Bengaluru: BYJU Supported by Global Tiger is in talks for the US list through an agreement with Deuters Veteran, Michael Klein’s check-check that can appreciate Edtech’s company at $ 48 billion, a source to Reuters on Thursday.
BYJU’S, which offers online education and serves all age groups, has benefited by boom in online education as a school and class in-people are forced to close by Pandemic Covid-19.
Discussion with the Company Acquisition Special Objectives Churchill Capital (SPAC) regarding the agreement, which can occur in mid 2022, is in the advanced stage with plans to collect around $ 4 billion, added sources.
While negotiations are not final, BYJU will also consider a double list and if the agreement does not come, the company can search for listings in India next year, the source said.
Bloomberg News was first reported on Thursday that BYJU was in the public talk through the SPAC agreement.
The Indian startup has reared in 2021, with some of them entering the “Unicorn” club assessment of $ 1 billion, while the name of high profile is like a digital paytm payment company, Zomato food delivery company, e-commerce company that has been made by their public market debut through Great IPO.
In the US, some companies have used the SPAC route for GO PUBLIC.
Spacs, or Company Acquisition Special Objectives, are publicly registered investment vehicles that have no operations and stated with the intention of joining private companies.
Earlier this year, India’s top startup such as Swiggy and Byju food delivery firm wrote to the State Prime Minister asked him to accelerate policies that enable Indian companies to register directly on foreign exchange.
BYJU’s, which also provides learning programs for competitive exams such as Indian administrative services, has 50 million registered students and 3.5 million paid subscriptions, according to its website.
Bagu Byju based in Bengaluru, which calculated US Tiger Global investment companies, Mark Zuckerberg’s Chan-Zuckerberg Initiative, Sequoia Capital India and Blackrock among his investors, declined to comment, while Churchill Capital did not immediately respond.