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Budget Could Change Plans For Byju's, India's Most Valuable Startup

Budget Could Change Plans For Byju's, India's Most Valuable Startup

NDTV
Tuesday, February 1, 2022 1:01 AM GMT

Bloomberg News reported in December that Byju's, under preliminary terms discussed, would raise about $4 billion and seek a valuation of about $48 billion.

India's most valuable startup, the online education provider Byju's, is in negotiations with at least three special-purpose acquisition companies and is aiming to unveil plans to go public via a merger with one of them in three to four weeks, according to people familiar with the matter.

The SPACs include Michael Klein's Churchill Capital and Michael Dell's MSD Acquisition Corp., names that Bloomberg News has previously reported. An additional contender is Harry Sloan, a long-time Hollywood executive who has since become a prolific SPAC investor, said the people, asking not to be identified because the talks are confidential. A fourth, Altimeter Capital Management, is conducting due diligence ahead of any potential offer, the people said.

Byju's, last valued at $21 billion, is leaning toward a SPAC merger instead of a traditional initial public offering because it sees value in having U.S. investors and strategic partners, the people said. Unlisted Indian companies are currently forbidden from going public directly on foreign stock exchanges.

In addition, Byju's is exploring the option of raising a pre-IPO funding round of about $750 million to $1 billion, the people said. Goldman Sachs Group Inc. is advising the startup on fundraising and the SPAC talks, while Morgan Stanley is helping weigh SPAC options, the people said.

Read full story on NDTV
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