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.
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.
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 ManagementThe 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.