BYJU’S With SPAC’s Partnership Under Negotiation
BYJU’S, India’s top education technology company which was founded in 2015, today has over 115 million students studying through the app and 7 million yearly paid memberships.
Now it is in negotiations with at least three US-based special-purpose acquisition companies (SPACs) with the intention of going public through a merger with one of them within a month.
The BYJU’S is in conversations with Michael Klein’s Churchill Capital and Harry Sloan, a Hollywood veteran, as well as Michael Dell’s MSD Acquisition Corp, which has been making significant SPAC investments.
If the discussions go well, BYJU’S might go public in three to four weeks through a merger, they claimed.
According to the source, BYJU’S is mulling a SPAC merger instead of an Initial public offering because it perceives more potential in integrating United states investors and partners on board. The business is also contemplating gathering $750 million to $1 billion in pre-IPO fundraising.
Byju Raveendran, founder, and CEO of Byju’s informed Moneycontrol last year that the company was seeking an IPO in the 12-18 month range.
In 2021, the organization spent nearly $2 billion on acquisitions targeted towards foreign expansion. It had bought Great Learning, Osmo, a creator of educational games, Epic, a US-based reading platform, WhiteHat Jr, and Aakash Educational Services Limited, an offline test preparation company. Aakash was acquired for a staggering $1 billion.