Online learning startup Byju's is raising about $150 million from UBS Group at a valuation of about $16.5 billion, in a deal that could make it the most valuable startup in the country.
Bengaluru-based Byju's is in talks with an entity of UBS Asset Management for additional investment, which could take the company's total investment in the startup to $300 million, Bloomberg reported.
Byju's might bring in another investor to take the fresh investment to $300 million, the business news website reported.
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Moneycontrol could not independently verify the story.
Spokespersons for Byju's and UBS declined to comment when contacted by Bloomberg.
Musaab Javed, a money manager at UBS, negotiated and structured the investment, the report said.
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Byju's list of investors includes Silver Lake Management, Owl Ventures and T. Rowe Price, Facebook founder Mark Zuckerberg's Chan-Zuckerberg Initiative, Naspers and Tiger Global Management
The startup space in India has seen a flurry of funding activity in 2021, with 12 companies entering the unicorn club (valuation of over $1 billion) this year, including Meesho, PharmEasy, ShareChat, Groww and Urban Company.