Naspers leads $540m investment in Indian tech startup
Bangalore — A funding round led by Naspers Ventures and the Canada Pension Plan Investment Board more than doubled Indian education startup Byju’s valuation to $3.6bn. The company raised $540m, which will be used to fuel an expansion into English-speaking countries, Bangalore-based Byju’s said in a statement on Monday. The new valuation puts it among the top five on CB Insights’ ranking of India startups. The startup has grown at 100% rates since its launch and will target tripling of its revenue to 14-billion rupees this year. Byju’s has attracted millions of users in India, where there is often a lack of good teachers, helping to teach students from kindergarten to year 12 subjects including maths, science and English. Its existing backers include the Chan-Zuckerberg Initiative, founded by Facebook co-founder Mark Zuckerberg and his wife Priscilla Chan, as well as Tencent Holdings and Sequoia Capital. “The company has aggressive plans for international market expansion and will ma...
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