Byju's in Talks to Go Public via SPAC Route: Report

The negotiations are not final and Byju's could still opt out of such a deal.

Byju's in Talks to Go Public via SPAC Route: Report

Photo Credit: Facebook/ Byju's

Byju's could consider an initial public offering in India next year, according to the report

Highlights
  • Byju's will seek valuation of about $48 billion (roughly 3,65,360 crore)
  • Online education in India has grown as the ongoing pandemic shut schools
  • BYJU's was founded by Byju Raveendran, a former teacher
Advertisement

Byju's is in advanced discussions to go public through one of Churchill Capital's special-purpose acquisition companies (SPAC), Bloomberg News reported, citing sources.

Byju's has reportedly held talks with several potential SPAC partners and was working out an agreement with Michael Klein's Churchill Capital, Bloomberg reported, adding that the startup would raise a total of about $4 billion (roughly 30,440 crore) and seek a valuation of about $48 billion (roughly 3,65,360 crore).

The negotiations are not final and Byju's or Churchill could still opt out of such a deal, and Byju's could consider an initial public offering in India next year, the report said, citing sources.

Byju's and Churchill Capital did not immediately respond to Reuters' requests for comments.

India has seen a boom in online education, a market which has only expanded as the pandemic forced schools to close and also targets thousands of aspirants who attempt the government-run joint entrance exam (JEE), eyeing coveted undergraduate engineering courses.

Bangalore-based BYJU's was founded by Byju Raveendran, a former teacher, and is backed by US investment firm Tiger Global, Mark Zuckerberg's Chan-Zuckerberg Initiative, Sequoia Capital India and BlackRock to name a few.

© Thomson Reuters 2021


Why does Redmi refresh its phones so soon? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Battlegrounds Mobile India Bans Over 142,000 Accounts for Cheating in Less Than One Week
Top Five Gadgets Every Internet Creator Must Buy
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »