Byju's raises $49 million from parent company

India's most valuable ed-tech startup Byju's has raised funds to the tune of $49 million from its parent entity Byju's Holdings 1 Pte. Ltd. 

According to filings, the company allotted 11,335 Series F Compulsory Convertible Cumulative Preference Shares at a staggering price of Rs 3.5 lakh per share! The consideration paid was Rs 404 crores or $49.4 million. 

Prior to this, the unicorn had raised $800 million in March 2022 at a valuation of $22 billion. The round was led by founder Byju Raveendran who contributed to half the total funds raised. Sumeru Ventures, Vitruvian Partners, and BlackRock were among the other participants. 

This fundraising comes after the company reported a massive loss of Rs 4,588 crores in its latest results declaration. The company had greatly delayed its financial results, and the same was disappointing. Moreover, the company also delayed payment to Blackstone for its Aakash deal before finally making the payment. 

Recently, at the Forbes Global CEO conference, the founder and CEO called the times challenging but said that they had made improvements while saying that "The future is bright".

Apart from this round, more funds could be raised as this is reportedly the first tranche of the $160 million that the Board of the ed-tech unicorn has approved. Moreover, certain reports have suggested that the company is looking to raise funds to the tune of $500 million at a valuation of $23 billion. 

Article by Aman Agarwal. 

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