DST Global, an investment company headed by billionaire Yuri Milner, is going to invest $ 400 million, or $ 400 million in Indian online education startup Byju’s. Byju’s is a $ 10.5 billion ($ 1050 million) company. According to sources, this deal may be signed soon. Byju’s will be India’s second most valuable startup after the Alibaba Group holding-backed financial payments brand Paytm.
Russian-Israeli billionaire who is one of the world’s best-known technology investors, has invested in Alibaba, Facebook Inc. and Twitter Inc. DST has also funded high-profile Indian startups such as Stringer. The company has also invested in online retailer Flipkart Online Services, ride-hailing startup Ola, food-delivery startup Swiggy and business e-commerce startup Udaan. DST and Byju, however, did not immediately respond to emails seeking comment about the funding talks. DST spokesman Leonid Soloyev declined to comment.
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Byju’s investors include Facebook founder Mark Zuckerberg’s Chan Zuckerberg Initiative, Nassfors and Tiger Global Management. Explain Byju’s games and videos simplifies the concepts of mathematics and science for students from KG to 12th. It was founded by the son of a former teacher, Byju Raveendran, who conceived the smartphone app in 2011.
Byju’s app has over 570 lakh registered users and over 350 paid subscribers. It is adding more than 300,000 new customers every month. Byju’s revenue in March 2020 to Rs 2,800 crore ($ 373 million) in the last fiscal year.
