Byju’s, the India’s largest education-tech company is rising around Rs 909 crore in funding from billionaire Yuri Milner-led DST Global, as per the regulatory documents.
According to the documents filed with the Corporate Affairs Ministry by Byju’s, which is operated by Think and Learn Pvt Ltd, 20,622 shares will be offered to DSTG VII Investments-2-IN Ltd, 17,777 shares to DST Asia VII and 4,267 shares to DSTG VI Investments-A-IN Ltd.
“…the company proposes to offer and issue 42,666 Series F compulsorily convertible cumulative preference shares (Series F CCCPS)…for a total consideration of Rs 908,96,55,520 to DST Asia VII, DSTG VI Investments-A-IN Ltd and DSTG VII Investments-2-IN Ltd…” it stated. Emails sent to Byju’s did not elicit a response.
The company will use funds to meet the working capital and business expansion plans, said the document. Post-issue shareholding of DST will be 1.2%. In June, Byju’s announced it had raised funds from global technology investment firm BOND but had not disclosed the amount raised. The company had raised about USD 200 million in funding in February from General Atlantic.
The educational-tech space has seen strong growth globally with the coronavirus pandemic serving as an inflection point.
While a number of players have risen fresh funding from investors, consolidation is also being seen in the industry with deals like Unacademy acquiring PrepLadder for USD 50 million. Byju’s had lately bought coding training platform WhiteHat Jr for USD 300 million.