Ed-tech start-up Byju’s has raised about $200 million from Tiger Global Management in a fresh round of financing, taking its total funds tally to nearly $1.19 billion. The company’s valuation is estimated to have hit close to $8 billion after the latest funding round, sources said. The funds will be utilised for product development and business expansion, the company said Thursday.
Byju’s last raised $150 million in funding, led by Qatar Investment Authority (QIA), in July 2019 at an expected valuation of around $5.5 billion. In December 2018, the had company mopped up $540 million, led by Naspers and the Canada Pension Plan Investment Board.
The firm did not comment on the amount of funds raised. However, founder & CEO Byju Raveendran said: “We are happy to partner with a strong investor like Tiger Global Management. They share our sense of purpose and this partnership will advance our long-term vision of creating an impact by changing the way students learn.” —FE