Byju’s plans to go public through a merger with one of Churchill Capital’s companies.
Churchill Capital has VII raised over $1.3 billion in an offering and trades on the New York Stock Exchange.
Merger plans
Byju’s held talks with several potential SPAC partners and is farthest along in working out an agreement with Michael Klein’s Churchill Capital, said the people, asking not to be named discussing private matters. Churchill Capital VII raised more than $1.3 billion in an offering in February and trades on the New York Stock Exchange, Bloomberg reported.
Under the preliminary terms discussed, Byju’s would raise a total of about $4 billion and seek a valuation of about $48 billion. The startup was valued at $21 billion, according to market research firm CB Insights.The negotiations are not final. Byju’s or Churchill could still opt out of such a deal, and Byju’s could consider an IPO in India next year.
IPO plans
Byju’s could consider an IPO in India next year. It is targeting 100 billion rupees in revenue by March 2022, with a 20% margin. Byju’s is India’s most valuable startup with prominent global investors.
