India’s most valued edtech startup BYJU’S raised $49 million from its Singapore parent entity Byju’s Holdings 1 Pte Ltd.
Byju’s Holdings 1 Pte Ltd has been allocated 11,335 Series F Compulsory Convertible Cumulative Preferences at an issue price of INR 3.5 Lakh each. This is the first instalment of a $160 million (INR 1,305 crore) capital raise approved by the edtech behemoth’s board of directors. The total income of Byju Raveendran’s edtech startup fell 3.3% to INR 2,428.3 Cr in FY21 from INR 2,511.7 Cr the previous year, owing primarily to a change in revenue recognition for its streaming services. Previously, BYJU’S calculated its revenue from these streaming services at the start of the contract.