Education technology platform Byju’s valuation has surged to over Rs 37,000 crore or around $5.4 billion after fresh funding of $25 million from existing backer General Atlantic. Making it the fourth most-valued private internet company in India.
The fresh tranche will push the value of promoter group led by Byju Raveendran’s 36% shareholding in the Bengaluru-based company to Rs 13,267 crore or $1.9 billion, according to the report.
The deal would make Raveendran, who holds the stake with his wife Divya Gokulnath and brother Riju, one of the wealthiest new economy entrepreneurs. It is also one of the only major venture capital-backed companies where founders still hold over 30% stake.
Byju’s valuation jump comes about three months after the seven-year-old company was valued at $3.6 billion in December. When it raised capital from Naspers Ventures, an investment arm of South African media giant, and Canadian pension fund CPPIB. The company was valued at $1 billion till early last year.