Byju’s is yet to receive $250 million of the $800 million it announced in March this year, the company said as India’s most valuable startup comes under scrutiny.
Sumeru Ventures and Oxshott have yet to fund Byju’s allocated $250 million, a spokesperson said. “The delays are due to macroeconomic reasons,” the spokesman said, adding that the remainder of the capital is expected to arrive by the end of August.
The Bangalore-headquartered startup that runs one of the world’s largest education technology giants announced in March that it raised $800 million per round it was led by its founder Beau Ravendran.
Ravendran funded $400 million in round borrow against a portion of one’s Byju’s share. The startup, valued at $22 billion and backed by Prosus Ventures, Tiger Global, Sequoia Capital India and Lightspeed Venture Partners, said Ravindran funded his part of the investment.
Indian news agency The Morning Context first reported about Sumeru Ventures and the missing capital of Oxshott and raised questions about the legality of the existence and activities of the funds.
Credit: techcrunch.com /