Byju’s India’s online education pioneer, is raising about $150 Mn from UBS Group AG at a valuation of about $16.5 Bn, multiple people familiar with the deal said. The investment will be made by an entity that is a part of the UBS Asset Management.
Byju's founder Byju Raveendran, who owns a third of the company said that the pandemic dramatically altered the acceptance of online learning in India. He added the Byju's K-12 app has more than 80 million registered users in India. This app provides animated tutorials of math and science via animated games featuring tutor demos.
The startup raised approximately $1 Bn from the Facebook Inc. co-founder Eduardo Saverin's B Capital Group, Baron Funds and XN.Other investors include Silver Lake Management, Owl Ventures and T. Rowe Price apart from its previous investors like Chan Zuckerberg-Initiative, Naspers Limited, and Tiger Global Management.