The founders of the Indian ed-tech BYJU’s, Byju Raveendran and Divya Gokulnath, have started discussions with investors about increasing their ownership position to roughly 40%. Currently, Gokulnath and Raveendran jointly own about 25% of the business.
Chan Zuckerberg Initiative (CZI), Prosus Ventures, Sequoia Capital India, Bond, Silver Lake, Owl Ventures, UBS, Blackrock, and Sands Capital Management are just a few of the investors in BYJU. In its most recent investment round, BYJU’s raised $250 million at a $22 billion enterprise valuation.
Speaking to news agency PTI on Wednesday (January 4), a person familiar with developments said, ‘There is an intention of Byju’s founders to double their stake in the company. The discussions are at exploratory level with investors to raise debt.’
In May last year, BYJU’s founders raised their stake from 23% to 25% in an $800 million funding round led by Byju Raveendran.
In the financial year 2020-21, BYJU’s reported a loss of Rs 4,588 crore compared to Rs 232 crore in 2019-20. Revenues also recorded a drop in FY21 to Rs 2,428 crore from Rs 2,511 crore in FY20, PTI reported on Wednesday.