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Delay in $250 mn funds from Sumeru, Oxshott due to macro-economic reasons: Byju's

Delay in $250 mn funds from Sumeru, Oxshott due to macro-economic reasons: Byju's

Byju's said, ''Of the $800 million round announced in March 2022, $400 million funding from the founder is complete."

Delay in $250 mn funds from Sumeru, Oxshott due to macro-economic reasons: Byju's Delay in $250 mn funds from Sumeru, Oxshott due to macro-economic reasons: Byju's

Edtech firm Byju's on Tuesday said it expects to get the USD 250 million investment committed by venture capital firms Sumeru Ventures and Oxshott by August-end, attributing the delay to ''macro-economic reasons''.

The edtech firm had in March announced a USD 800 million fundraise at a valuation of USD 22 billion from investors like Sumeru Ventures, Vitruvian Partners and BlackRock, with the company's promoter Byju Raveendran contributing half of the total amount.

Oxshott was also among the investors that participated in the round.

However, the edtech firm is yet to receive the investment committed by Sumeru and Oxshott.

When contacted, Byju's said, ''Of the USD 800 million round announced in March 2022, USD 400 million funding from the founder is complete. The other USD 400 million, USD 150 million has come in and the rest is expected from Sumeru and Oxshott by end August 2022.'' ''The latest funding values Byju's at USD 22 billion. The delays are because of macro-economic reasons,'' a company spokesperson said.

Published on: Jul 12, 2022, 8:59 PM IST
Posted by: Tarab Zaidi, Jul 12, 2022, 8:56 PM IST