The funding round will be led by Oxshott Venture Fund
Edtech firm Byju’s is raising Rs 2,200 crore in a funding round led by Oxshott Venture Fund, which will also see the participation of Edelweiss, Verition Multi-Strategy Master Fund, IIFL Private Equity Fund, XN Exponent Holdings, and MarketX Ventures, among others. The edtech company will allot a total of 77,174 Series F Compulsorily Convertible Preference Shares (CCPS) of the face value of Rs 10 each at a securities premium of Rs 2,85,062 per series F CCPS.
According to the company’s filings accessed by business intelligence platform Tofler, Oxshott Venture Fund will pump in Rs 1,200 crore for 42,905 Series F CCPS. While, Edelweiss will invest around Rs 345 crore, and IIFL will be investing Rs 111 crore. Verition Fund will be infusing Rs 147 crore for 5,157 Series F CCPS. XN Exponent Holdings will pump in Rs 150 crore and MarketX Ventures will invest Rs 144 crore.
The development comes a few weeks after the online education firm raised a fresh $150 million in funding from a clutch of investors led by Asmaan Ventures. Mirae Asset, MACM India Growth Fund and ARK Ncore also backed the investment round, according to the company’s filings with the Registrar of Companies (RoC), ministry of corporate affairs. The fundraise reportedly valued the company at about $16.87 billion.
The Bengaluru-based edtech firm also announced the acquisition of online exam preparation platform Gradeup in September. Earlier this year, Byju’s acquired brick-and-mortar test prep service provider Aakash Educational Services in a near $1-billion deal, one of the biggest in the local edtech space. In July, the company acquired edtech start-up Great Learning in a $600-million deal and spent another $500 million to acquire US-based kids digital reading platform Epic. The firm has spent over $2 billion on acquisitions so far this year, including Indian rival Toppr.