Ed-tech major, Byju’s has raised $150 million in fresh funding led by Qatar Investment Authority, Qatar government’s sovereign wealth fund. The investment round also saw participation from San Francisco-based Owl Ventures.
The funding is part of Byju’s ongoing Series G fundraise, which saw existing investor General Atlantic pour $25 million into the company at a valuation of $5.4 billion in March. It makes Byju’s the fourth most valuable private internet company in India.
Byju’s has seen a sharp rise in its valuation, from $3.6 billion at the end of last year to $5.4 billion just three months later. It has also made Raveendran one of the most wealthy new-age entrepreneurs with the promoter group holding 36% stake in the company at an estimated value of $1.9 billion.
The Bengaluru-based firm said the new round will support its plan to expand into International markets and create products that cater to learners abroad. The company recently launched its Disney Byju’s Early Learn app in partnership with Disney for K-3 students aimed at markets such as the US, UK, and Australia.
“Indian ed-tech firms attracting interest from eminent investors demonstrates that India is pioneering the digital learning space globally,” said Byju Raveendran, founder and CEO of Byju’s. “This will help us explore and leverage our expertise in creating immersive tech-enabled learning programs for students in smaller cities, regions and newer markets.”
“With the world’s largest school-age population of 260 million, India’s education sector is at an inflection point. BYJU’S has been at the forefront of providing quality auxiliary education to new-age learners,” said Amit Patel, Managing Director at Owl Ventures.