Ed-tech decacorn Byju’s to take the SPAC route for its $4 billion IPO
- ByTejika Bajaj | December 17, 2021
Ed-tech decacorn Byju’s is in talks for a NASDAQ listing through a deal with the veteran dealmaker Michael Klein’s Churchill Capital which could result in the ed-tech giant garnering a total valuation of $48 billion.
The Bengaluru based unicorn is currently in advanced talks with Churchill Capital for a SPAC (Special Purpose Acquisition Company) deal which could be finalized anytime between mid-2022. The startup aims to raise an IPO round of $4 billion thus valuing the ed-tech giant at $48 billion.
While the negotiations are not final, Byju’s will also consider a dual listing and if the deal does not come through, the company could seek a listing in India next year, as the sources reveal.
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.
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