investors are involved Sumeru Ventures and little known firms oxshot A Byju’s spokesperson elaborated on Monday that about $250 million of the targeted amount has not been transferred due to “macroeconomic reasons.” He said both the firms should come by the end of August. Founder Byju Raveendran It has, however, completed an injection of approximately $400 million into the startup as part of the round, the spokesperson said.
Delayed funding for India’s most valuable startup is likely to spark renewed concern about India’s consumer technology industry, where public valuations on key players
Ltd. has fallen in recent months. Full fundraising would have valued the startup at $22 billion, and Ravindran’s investment was a rare example of an Indian founder participating in a venture capital round in a late-stage startup. Sumeru Ventures did not respond to an email seeking comment.
Byju’s, a Bangalore-based company backed by Bond Capital, Silver Lake Management, Naspers Ltd and Tiger Global Management, is seeking to expand overseas through major acquisitions. Bloomberg News reported last month that it made an offer of more than $1 billion to buy US-listed edtech company 2U Inc., even initially to take on test-preparation provider Aakash Educational Services. Payment pushed back.
The son of teachers, 42-year-old Ravindran founded his startup in 2015. Byju’s, whose parent company is formally known as Think & Learn Pvt, has the largest crop of startups that have thrived over the past decade on India’s growing mobile connections and investments from abroad.