Indian edtech major Byju’s has raised close to $460 million in an ongoing Series F round led by MC Global Edtech Investment Holdings LP.

The company has approved the allotment of 1,40,233 Series F Compulsory Convertible Preference Shares (CCPS) at a face value of Rs10 and a premium of Rs2,37,326 per share to raise the sum, Entrackr reported quoting the company’s regulatory filings.

MC Global Edtech Investment Holdings LP has invested $224 million in the round, while B Capital, with its global and Asia subsidiaries, has put in around $77 million. Other investors who participated in the funding included Baron Emerging Market Fund and Baron Global Advantage Fund, XN Exponent Holdings, Arison Holdings, and TCDS India LP.

Following this tranche, the collective holding of the promoters’ group, which includes Byju Raveendran and family, has come down to 26.09%, the report added.

According to an earlier report, Byju’s was looking to raise a total of $600-700 million at a $15 billion valuation.

The company was reportedly valued at about $8 billion when it raised funding from General Atlantic in February last year. The private equity firm had earlier pumped in around Rs410 crore for a 3.85% stake in the company in 2018, according to data sourced by Paper.vc.

Last January, Tiger Global had invested about $200 million into Think and Learn Pvt. Ltd, the education technology firm that owns and operates learning app Byju’s.

Launched in 2015, Byju’s offers engaging and effective learning programmes for students in classes 4-12 (K-12) and competitive exams like JEE, NEET, CAT, IAS, GRE, and GMAT. It recently acquired smaller rival Scholr, which provides video solutions for class 6-10 students to solve their doubts via Android and iOS apps.

Byju’s had reportedly also secured a deal for acquiring Blackstone-backed Aakash Educational Services Ltd for $1 billion, while it is also close to signing a deal to acquire rival Toppr Technologies Pvt. in a transaction valued at roughly $150 million.