Edtech major BYJU’s is raising ₹504 crore from Chan Zuckerberg and GenGlobal Bright Corp.
The investment is part of the company’s larger Series F round, for which BYJU’s is also raising funds from other investors including Oxshott Venture Fund, and MarketX Byju’s Fund I. According to the company’s MCA filings, BYJU’s has allotted 9,822 shares to Chan Zuckerberg and 7,875 at a securities premium of ₹2,85,062 per share.
The company has allotted 1,25,984 Series F shares to Epic Creations at the price of $3,175 per share and the remaining amount is being accounted towards securities premium against share swap of 35, 227, 263 stocks of Epic. BYJU’s had acquired US-based kids reading platform Epic in July.
BusinessLine queries to BYJU’s did not elicit a response till the time of publication.
Earlier this month, BYJU’s regulatory filings showed that it is also raising a term loan B (TLB) funding. The company is expected to use the funds for general corporate purposes, offshore only. This will include supporting business growth in North America and funding potential inorganic growth opportunities.
In September, BYJU’s raised ₹1,093-crore funding from Asmaan Ventures, Mirae Asset, and ARK Ncore among others, according to the company’s filings.
Founded in 2011, BYJU’s claims to serve 100 million students around the world. In the past funding rounds, BYJU’s has been backed by marquee investors such as General Atlantic, Sequoia Capital, the Chan-Zuckerberg Initiative, Naspers, Silver Lake and Tiger Global.
Overall, the company has officially announced 10 acquisitions in the edtech space including Tynker, Gradeup, TutorVista, Edurite, Math Adventures, Osmo, Whitehat Jr, Aakash Education Services, Epic and Great Learning.
New Leave Policy
BYJU’s has also announced its new employee leave policy. Under the new setup, both employees and trainees will be able to operate flexibly with the accommodations for Period Leaves and Child Care Leaves. All women employees at BYJU’S will be eligible for a total of 12 period leaves in a calendar year.
Under the new Maternity Leaves policy, in addition to the 26 weeks of paid leave, BYJU’S offers its employees an additional 13 weeks of unpaid leave. For new fathers, the number of Paternity Leaves has been increased from seven to 15 days.
According to BYJU'S updated Child Care Leaves, employees with children aged up to 12 years are eligible for seven leaves annually. The leaves can be availed on multiple instances and can also be split into half-day leaves.