Jobaaj Stories
Byju's, India's most successful ed-tech company is struggling to close an $800 million funding round due to absurd valuations.
Due to macroeconomic reasons, investors like Sumeru Ventures and Oxshott haven't transferred the targeted amount of $250 million.
Meanwhile, the founder of Byju's, Raveendran, has completed an inflow of about $400 million via personal investment into the startup, out of $800 million.
Unacademy undertaking cost-cutting measures, planning IPO, read more.
Concerns about India's consumer technology industry arose due to delayed funding to BYJU'S. This raises concerns about the valuations considering the recent post-IPO fiascos of new-age startups like Zomato and Paytm.
Byju's is backed by Bond Capital, Silver Lake Management, Naspers Ltd., and Tiger Global Management, and has been seeking to expand in the abroad countries through big acquisitions.
The acquisition of US-listed Ed-tech company 2U Inc. for $1 million pushed back the payments to Aakash Educational Services' (AESPL) investors.
Some of the Senior employees at Byju's said that the company is trying to acquire US ed-tech 2U for a bid of $2.4 million.
Jobaaj had earlier reported that the company is looking to expand offline through an investment of $200 million, to open 200 tuition centers all over India. The company is yet to file its audited financial statements for the last two years with the Registrar of Companies (ROC).
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