Byju's likely to raise over $500 mn at $23-bn valuation: Report

Edtech major Byju's is likely to raise over USD 500 million (about Rs 3,900 crore) at a valuation of around USD 23 billion in about a week, sources privy to the development said. The company is planing to use the funding for acquisition in the US, they added. The company is in discussion with Abu Dhabi's Sovereign Wealth Funds (SWF) and Qatar Investment Authority (QIA) for raising in the range of USD 400-500 million and USD 250-350 million, respectively, according to the sources. "Byju's is in an advanced stage of discussion with some investors. The company is likely to raise over USD 500 million in about a week. The transaction is expected to be closed at a valuation of around USD 23 billion," one of the sources told PTI, who did not wish to be named. Byju's declined to comment on the development. According to the source, the funding is part of the company's plan to use the fund for inorganic expansion, especially in the US. The company has already acquired US-based reading plat

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