Tiger Global-backed Byju’s is in talks with veteran dealmaker Michael Klein’s blank-check firm for a US listing that could value the Indian edtech firm at $48 billion, a source said. Reuters on Thursday.
Byju’s, which offers online education and caters to all age groups, has benefited from a boom in online education as schools and in-person classrooms were forced to close by the COVID-19 pandemic.
The source said discussions about a deal with Churchill Capital’s Special Purpose Acquisition Company (SPAC), which could take place in mid-2022, are in advanced stages with plans to raise around $4 billion.
While the talks are not final, Byju’s will also consider dual listing and if the deal doesn’t happen, the company may seek listing in India next year, the source said.
Indian startups are in bad shape in 2021, with many entering the $1 billion “unicorn” club.
In the US, many companies have used the SPAC route to go public. SPACs are publicly listed investment vehicles that have no operations and are raised with the intention of merging with a private company.
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