SWFs of Abu Dhabi plans to invest $500 million in Byju’s funding round
- ByStartupStory | August 29, 2022
Abu Dhabi’s sovereign wealth funds are in active talks with Byju’s parent company, Think and Learn Pvt Ltd, about participating in the $400-500 million fundraise that the firm is seeking.
According to insiders, the Qatar Investment Authority (QIA), which had been in advanced talks to invest $250-350 million in the edtech startup, has yet to make a final decision. It intended to invest at a 40-50% discount to the $22 billion the corporation had requested in its previous round.
“Byju is in talks with the royalty in the UAE,” one of the above-mentioned sources said. “They’re interested in India and the edtech tale.” There is also comfort in the fact that ADQ is an existing investor.
“In the past, the corporation made similar statements (about declaring results) and set dates but failed to meet them.” “We’ll wait and see before making any comments,” an industry executive said on the condition of anonymity.
Byju’s will use the monies raised for expansion and acquisition. The corporation must pay Blackstone $200 million for its billion-dollar acquisition of Aakash Educational Services last April.
General Atlantic, Sequoia Capital, Sofina and CPPIB, Bond Capital, Silver Lake Management, Naspers Ltd, and Tiger Global are among the more than 70 investors who have contributed approximately $6 billion to the company.
It has been attempting to conclude a $800 million investment round, but the global technology meltdown has dragged on valuations, which have been exacerbated by audit delays. It has been one of the most active online education companies, acquiring many companies all over the world.
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