Edtech company Byju’s is continuing its fundraising tour and has raised around $ 150 million from three investors. The new fund came at a time when the Bengaluru-based company is reportedly in talks with multiple investors to raise $ 1.5 billion on a valuation of over $ 21 billion.
Byju’s has passed a special resolution to allot 6,045 Series F Preferred Shares at Rs 285,072 per share to Mirae Asset and ARK Ncore and 38,705 Series F Preferred Shares to Asmaan Ventures at Rs 238,125 to raise Rs 1,094 billion, or nearly Rs 150 million, government filings demonstrate …
Asmaan Ventures has invested Rs 921.7 billion in this tranche, followed by Mirae Asset and ARK Ncore which have invested Rs 138 billion and Rs 34.5 billion, respectively.
After the allotment of new shares, the equity of the promoters was diluted to 22.97%. Prior to this tranche, three of the company’s co-founders, including Byju’s Raveendran, Divya Gokulnath, and Riju Raveendran, owned around 23.4% of the company’s shares when they raised $ 50 million from India Infoline Finance Limited and Maitri Edtech in June this year .
Corresponding FintrackrByju’s has raised the new tranche to a post-money valuation of byju’s estimates $ 16.87 billion. Surprisingly, Asmaan Ventures has acquired shares at a reduced price: $ 14.5. Billions, 14% less than Mirae and Ark invested in this tranche.
answer to TrickypediaByju explains that Asmaan Ventures’ money is from an older tranche and has been delayed. Therefore, they filled in the above amount at a lower value.
The new tranche appears to be part of the larger fundraiser and will be used to fund acquisitions such as Toppr, Great Learning and GradeUp. According to market watchers, the company could consider a US listing after the $ 1.5 billion round is complete.
With this, Byju’s has already raised around 1.65 billion US dollars in 2021 and has acquired more than 15 startups since its inception. On Tuesday, the Tiger Global-backed company announced the acquisition of Gradeup, a startup that helps students prepare for various exams such as GATE, UPSC, CAT, JEE, NEET, Banks, SSC and Railways.
Trickypedia was the first to report on Byju’s four acquisitions, including Toppr, Great Learning, Gradeup and Scholr.
Recently Byju has his Annual financial report for FY20, which saw the company experience an 82.31% increase in operating sales to Rs.2381 billion in FY20 Rs 1.306 billion in FY19… During the reporting period, its losses increased 30 times to 262 billion rupees. The important thing is that the company was close to profitability in FY19.
These recent cash inflows will help Byju’s continue its acquisition while expanding its business. According to documents filed with Roc, Think & Learn Pvt Ltd (Byju’s parent company) had cash and cash equivalents of just over Rs 1,900 billion as of June 30, 2021.
Corresponding Fintrackr, Byju’s generated 70% of its sales from selling hardware (tablets and SD cards) that came pre-installed with their educational content. The annual financial statements for FY21 have yet to be submitted.