Skip to main content

Byju's declined to commit

India’s Most Valuable Startup Byju’s in Talks to Go Public Via SPAC Deal: Sources
The online education provider Byju’s, India’s most valuable startup, is in advanced discussions to go public through a merger with one of Churchill Capital’s special-purpose acquisition companies, according to people familiar with the matter. 
The startup held talks with several potential SPAC partners and is farthest along in working out an agreement with Michael Klein’s Churchill Capital, said the people, asking not to be named discussing private matters. Churchill Capital VII raised more than $1.3 billion in an offering in February and trades on the New York Stock Exchange. Under the preliminary terms discussed, Byju’s would raise a total of about $4 billion and seek a valuation of about $48 billion, the people said. The startup was valued at $21 billion, according to market research firm CB Insights. 
While an announcement could come as soon as January, the negotiations are not final. Byju’s or Churchill could still opt out of such a deal, and Byju’s could consider an IPO in India next year, the people said. 
The startup had earlier discussed a SPAC merger with Michael Dell’s MSD Acquisition Corp. and Altimeter Capital Management, one of the people said. India-headquartered companies can’t go public through conventional intitial public offerings in the U.S. under the country’s Byju’s declined to comment. Churchill didn’t immediately respond to requests for comment.


The Bangalore-headquartered company, founded and led by former teacher Byju Raveendran, provides K-12 lessons and video material to millions of Indians studying for the country’s competitive engineering and medical entrance exams. It also provides one-to-one coding, math and reading classes and material to students in countries in North America, the Middle East and Latin America.Byju’s had been aiming to file preliminary documents for a traditional initial public offering as soon as the second quarter of 2022 and was also considering a SPAC merger, Bloomberg News reported in September. That had been an acceleration of earlier plans to go public in 12 to 24 months. The startup and its bankers had discussed a valuation of $40 billion to $50 billion, although the final determination would depend on financial results and investor demand, people familiar with the matter said at the time.  India’s technology sector has soared this year, with IPO fundraisings on track to reach record levels. 
Venture capital firms have also stepped up their investments in the country, driven in part by a Communist Party crackdown in China that has made that market less hospitable.
Byju’s, formally called Think & Learn Pvt., has prominent global investors including Facebook founder Mark Zuckerberg’s Chan-Zuckerberg Initiative, Naspers Ltd., Tiger GlobalDigital payments pioneer Paytm went public in the largest IPO ever for the country, but its shares quickly tumbled. It’s not clear how that episode has affected investor appetite for large offerings.


Labels:

Comments

Post a Comment

Popular posts from this blog

Vijaye Singh .

Meet Vijaye Singh the MBA Return. Turned into Professional Tarot card Reader and Numerologist  Tarot reading is a way to answer people’s questions or counsel them on their concerns using a divination tool called tarot cards. Initially, tarot cards were used for games. Today, there are thousands of tarot card readers all over the world. Many, including Vijaye , also use oracle cards in their card readings. Tarot has taken lots of different forms today and tarot readers can take more and more creative licenses in their readings.  Vijaye  is from Kanpur & completed his MBA this year.  He have been doing Tarot Card Reading & Numerology from last 1.5 years. And served more than 2500+ clients worldwide. He Learned Tarot & Numerology in his first year of MBA. And now he use to follow his passion    Numerologists claim to divine the future through ancient practices related to the numbers associated with a person's name, birth date, and other...
88 comments
Read more

Kuldip Sorathiya

Meet India-based young Entrepreneur, Kuldip Sorathiya is working on his Dreams.  He was born and brought up in Amreli Saurashtra, Gujarat. He is the founder and Director of  Ksquare Energy Pvt. Ltd., which  was established by him in 2017.  Ksquare is a leading solar company from Ahmedabad, engaged in Manufacturing & Supplying all types of solar products. They are manufacturing Solar ACDB, DCDB, AJB, SCB, Combiner Boxes, Solar structures and diverse range distribution boxes for utility-scale projects. They are also supplying all sets of materials such as Solar Panels, Inverters, cables and all types of accessories related to solar PV Systems. They had executed projects ranging from 1 KW to 500 KW, with both crystallines as well as thin film module technologies. Kuldip shares the Mission behind Ksquare Energy It has a wide array of experience and expertise and robust technical know-how to cater to any kind of solar panel installation needs. The mission...
1 comment
Read more

Dr Harshitha Srinivas

Meet Dr. Harshitha Srinivas, a Social Activist, Volunteer, Philanthropist and the Founder at NGO- “People for Passion”. Hailing from Bengaluru, Karnataka, she is also the State President for Child & Elder Council at Women’s Indian Chamber of Commerce and Industry (WICCI), Former Director at Rotary Bangalore, Member of Kannada Sahithya Parishath, Member at NCC India Alumni Association, Member at India Women’s History Museum, volunteer and member at several other Ngo’s and organisations.  During her interview with Ms Venture, Dr. Harshitha shares about her journey- “I Spent my entire childhood at Bengaluru with my parents and siblings, and pursued my studies in management from RV college. The urge to do something for the society started at school when I was part of CMCA (children movement for civic awareness), where I was a part of civic awareness events. In my college, I got a chance to join NCC (National Cadet Corps) where I was trained and was part of many events a...
Post a Comment
Read more