Good morning, it's Wednesday and this week seems to be going by really fast. We've got some major funding news today from Edtech & an OSS company today both raising from American investors-
➡️ In what might be India's last 100M+ round in Edtech for a while, BYJUs announced a new round of funding led by Silver Lake, which will value the company at $10.8B. Existing investors Tiger Global, General Atlantic and Owl Ventures also participated in the round which totaled $500M.
➡️ The news comes on the back of BYJUs acquisition of WhiteHat Jr ($300M in an all-cash deal) and on-going talks of another acquisition of Doubtnut. I'm also quite certain that with this influx of capital BYJUs will look to acquire a couple more companies over the next year or so.
➡️ Since March, the company has added 20M students to its platform for a total of 64M registered students and now has 4.2M annual paid subscriptions, and the company has been quite successful at getting parents to buy the product for their children (has doubled revenue since lockdown)
➡️ This is also Silver Lake's second investment in India after investing in Reliance Jio earlier this year. And while BYJUs is already profitable, I assume the next step is for them to eventually go public. When that will be- I have no clue?
2. https://tcrn.ch/2FeiwD8: Hasura raises a $25M Series B led by Lightspeed
➡️ Hasura, a company that I will explain below, has announced a $25M Series B round led by Lightspeed Venture Partners (through their US fund not Indian) with participation from existing backers Vertex Ventures US, Nexus Venture Partners, Strive VC and SAP iO Fund.
➡️ The company provides companies with an open source engine which plugs into their databases and lets them access data through a GraphQL API. An API is just a "bunch of code written by someone else that takes an input and returns an output". GraphQL is a new querying language for APIs that that makes it easier for engineers to access precisely the data it needs.
➡️ To sum it up, Hasura lets companies with legacy databases & infrastructure adopt GraphQL as a way to consume & manipulate that data in a manner that's both easy to implement & in an incremental manner. The company also provides a managed service that lets companies hook into their monitoring & analytics service, testing, 3rd party integrations and more.
➡️ The company has seen a rapid trend of adoption in the enterprise & combined with a lot of inbound interest from investors, decided to accelerate their growth by raising this round. Gaurav Gupta, partner at Lightspeed, who led the deal will the join the board of the company and will be a great addition having been the VP of Product at both Splunk & Elastic.
Feedback & ❤️ always appreciated BONUS (Tweet of the day): https://twitter.com/arey_abhishek/status/1303190073421303809
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