Byju’s Struggles to Close $800 Million Funding as Investors Balk
- Investors including Sumeru Ventures haven’t come through
- Byju’s says founder has injected $400 million into his firm
The BYJU'S learning app.
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Indian online education provider Byju’s is struggling to close a funding round of $800 million as a global technology rout weighs on valuations.
Investors including Sumeru Ventures and little-known firm Oxshott haven’t transferred about $250 million of the targeted amount because of “macroeconomic reasons,” a Byju’s spokeswoman said Monday without elaborating. The two firms should come through by the end of August, she added. Founder Byju Raveendran however has completed an injection of about $400 million into the startup as part of the round, the spokeswoman said.