Byju's raises $460 mn in ongoing Series F round led by MC Global Edtech

Edtech decacorn Byju’s has raised about $460 million in its ongoing Series F round led by MC Global Edtech Investment Holdings LP. The Bengaluru-based company has now raised over $1 billion in the ongoing fiscal year of FY21.

 

The company has approved the allotment of 140,233 Series F CCPS (compulsory convertible preference shares) at a face value of Rs 10 and a premium of Rs 237,326 per share to raise the sum, regulatory filings show, according to Entrackr, a platform that tracks tech companies.

 

As reported earlier, Byju’s is in talks to raise up to $700 million from new and existing investors in a fresh funding round, which, if successful, would lift the firm’s valuation to about $15 billion from $12 billion at present, sources close to the development said.

 

The fresh round was led by MC Global Edtech Investment Holdings LP which invested $224 million, almost half of the total tranche, according to Entrackr. A total of nine investors have participated in the round, in which B Capital, with its global and Asia subsidiaries, has put in about $77 million.

 

Asset management firm Baron Emerging Market Fund and Baron Global Advantage Fund together invested $80 million. New York-based hedge fund XN Exponent Holdings, run by Gaurav Kapadia, $41.5 million. Arison Holdings and TCDS India LP have invested $15 million and $14 million respectively.

 

Following this round, the collective holding of the promoters’ group, which includes the founder Byju Raveendran and family, has been diluted to 26.09 per cent, according to Entrackr.