Byju’s in final stage of raising up to $700m, valuation stays flat

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Byju’s is in final-stage talks to close a funding round in the range of US$650 million to US$700 million at a valuation of US$22 billion, a source told Tech in Asia. The company was also valued at the same amount in October last year.

The edtech titan has completed the due diligence process and is likely to close the deal in two to three weeks, according to the person. Tech in Asia has reached out to Byju’s for details.

Financial Express was the first to report on the development.

In February, Byju’s was reportedly courting global investors to raise over US$500 million at a US$22 billion valuation.

The India-based firm, which has been struggling to pay a loan of US$1.2 billion, saw one of its major backers BlackRock mark down its valuation by almost 50%. Foodtech major Swiggy’s valuation has also been downgraded from US$10.7 billion to US$8 billion by Invesco.

The recent developments could be a catalyst for a reset in the valuation of several other Indian startups in the coming months, as indicated by Flipkart co-founder Kalyan Krishnamurthy last year.

In October 2022, Byju’s raised US$250 million at a US$22 billion valuation. During the same month, it announced a company-wide restructuring, affecting 2,500 of its total workforce.

See also: The $22b question on Byju’s valuation