MIT

The investment will be used by the business for inorganic development, particularly in the US, the source claims

BYJU’S, a leading provider of educational technology, is prepared to raise  more than $500 million (about Rs 3,900 crore) in less than a week at a valuation of approximately $23 billion, according to the sources. The corporation intended to utilise the money for US acquisitions.

According to the sources, the business is in talks with the Sovereign Wealth Funds (SWF) of Abu Dhabi and the Qatar Investment Authority (QIA) about financing between $400 and $500 million and $250 to 350 million, respectively.

The investment will be used by the business for inorganic development, particularly in the US, the source claims. Epic, a US-based reading platform, and Tynker, a coding website, were already acquired by the company for $500 million and $200 million, respectively.

Other foreign purchases made by Byju include the Austrian math operator GeoGebdra and the Singapore-based Great Learning, both of which cost roughly $200 million.

According to information obtained, Byju’s and the US-based edtech company 2U are in active communication. 2U operates platforms like edX, which provide online courses developed by Harvard University, Massachusetts Institute of Technology (MIT), Boston University, etc.

The edtech organization was also thinking about acquiring Chegg. However, a company insider asserts that there aren’t any active conversations with Chegg.

Meanwhile, The Byju’s are still raising money, however as part of the $800 million round of fundraising announced in March at a valuation of $22 billion, Sumeru Ventures and Oxshott have not yet contributed $250 million.