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.
The delayed funding for India’s most valuable startup is likely to trigger renewed concerns about India’s consumer technology industry, where public valuations on major players from Zomato to Paytm have crashed in recent months. The completed fundraising would have valued the startup at $22 billion, and Raveendran’s investment was a rare instance of an Indian founder taking part in a venture capital round at a late-stage startup. Sumeru Ventures didn’t respond to an email seeking comment.
Byju’s, backed by Bond Capital, Naspers and Tiger Global Management, has been seeking to expand abroad through big acquisitions.
The delayed funding for India’s most valuable startup is likely to trigger renewed concerns about India’s consumer technology industry, where public valuations on major players from Zomato to Paytm have crashed in recent months. The completed fundraising would have valued the startup at $22 billion, and Raveendran’s investment was a rare instance of an Indian founder taking part in a venture capital round at a late-stage startup. Sumeru Ventures didn’t respond to an email seeking comment.
Byju’s, backed by Bond Capital, Naspers and Tiger Global Management, has been seeking to expand abroad through big acquisitions.
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