Byju’s founder and CEO Byju Raveendran said.
In a statement on Tuesday, Byju’s said the fresh funding round saw participation from Silver Lake, and existing investors Tiger Global, General Atlantic and Owl Ventures.
“We are delighted to lead this investment and partner with Byju and his impressive team of education technology pioneers in their mission to help children in India and around the world achieve their true potential,” Greg Mondre, co-CEO of Silver Lake, said.
Following the closure of schools because of the ongoing pandemic, the company had made content on its learning app free for all students.
Over the last few months, Byju’s has entered the after-school learning space with the launch of Byju’s classes, a comprehensive online tutoring program. Last month, Byju’s acquired WhiteHat Jr, a Mumbai-based coding platform.