Byju Raveendran invests $400 million in his edtech startup – TechCrunch

Byju Raveendran, the co-founder and chief executive of eponymous Indian edtech giant Byju’s, has invested $400 million into the startup, the two said on Friday. His backing is part of a larger $800 million round Byju’s has secured.

Sumeru Ventures, Vitruvian Partners and BlackRock are also investing in the round, which values the startup at about $22 billion, a person familiar with the matter said.

“We continue to witness accelerated growth in India and international markets through both organic and inorganic routes,” he said. “Our sustained focus is on achieving our long term goals around creating life-long value for our learners. For that, we are imagining and reimagining the way students will learn, unlearn and relearn in the future. Our aspiration is to build something that will last for decades.”

The startup — which prepares students pursuing undergraduate and graduate-level courses, and in recent years it has also expanded its catalog to serve all school-going students — said it has amassed 150 million users, up from roughly 80 million it disclosed early last year. The startup says its annual renewal rate is 86% and NPS is 76.

This is a developing story. More to follow…