BYJU’S, India’s largest education technology company, raised a new round of funding from leading global technology investment firm Silver Lake.

While the company did not disclose the amount that it had raised, sources pegged it at about $500 million, in a round that values the company at $10.8 billion.

Existing investors Tiger Global, General Atlantic and Owl Ventures are also participating in this round.

“We are excited to welcome a strong partner like Silver Lake to the BYJU’S family,” said Byju Raveendran, Founder & CEO, BYJU’S. The company has continued to support students in their learning journey during the pandemic through free content on its learning app, added Raveendran.

Prior to this in June 2020, BYJU's had received about $100 million from US technology investor Bond.

"We are delighted to lead this investment and partner with Byju and his impressive team of education technology pioneers in their mission to help children in India and around the world achieve their true potential," said Greg Mondre, Co-CEO of Silver Lake.

"We look forward to working with them as BYJU’S builds on and accelerates its compelling growth trajectory by forging new partnerships and continuing to cultivate a comprehensive ecosystem of innovative educational offerings."

Since the lockdown, BYJU’S has seen over 20 million new students start learning from its platform for free. Today, the app has over 64 million registered students and 4.2 million annual paid subscriptions. BYJU’S had doubled its revenue from Rs 1,430 crore in FY18-19 to Rs 2,800 crore in FY19-20.

Silver Lake Partners recently purchased a 2.08 percent stake in Jio Platforms, the telecom unit of Reliance Industries, for Rs 10,202.55 crore.

First Published:Sept 8, 2020 1:03 PM IST