Ed-tech company, Byju’s is in final stages of talks with a few potential investors, including World Bank’s International Financial Corporation, to raise around Rs 333 crore in a fresh round to support its international expansion. The company had received its previous funding of USD 75 million in March this year from Sequoia Capital and Sofina. The startup, caters to the learning needs of students from classes’ 6 to 12 and to aspirants of competitive exams like CAT, IAS, GRE and GMAT. It provides mobile based original content by deploying movie-making tools and graphics.
“It can be one, two, three or four investors because if it is a big player, I will have space only for one. I am in talks with those types of investors also but there is also opinion that to accommodate one or two good partners we might do the same amount, plus or minus 10 million, from three players also,…IFC is not yet done. IFC can be a partner but it is not confirmed. We will have clarity in the next ten days. We have not reached the term stage.”
International Finance Corp, the private sector lending arm of the World Bank, has said in its website that
“The proposed IFC investment (“Project”) consists of up to US$15 million in equity for a minority stake in BYJU’s in order to finance the expansion of the company’s education services offering, further technology development and potential inorganic growth opportunities.”
The Bengaluru based startup, which already has presence in the Indian and Middle East markets is looking to expand to the USA, UK, South Africa and other the African and Commonwealth markets.