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Grapevine: Byju’s deal for Doubtnut falls apart; Creador to exit Corona Remedies

By Ankit Agarwal

  • 02 Nov 2020
Grapevine: Byju’s deal for Doubtnut falls apart; Creador to exit Corona Remedies
Credit: Pixabay

Learning app Byju’s talks to acquire a majority stake in edech platform Doubtnut have fallen through over valuation, three people in the know told Entrackr.

Doubtnut said no to the deal after Byju’s reduced its offer to $90 million (Rs 670 crore) post the due diligence process, while Doubtnut was previously being valued in the range of $130 million (Rs 967 crore),” one of the persons mentioned above said.

In January, Gurugram-based Doubtnut raised $15 million in its Series A round of funding led by new investor Tencent Holdings. The round involved participation from existing investors Sequoia Capital and Omidyar Network India too.

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The company has raised close to $19 million in funding till date.

Meanwhile, Malaysia-based private equity firm Creador is looking to monetize its investment in Gujarat-based drug manufacturer Corona Remedies by selling the entire 20% stake for up to Rs 450 crore ($60 million), The Economic Times said.

According to people aware of the development, Creador will start its sale discussions with various PE funds and has appointed Spark Capital as the investment banker.

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The proposed deal is expected to value Corona at up to Rs 2,400 crore ($322 million).

Creador invested Rs 118 crore to acquire a 19.51% stake in the company in July 2016, marking its first investment in the healthcare sector in India.

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