Qatar leads $150 million funding for Indian education startup Byju’s.
Byju’s, Indian online tutoring startup had raises $150 million from investors led by the Qatar Investment Authority (QIA).
“This investment underscores QIA’s strong commitment to the education sector and our focus on investing in leading innovators in the TMT (tech, media and telecoms) industry globally,” Mansoor Al-Mahmoud, CEO of QIA, Qatar’s sovereign wealth fund, said in the statement.
- Byju’s, which was launched in 2015 in Bengaluru has so far raised roughly $970 million from investors, tracker Crunchbase says.
- China’s Tencent, South Africa’s Naspers and the Canadian Pension Plan Investment Board are also the investors.
- Venture capital fund Owl Ventures also participated in the funding round and the proceeds will be used for international expansion, Byju’s said in a statement.
- A source familiar with the matter valued Byju’s at more than $5.5 billion.
By: Abhinav Ranjan, Business Writer, DKODING Media