Byju’s elevates $23 Mn from BOND Capital

The Indian Educational Technology decacorn, Byju’s recently tapped enormous funding round from Mary Meeker’s BOND Capital.

06th August 2020 Author: Divya Sharma
Byju’s elevates $23 Mn from BOND Capital

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The Indian Educational Technology decacorn, Byju’s recently tapped enormous funding round from Mary Meeker’s BOND Capital. The supervisory filings divulged that it has permeated $23 million in the Edtech firm based in Bengaluru. This infusion from BOND Capital is the third round of funding for the organization in 2020.

Numerous media reports and coverage have speculated that the latest sponsoring from BOND appraised Byju’s at $10.5 billion. The evaluation of $10 billion and BOND capital is estimated to cover 0.23% of share capital on a fully moderate basis.

According to the revelations of regulatory filings, the sum raised by Byju’s is out of BOND Asia Holdings. The organization has processed an allocation of 8,070 Series F convertible preference shares for an issue rate of $2850.06/ share to the American Investment Firm.

Before such infusion from BOND, Byju’s augmented two huge rounds in 2020 which included a $200 million round from hedge fund General Atlantic and Tiger Global, each. To date, Byju Raveendran, Founder of Byju’s, has bagged around $1.2 Bn of investment surge from Chan Zuckerberg Initiative, Lightspeed, and Sofina among the rest.

Raveendran, his wife Divya Gokul Nath, and younger brother Riju Raveendran, collectively comprise a stake slightly higher than one-third of Byju’s. The individual stakeholding of the three remains unascertained. Having such 

high-stake holding is quite uncommon among Indian companies where co-founders own such an enormous portion of the company post elevating over a billion dollars in so many institutional rounds.

According to a roughly generated estimate, Raveendran’s family possesses 33.45% which is worth $3.25 billion. This makes Byju’s and Raveendran’s family one of the wealthiest organizers of the Indian startup ecosystem. Vijay Shekhar Sharma, Founder of Paytm, is another richest promoter who owns stakes worth over a billion dollars.

According to the regulatory filing strata Byju’s recently also allocated 1860 equity shares of Rs. 4650/share to four of its employees under the Employee Stock Ownership Plan of 2019. Byju’s principal product manager, Unique Jain, along with three other software architects – Smit Patel, Arunogshu Bhakta, and Brijesh Patel, each received 465 equity shares under the ESOP plan from the organization. The latest allotments under ESOP were up to Rs. 53 lacs.

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