The UBS investment will take the valuation of Byju’s past digital payments startup Paytm, which was last valued at $16 billion.
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Byju, a pioneer in online education in India, is raising about $ 150 million in UBS Group AG for an estimated $ 16.5 billion, say the people familiar with the deal. Funding will make it the most valuable start-up in India.
The business that is part of UBS Asset Management is making an investment. It is still in the process of negotiating additional investments, which could take its full investment from Byju to abByju’s, India’s online education pioneer, is raising about $150 million from UBS Group AG at a valuation of about $16.5 billion, multiple people familiar with the deal said. The funding will make it India’s most-valuable startup.
An entity that is part of UBS Asset Management is making the investment. It is in discussions to invest additional money, which would take its total investment in Byju’s to about $300 million, the people said, who asked not be identified as the negotiations are private. The startup could rope in another backer to take the fresh funding to $400 million, one of the people said.
Byju’s recently raised about $1 billion from Facebook Inc co-founder Eduardo Saverin’s B Capital Group as well as Baron Funds and XN, Bloomberg News reported earlier this month citing a person familiar. India’s startup industry has been birthing unicorns, private companies valued at $1 billion or more, at a breathless pace. The UBS investment will take the valuation of Byju’s past digital payments startup Paytm, which was last valued at $16 billion.
The online education startup, officially called Think & Learn Pvt, has amassed a large roster of investors including private equity giant Silver Lake Management, Owl Ventures and T Rowe Price, alongside earlier investors like Facebook founder Mark Zuckerberg’s Chan-Zuckerberg Initiative, Naspers Ltd and Tiger Global Management. Education technology is a hot segment for global investors, with at least two more startups expected to become unicorns this year, taking the total edtech unicorns to four.
A spokeswoman for Byju’s declined to comment on the fundraising or valuation. A UBS spokeswoman declined to comment. Musaab Javed, a money manager at UBS, negotiated and structured the investment, a person with knowledge of the matter said.
The Bangalore-based startup was founded by Byju Raveendran, a former tutor whose parents were also teachers. Raveendran, 39, owns about a third of the company.
In a recent interview, Raveendran said the pandemic had dramatically altered parents’, teachers’ and students’ acceptance of online learning. The startup’s eponymous K-12 app, which brings in the bulk of its revenues, has over 80 million registered users in India who grasp math and science fundamentals through animated games and videos featuring tutor demos.
In recent months, Byju’s has quickened the pace of acquisitions including a company teaching one-on-one coding to school goers in markets like the US, Latin America and Australia besides India. It bought another that specializes in offline test-prep classes for Indian school graduates aspiring to enter ultra-competitive engineering and medical schools.
After reaping a windfall from the pandemic-fueled online learning boom in its home country, Byju’s has hastened its push into international markets by renaming the coding lessons unit Byju’s Future School. Its one-on-one coding and math lessons are now available in the US, UK, Australia, as well as Mexico, in Spanish, and in Portuguese in Brazil. It’s expanding its subject repertoire to add music, English and the creative arts. out 300 million, say people, who have asked not to be identified as the negotiations are confidential. The start could be another one to bring in a new $ 400 million grant, said one person.
Byju recently raised about $ 1 billion from Facebook Inc co-founder Eduardo Saverin of B Capital Group as well as Baron Funds and XN, Bloomberg News reported earlier this month quoting an acquaintance. India's startup industry has been breeding unicorns, private companies valued at $ 1 billion or more, at a rapid pace. The UBS investment will take the measure of Byju's first digital pay by Payju, which ended in value of $ 16 billion.
The start of online education, officially called Think & Learn Pvt, has compiled a large list of investors including the capital equity Silver Lake Management, Owl Ventures and T Rowe Price, and former investors such as Facebook founder Mark Zuckerberg's Chan-Zuckerberg Initiative , Naspers Ltd and Tiger Global Management. Educational technology is a hot topic for global investors, with at least two startups expected to be unicorn this year, taking a total of four unicorns.
Byju's spokesman declined to comment on the fundraising or valuation. A UBS spokesman declined to comment. Musaab Javed, head of finance at UBS, negotiated and planned the investment, said a source close to the matter.
The Bangalore-based start was started by Byju Raveendran, a former teacher whose parents were also teachers. Raveendran, 39, owns about a third of the company.
In a recent interview, Raveendran said the epidemic has dramatically changed the acceptance of parents, teachers and students' acceptance through online learning. The K-12 startup app, which brings in a lot of revenue, has more than 80 million registered users in India who hold mathematical and scientific basics through animated games and videos with educator demos.
In recent months, Byju has accelerated the pace of purchases involving a company that teaches individual coding to students in schools in markets such as the US, Latin America and Australia outside of India. Purchased one focusing on offline testing classes for Indian high school graduates who wish to enter highly competitive medical engineering schools.
After reaping the benefits of the epidemic-driven internet site in his home country, Byju's quickly set out to spread global markets by renaming the coding component of Byju's future School.
Its individual coding and mathematics courses are now available in the US, UK, Australia, and Mexico, Spanish, and Portuguese in Brazil. It expands its history of incorporating music, English and creative arts.
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