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.
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.
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.