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Edtech platform <keyword id="2900267" type="General" weightage="80" keywordseo="byju" source="Orion">BYJU</keyword>'s on Monday said that the company has received funds from 11 out of 13 investors in a Rs 3,600 crore funding round which started in June last year. New York-based Oxshott in September 2021 invested Rs 1,200 crore as part of the Series F round at Rs 285,072 per share, which is yet to arrive. "Additionally, Oxshott wasn't leading the round. In fact, they were one of the last investors to come in for that round. Out of the total Rs 3,600 crore, Rs 2,400 crore has already come in," a company spokesperson told IANS. Other investors in the round were Edelweiss (Rs 344.9 crore), IIFL (Rs 110 crore), Verition Multi-Strategy Master Fund (Rs 147 crore), and XN Exponent Holdings (Rs 150 crore). The Morning Context first reported that "money from <keyword id="14428557" type="General" weightage="50" keywordseo="oxshott-capital-partners" source="Orion">Oxshott Capital Partners</keyword> or related entities for an investment has not reached the company". Oxshott <keyword id="14428559" type="General" weightage="50" keywordseo="venture-fund-x-llc" source="Orion">Venture Fund X LLC</keyword> and <keyword id="14428558" type="General" weightage="50" keywordseo="drd-holdings-sarl" source="Orion">DRD Holdings SARL</keyword> are both investment vehicles of <keyword id="14428556" type="General" weightage="50" keywordseo="oxshott-capital" source="Orion">Oxshott Capital</keyword>. It is common industry practice for investment funds to establish separate investment vehicles for compliance/internal structuring purposes to deploy investments. In the current case, the investor has requested that their investment be deployed through DRD Holdings SARL (instead of Oxshott Venture Fund X LLC). The fresh development came after another report recently claimed that some money in the Rs 6,300 crore private equity investment that BYJU's announced early this year has also not arrived. In March, BYJU'S had announced to raise about Rs 6,300 crore (around $800 million) from Sumeru Ventures, Vitruvian Partners, and BlackRock. <keyword id="1702989" type="General" weightage="50" keywordseo="byju-raveendran" source="Orion">Byju Raveendran</keyword>, Founder and CEO, was also part of the funding round and made a personal investment of $400 million. According to reports, the money from Sumeru Ventures "hasn't come in and questions are being raised about the fund's antecedents". However, BYJU'S said most of the funds have been received and the rest were on track. The company said that "its fundraising efforts are on track and majority of the $800 million has been already received". "The balance is also expected soon," a company spokesperson had told IANS. Meanwhile, the edtech giant said recently it has closed the nearly $1 billion acquisition of offline test preparatory services provider <keyword id="6380190" type="General" weightage="50" keywordseo="aakash" source="Orion">Aakash</keyword>. The company, in a statement, said last week that its payments to Aakash are "closed" and the "audited financial results are going to be announced in the next 10 days". BYJU'S has also been in the news for laying off employees and disgruntled parents complaining about poor quality of learning material and sales pitches by agents. Late last month, BYJU's announced to cut nearly 600 jobs -- 300 employees at its Toppr learning platform and another 300 at coding platform WhiteHat Jr. "In order to reduce redundancies across our organisation after multiple acquisitions, we had to let go of nearly one per cent of our 50,000+ strong workforce," said a company spokesperson. BYJU'S also lost a case in a consumer court, where a Bengaluru man sued the company in a consumer court for providing low-quality tablets and study material to his son and daughter who were promised <keyword id="10591" type="General" weightage="50" keywordseo="samsung" source="Orion">Samsung</keyword> tablets worth Rs 25,000. Further, the edtech major also backed out of its promise to convert the tuition fee of Rs 99,000 into EMIs. When the company did not pay heed to his demand of cancelling the subscription and refunding, he filed a case and won a refund of the fee of Rs 99,000 and a compensation of Rs 30,000, according to reports. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/article/opinion-priorities-for-building-an-energy-efficient-indian-economy/articleshow/92804706.cms">OPINION: Priorities for building an energy-efficient Indian economy</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/uber-files-what-they-reveal-about-the-companys-india-operations/articleshow/92805725.cms">Uber Files — What they reveal about the company’s India operations</a>

Byjus raises more Rs 3,600 cr and says its fundraising plans are on 'track'

<ul><li>Byju’s has raised $296 million in a round led by Oxshott Venture Fund.</li><li>The development comes about a week after Byju’s raised a $150 million, at a valuation of $16.8 billion.</li><li>Both these transactions are a part of the company’s Series F round.</li></ul>Edtech giant Byju’s, which raised over a billion dollars last year to fulfil<a href="https://www.businessinsider.in/business/news/byjus-last-two-acquisitions-and-a-deal-with-disney-reveal-its-american-dream/articleshow/84783749.cms"> its American dream</a>, has raised an additional ₹2,200 crore ($296 million) funding. With this, the company has raised $1.29 billion in 2021 so far. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amount in Series F </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Month </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$460 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MC Global Edtech Investments Holdings, B Capital, TIGA India, TCDS India, Arison Holdings </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$350 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UBS Group, Zoom founder Eric Yuan, Blackstone, Abu Dhabi sovereign fund ADQ and Phoenix Rising–Beacon Holdings </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">June </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$50 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IFFL, Maitri Edtech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">June </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$150 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asmaan Venture, Mirae Asset and ARK Ncore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">August </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$296 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oxshott Venture Fund, Edelweiss, IIFL, Verition Fund, XN Exponent Holdings </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">September </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> According to the ministry of corporate affairs filings, the latest tranche is a part of ongoing Series F round, which is led by Oxshott Venture Fund. Five other investors participated in the round as well. The decade-old Byju’s is allocating 77,2174 Series F compulsory convertible cumulative preference shares (CCPS) at a premium of ₹ 2,85,062. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investor </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investment </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oxshott Venture Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> ₹1,200 Crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Edelweiss </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹345 Crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IIFL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹111 Crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Verition Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹147 Crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">XN Exponent Holdings </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹150 Crore </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> The latest transaction was first <a href="https://www.businessinsider.in/business/startups/news/byjus-bags-another-150-million-to-fund-its-acquisition-spree/articleshow/86027937.cms">reported</a> by Inc42. The development comes about a week after<a href="https://www.businessinsider.in/business/startups/news/byjus-bags-another-150-million-to-fund-its-acquisition-spree/articleshow/86027937.cms"> Byju’s raised a $150 million</a>, at a valuation of $16.8 billion. Byju’s declined to comment on the latest infusion. According to media reports published last month, Byju’s has been in talks to raise $1.5 billion at a valuation of over $21 billion valuation. The latest investment is expected to be the first tranche of the larger billion dollar round. Founded in 2011 by Byju Raveendran and Divya Gokulnath, Byju’s is the highest valued edtech startup in the world. It is also the highest valued Indian startup at the moment. The company’s operations were largely based out of India until last year, but after onboarding 100 million users here it decided to venture into the international arena. Thus began the edtech giant’s massive acquisition spree. Byju’s has acquired about one startup every month of 2021, in order to fuel its international expansion and strengthen its core operations. Anita Kishore, the head of strategy at <keyword id="6384897" type="General" weightage="20" keywordseo="byjus" source="Orion">Byju's</keyword>, told Business Insider that international markets would make a third of the company’s revenue in the next three to four years. The USA would be dominating the international market for Byju's. <div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[ ]]></cdata></div> Why focus on American market? Byju’s is planning to focus on the American market, as it is the biggest edtech market outside of India. Besides, the company feels that the fact most of their products are available in English is going to be another added advantage. "The other advantage that US marketing gives us is the fact that it is English speaking, right? A lot of our products, while you know, they need to be customised, and so on. Given the language is English, we are able to actually scale those products well, with teams in India. Hence, the US has been a key market for us,” Kishore added in a previous conversation with Business Insider. This year, Byju’s has acquired US-based Epic, <a href="https://www.businessinsider.in/business/startups/news/byjus-acquires-us-based-coding-for-kids-startup-tynker/articleshow/86261427.cms" data-type="tilCustomLink">Tynker</a> and Whodat, along with Singapore-based Great Learning. The company made its first American acquisition in 2019, with educational games maker Osmo. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/irctc-hindustan-aeronautics-zydus-wellness-and-5-others-hold-dominant-positions-in-the-market/slidelist/86736871.cms" data-type="tilCustomLink">These 8 valuable companies rule their sectors with a huge piece of the pie</a> <a href="https://www.businessinsider.in/finance/news/billionaires-and-world-leaders-including-putin-and-king-abdullah-stashed-vast-amounts-of-money-in-secretive-offshore-systems-leaked-documents-find/articleshow/86738076.cms" data-type="tilCustomLink">Billionaires and world leaders, including Putin and King Abdullah, stashed vast amounts of money in secretive offshore systems, leaked documents find</a> <a href="https://www.businessinsider.in/finance/news/south-dakota-now-rivals-offshore-tax-havens-for-financial-secrecy-pandora-papers-say/articleshow/86741033.cms" data-type="tilCustomLink">South Dakota now rivals offshore tax havens for financial secrecy, Pandora Papers say</a>

Byju’s has raised $1.3 billion this year so far in pursuit of its American dream

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Byjus raises more Rs 3,600 cr and says its fundraising plans are on 'track'

IANS

Byju’s has raised $1.3 billion this year so far in pursuit of its American dream

Kritti Bhalla

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