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Indian edtech startup Byju’s raises $540 million to expand globally

Indian education startup Byju’s has raised $540 million in a funding round led by South Africa’s Naspers Ventures and Canada Pension Plan Investment Board.

The funding round announced today roughly doubles the 10-year-old startup’s valuation to $3.6 billion, making it one of the biggest education startups in the world. The new valuation also helps Byju’s join the ranks of India’s most valuable startups, along with Paytm, Ola, and Oyo.

Byju’s, which also counts Chan-Zuckerberg Initiative and Tencent among its backers, said in a statement that it will be using the new capital to pursue “aggressive” plans to expand its service outside of India.