Byju’s unabated funding spree continues as existing investor General Atlantic and new investor Sand Capital leads fresh 50 Cr fund infusion in the edutech major. BlackRock and Alkeon Capital are other two new investors that will come on company’s board following the fresh fund infusion.
Sources privy to the matter claims that this fresh capital infusion is a part of the $500 Mn funding round led by Silver Lake earlier this month at a valuation of roughly $11 Bn.
According to regulatory filings accessed by Techpluto, Sand Capital has been allotted 16,401 preference shares at premium rate of Rs 2, 13,042.06 per share, existing investor General Atlantic has been allotted 15,230 shares at premium rate of Rs 2, 13,042.06 per share and another existing investor Owl ventures has been allotted total 11,715 preference shares at a rate of 2, 13,042.06.
Regulatory filings further reveals that new investor BlackRock has invested in Byju’s through five separate funds.
Collectively, BlackRock has been allotted 11,715 preference shares. Alkeon Capital has also invested in the company through three separate funds. Alkeon Capital has been collectively allotted 10,544 preference shares.
Edtech sector has been at the forefront of the fundraising spree in 2020. While funding in most other sectors dwindled due to global pandemic, investors showed heightened interest in the Edtech sector. According to Venture Intelligence, investors pumped close to $998 Mn during first six months of 2020 as compared to $300-400 Mn during the same period. This is jump of almost 3.5X. Out of the $998 Mn, Byju’s and Unacademy alone pocketed close to $600 Mn.