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India’s online education provider Byju’s is struggling to close its $ 800 million funding round in the wake of global technology failure.
Summer Ventures and anonymous Oaksshot investors did not transfer the $ 250 million of the planned amount because of “macroeconomic reasons,” a Bajujo spokesman said Monday. She added that the two organizations should be completed by the end of August. Founder Baiju Ravendran, however, has completed nearly $ 400 million in injections, the spokesman said.
Delayed funding for India’s most important startup could once again threaten India’s consumer technology industry, which has seen a drop in public confidence in key players from Zomato Limited to Petim in recent months. The completed fundraiser evaluated the project at a cost of $ 22 billion, and Raveendran Investment was an unusual example of the Indian founder’s late participation in Venture Capital. Sumeru Ventures did not respond to a request for comment.
Bangalore, backed by Bond Capital, Silver Lake Management, Naspers Limited and Tiger Global Management, has long sought to expand its overseas acquisitions. Bloomberg News reported last month that it had offered more than $ 1 billion to buy 2T Inc., a US-based EDTEC company.
Ravendran, a 42-year-old teacher, started his career in 2015. Byju’s, whose parent company is commonly known as Think & Learn Pvt, has been India’s largest mobile communications and startup crop for the past decade. Foreign investment.
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