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Byju's in talks with US-based entities for SPAC merger agreement, plans to go public in 3-4 weeks: Report

Byju's is targeting a SPAC merger rather than directly taking the initial public offering (IPO) route as it envisages greater value in bringing US investors and partners on board, the report said, citing sources who are privy to the development.

January 31, 2022 / 09:25 PM IST
Byju's founder Byju Raveendran.

Byju's founder Byju Raveendran.

Byju's, India's top edtech startup, is in talks with at least three US-based special-purpose acquisition companies (SPACs) with the intent to go public through merger with one of them within a month, a report said on January 31.

The sources cited in the Bloomberg report claimed that Byju's is holding negotiations with Michael Dell’s MSD Acquisition Corp, Michael Klein’s Churchill Capital and Hollywood veteran Harry Sloan who has been making major SPAC investments.

Another likely contender, Altimeter Capital Management, is acting cautiously before any potential offer, the persons familiar with the development told the publication.

If the talks succeed, Byju's could go public via a merger in a period of three to four weeks, they said.