Eductech company, BYJU, has raised an undisclosed amount from Belgium-based Verlinvest. BYJU kept the value of the deal undisclosed. However, industry watchers are predicting the amount raised to be somewhere near ₹150 crores.
With this fresh round of funding, BYJU will planning to expand into international markets and is looking forward for acquisitions. Industry watchers say that this is the Series E round of funding for BYJU. The company plans to expand its operations in Europe.
Verlinvest runs a family investment office focussed on late-stage ventures, private-equity investments, and is part of brewer company AB-InBev Group and has invested in companies such as Sula Vineyards.
Frederic de Mevius, Chairman of the Board, Verlinvest said to THBL: “We believe online learning has great potential globally, and BYJU’s products address this with an innovative and compelling proposition.” Byju Raveendran, CEO, BYJU’s, said that in the past 18 months, the company has witnessed exponential growth in India. “While these numbers are very exciting, the fact that we are still reaching less than 1
Byju Raveendran, the CEO, BYJU’s, said, “In the past 18 months, the company has witnessed exponential growth in India. While these numbers are very exciting, the fact that we are still reaching less than 1 percent of the student population, shows the immense potential, and the impact we can create.”
The company acquired Bengaluru-based Vidyartha, a data-driven platform offering customized learning guidance to students, for an undisclosed sum earlier this January. BYJU raised $50 Mn in December 2016 from International Finance Corporation
In March 2016, BYJU’s had raised $70 million, and also got $50-million funding from Facebook CEO Mark Zuckerberg’s and wife Priscilla Chan’s philanthropic investment arm The Chan-Zuckerberg Initiative.