The edtech company Byju’s announced on Friday that it had received $800 million in a pre-IPO financing.
According to sources close to the situation, Byju Raveendran, the company’s founder and CEO, has personally contributed $400 million.
According to people familiar with the matter, the financing, which comes ahead of the company’s anticipated initial public offering (IPO), values the Bengaluru-based firm at over $22 billion. It is India’s most valuable startup due to its massive post-money valuation.
Sumeru Ventures, Vitruvian Partners, and BlackRock were the other investors who participated in the capital raising.
According to the people, the founder group, which includes Raveendran, his wife Divya Gokulnath, some family members, as well as top management and employees, will own about 29 percent of the company following the round, up from 25 percent previously.
“We continue to witness accelerated growth in India and international markets through both organic and inorganic routes,” Raveendran said in a statement. “Our sustained focus is on achieving our long-term goals around creating life-long value for our learners. Our aspiration is to build something that will last for decades.”
