Edtech company Byju's will become the second most valuable startup in India following a potential investment from DST Global, the firm led by Israeli-Russian billionaire Yuri Milner. According to various media reports, DST Global is in advanced talks to lead a $400 million round in online education firm Byju’s at a valuation of $10.5 billion.
The deal could be signed as early as this weekend, the reports said citing various sources. DST Global comes with the legacy of having been an early investor in the likes of Alibaba, Facebook and Twitter. In India, online retailer Flipkart Online Services, ride-hailing startup Ola, food-delivery startup Swiggy and business e-commerce startup Udaan are part of its portfolio.
The development comes at a time when Indian edtech space has witnessed more takers and interest continues to rise, in the wake of the pandemic, as most classes have moved online and schools, colleges and other institutions are yet to reopen.
Byju's specialises in science and maths offerings for K-12 students through games and videos. Founded by Byju Raveendran, the company's investors include Mark Zuckerberg's Chan Zuckerberg Initiative, Naspers and Tiger Global Management. In June, it raised an undisclosed amount from US-based BOND Capital at a valuation of $10.5 billion. Byjus has raised $400 million this year alone.
In January last year, Byju’s acquired Osmo, a US-based maker of educational games, for $120 million.
According to an estimate, about 2,500 lakh school-going children in the country have been affected by pandemic-induced school closures.