Byju’s has plans to raise over $500 million (about Rs 3,900 crore) at a valuation of around $23 billion during a week. This fund is to be used for the acquisition in the US.

After the discussion with Abu Dhabi’s Sovereign Wealth Funds (SWF) and Qatar Investment Authority (QIA) for raising in the range of $400-500 million and $250-350 million, respectively, according to the sources.

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“Byju’s is in an advanced stage of discussion with some investors. The company is likely to raise over $500 million in about a week. The transaction is expected to be closed at a valuation of around $23 billion,” media reported.

The company has already acquired US-based reading platform Epic for $500 million and coding site Tynker for $200 million. The other overseas acquisitions of Byju’s include Singapore-based Great Learning for around $200 million and Austria’s mathematics operator GeoGebdra for approximately $100 million.

Byju’s is learnt to be in active discussion with US-based edtech firm 2U, which runs platforms like edX that offer online courses created by Harvard University, Massachusetts Institute of Technology (MIT) Boston University etc. Also, the edtech firm was mulling acquiring Chegg.

“Byju’s Great Learning has achieved over 200% growth in international learner base in 2021. Great Learning has crossed the revenue run rate of $100 million in the financial year (FY) 2021.

“The company concluded FY20 with booked revenue of Rs 325 crores, which is a growth of close to 150% from FY19. The company’s user base has also grown ten-fold in FY21,” they added.

Byju’s, which has a presence in 120 countries, claims to have 7.5 million paid users on its platform and maintains an average retention or renewal rate of 86% annually.