Think and Learn Pvt. Ltd, which operates education-technology company Byju’s, has raised funding from the US-based Tiger Global Management.
Byju Raveendran, founder at Byju’s, said in a statement that the partnership with Tiger Global is both a validation of the impact created by the firm and a vote of confidence for the long-term vision.
While the Bengaluru-based company did not disclose financial details, multiple media reports said it raised $200 million (approximately Rs 1,425.21 crore at current exchange rates) at a valuation of $8 billion.
Secondary transactions estimated at between $100-200 million are also expected, providing exits to some of the startup’s early backers, the report said, citing sources. Investors in the company include Sequoia Capital India, Innoven Capital, Bennett Coleman and Co. Ltd, Tencent, General Atlantic, and Lightspeed India Partners.
Separately, Tiger Global partner Scott Shleifer said the firm was confident in its investment in the ed-tech startup because the company has emerged as a leader in the sector, and its technology focussed on providing learning solutions for students in India.
The company says its revenue stood at Rs 1,480 crore for the 2019 financial year, and that it is on track to grow this to Rs 3,000 crore for the current fiscal year. It claims to have over 42 million registered users, with at least three million paid subscribers in both urban and rural parts of the country.
It is also one of the country’s most heavily-funded startups. Its valuation crossed $5 billion after it raised $31.3 million in a funding round in March last year led by existing investors General Atlantic and Tencent Holdings Ltd. In December 2018, Byju’s announced that it secured $540 million (Rs 3,855 crore then) in a round led by South African tech conglomerate Naspers.
Tiger Global’s bets in the Indian startup ecosystem
The investment in Byju’s is the latest bet by Tiger Global as it continues its spree following the end of a three-year hiatus in 2018.
In December last year, it led a $20 million (around Rs 143.26 crore) Series A funding round in the business-to-business marketplace for real estate and construction materials Infra.Market. Other investors that participated in the round were Nexus Venture Partners.
In September, it led a Series B funding round worth $23 million (around Rs 163.7 crore) in Wow! Momo Foods Pvt. Ltd, which operates and owns brands Wow! Momo and Wow! China.
The investor led a $42 million (around Rs 300 crore) Series C funding round in education-technology startup Vedantu Innovations Pvt. Ltd along with private equity firm WestBridge Capital. Tiger Global also took part in a $120 million (Rs 862 crore) funding round in financial-technology startup Cred and invested $15 million (Rs 108 crore) in INDwealth, an artificial intelligence-based wealth management venture.