Indian edtech major Byju’s is in advanced talks to merge with special purpose acquisition company (SPAC) Churchill Capital VII to go public in the US, reported Bloomberg, citing people familiar with the matter.
The most valuable startup in India had been looking to fast-track its IPO plans since September. It is looking to raise US$4 billion at a valuation of nearly US$50 billion from the IPO. Byju’s is currently valued at US$21 billion.
The edtech major had raised nearly US$300 million in October and has spent over US$2 billion in buying 10 companies this year. Its latest acquisition is Austrian edtech firm GeoGebra in a US$100 million deal last week.
While the company is expected to announce its SPAC merger in January 2022, the negotiations are still ongoing. Churchill Capital VII has raised more than US$1.3 billion from trading on the New York Stock Exchange since February.
See also: Byju’s aims to be profitable by FYE 2022 despite acquisition spree
Editing by Lorenzo Kyle Subido
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