Latham & Watkins advised Silver Lake on the $500 million funding round it led this week for India’s biggest online education platform, Byju, according to a press representative for the private equity firm.
Indian law firm AZB & Partners also advised Silver Lake in the transaction, the representative said.
Byju’s existing backers Tiger Global, General Atlantic, and Owl Ventures also participated in the funding round, which valued the company at around $10.8 billion, according to a Bloomberg News report.
Byju said in a statement that it doubled its revenues to $381.5 million (28 billion rupees) in its last fiscal year, compared with the previous one. The company counts about 64 million registered students and 4.2 million annual paid subscriptions for its apps that are designed for students ranging from kindergarten to 12th grade.
The company said it has had over 20 million students start using its platform for free since the country began its Covid-19 lockdown in March.
To contact the correspondent on this story: Rick Mitchell in Paris at rmitchell@correspondent.bloomberglaw.com
To contact the editor on this story: Chris Opfer in New York at copfer@bloomberglaw.com Rebekah Mintzer in New York at rmintzer@bloomberglaw.com
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