Byju’s Struggles to Close $800 Million Round in India
Online education provider Byju’s is struggling to close a funding round of $800 million as a global technology rout weighs on valuations. Investors including Sumeru Ventures and little-known firm Oxshott haven’t transferred about $250 million of the targeted amount because of “macroeconomic reasons”, a Byju’s spokeswoman said on Monday without elaborating. The two firms should come through by the end of August, she added. Founder Byju Raveendranhas completed an injection of about $400 million into the startup as part of the round, the spokeswoman said.
Photo courtesy of Siyavula Education.