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

Edtech major Byju’s is likely to raise over $500 million (about Rs 3,900 crore) at a valuation of around $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 $400-500 million and $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 $500 million in about a week. The transaction is expected to be closed at a valuation of around $23 billion,” one of the sources told PTI, who did not wish to be named.