The India-based Online Learning Platform Byju’s has raised an impressive $500 million in a round of funding that was led by PE firm Silver Lake. Reports have indicated that the funding round is going to raise Byju’s valuation to $10.8 billion.
The fresh round of funding was also joined by existing investors Tiger Global, Owl Ventures, and General Atlantic. India’s second most valuable startup has had a talismanic rise in the recent times as it has become the go-to platform for students in the Southeast Asian country to tackle and learn the complex subjects.
“We are excited to welcome a strong partner like Silver Lake to the BYJU’S family,” said Byju Raveendran, co-founder and CEO in a statement.
“We are fortunate to be in a sector of positive relevance during this crisis. This has brought online learning to the forefront and is helping parents, teachers and students experience and understand its value. Our classrooms are changing possibly for the first time in 100 years and I’m really excited about the opportunities that we have to redefine the future of learning,” he added.
Byju’s has been one the major gainers during the coronavirus pandemic as the students have turned to digital learning in the absence of school-based learning due the shut down across the country. It is being reported that the platform has added 20 million users since the stringent lockdown was enforced in India at outset of the pandemic.
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