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EDTECH FIRM BYJU'S BAGS $297 MN IN SERIES F FUNDING LED BY OXSHOTT CAPITAL
PARTNERS

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Edtech firm Byju's bags $297 mn in Series F funding led by Oxshott Capital
Partners
Edtech firm Byju's bags $297 mn in Series F funding led by Oxshott Capital
Partners
By
Joseph Rai
04 October, 2021
Photo Credit: Thinkstock
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Edtech unicorn Byju's has raised Rs 2,200 crore ($297.5 million) in fresh
capital, underlining increasing investor faith in India's most-valued startup
despite its widening losses. The latest funding was led by New York-based
Oxshott Capital Partners as part a Series F round at an issue price of Rs
285,072 per share, according to regulatory filings reported by research platform
Tofler.

Oxshott pooled in Rs 1,200 crore while other investors in the round included
Edelweiss (Rs 344.9 crore), IIFL (Rs 110 crore), Verition Multi Strategy Master
Fund (Rs 147 crore) and XN Exponent Holdings (Rs 150 crore).



The edtech unicorn got some of the largest cheques from institutional investors
this year. In June, Byju’s raised $1.5 billion from UBS Group, Abu Dhabi
sovereign fund ADQ, and Blackstone Group, among others, at a valuation of $16.5
billion. Prior to that in April, Byju’s had raised over $1 billion from
investors led by Baron Funds, Facebook co-founder Eduardo Saverin’s B Capital
Group, and US-based investment hedge fund XN Exponent Holding. The fundraising
had valued the company at around $15 billion.



Byju’s valuation has skyrocketed since last year as the pandemic fuelled an
online learning boom with parents enrolling kids in online classes. The edtech
has been on a buying spree and has shelled out over $2.2 billion in acquisitions
this year alone.

Just last month, it bought US-based kids coding platform Tynker in its ninth
acquisition this year. It also acquired online exam preparation platform Gradeup
in September. Earlier this year, the edtech major acquired higher education
platform Great Learning for $600 million, kids’ digital reading platform Epic
for $500 million, and test preparation provider Aakash Educational Services for
$1 billion in quick succession.  

Bjyu’s has witnessed around 80% growth in its consolidated net sales during
FY19-20 as compared to a year before, acccording to regulatory filings of the
company. However, its losses grew nearly 30 times during the period under
review.

Last month, Byju’s appointed Ola executive Puneet Bhirani as senior
vice-president of operations.
vccircle.com/byju-s-ropes-in-ola-exec-puneet-bhirani-as-senior-vice-president-of-operations
In an interaction with Mint last month, Byju’s founder and chief executive Byju
Raveendran, said the company is considering an initial public offering (IPO) and
will be raising its last private round as talks are currently on. The company is
also considering and exploring both US and India markets for its listing for
now, he had added.

Food delivery startup Zomato became the first tech unicorn to list on the
domestic stock exchanges this year, which was followed by online used car
marketplace CarTrade’s listing. A slew of other tech unicorns including Paytm,
Oyo, PolicyBazaar and Nykaa have also filed papers for their public float while
other tech giants such as Ola, PharmEasy, and Delhivery are also set to file
papers for IPO.

Other edtech startups have also attracted significant funding during the
pandemic. Just last week, Vedantu Innovation Pvt Ltd, which operates a live
tutoring platform, became the fifth digital learning startup in India to hit
unicorn status after raising $100 million (Rs 740 crore) in its Series E round
led by Singapore-based impact investor ABC World Asia.

Other edtech companies that turned unicorn during the pandemic are Unacademy,
UpGrad and Eruditus. Unacademy turned into a unicorn in September last year
after a whopping $150 million (Rs 1,094 crore) in a new funding round led by
SoftBank. Unacademy has also been quite active on the acquisition front. This
year it acquired Rheo TV and TapChief for an undisclosed amount.
Ronnie Screwvala’s UpGrad turned into a unicorn after it closed at $185 million
(Rs 1,373.7 crore) funding round led by Singapore-based sovereign fund Temasek;
and Eruditus achieved unicorn status after it raised $650 million as a part of
its latest Series E funding round led by Accel US and Softbank.  


Byju's
Edtech
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