Byju’s is looking to raise up to $600 million (Rs 4,345 crore) at a valuation of up to $14 billion (Rs 1 lakh crore), people told The Economic Times, as the edtech unicorn prepares for another round of big acquisitions.
“B Capital is among the investors likely to come on board. Some US investors and existing backers will also participate,” said one of the persons.
The primary capital infusion will likely be used to fund Byju’s acquisition of Aakash Educational Services, which is estimated to be in the range of $700-800 million (Rs 5,069-5,793 crore), the people said.
The Bengaluru-headquartered company is also in the final stages of buying Mumbai-based Toppr for about $50 million (Rs 362 crore) in cash and the rest through stock.
Also, digital payments platform MobiKwik has raised $7.2 million (Rs 52 crore) in a pre-IPO (initial public offering) round, Entrackr said citing filings.
Gurugram-based MobiKwik reflected that the fundraise would be used for listing expenses and the company might raise more in this pre-IPO round.
The round has seen participation from at least 10 investors including Elizabeth Matthew, Mauryan First, Vineet Sharma, Gaurav Dubey and Orios Select Fund.
Separately, SpiceJet promoter Ajay Singh and promoter of Delhi-based Bird Group Ankur Bhatia have partnered Ras Al Khaimah Investment Authority to bid for 100% of national carrier Air India, The Economic Times said. Ras Al Khaimah Investment Authority is a state body in the emirate of Ras al-Khaimah.
The Singh-led consortium, which had submitted an Expression of Interest (EoI) in December last year, has been shortlisted as a bidder. The other contender is the Tata group, which is the frontrunner.
The process for inviting financial bids is likely to start by March-end and the target is to complete the sale process by the end of this calendar year.
Also, Reliance Industries is looking to offload stakes in both Den Networks and Hathway Cable & Datacom through offers for sale (OFSes) to comply with minimum public holding norms.
The OFSes will open for non-retail investors on Friday and for retail buyers on Tuesday.
The Economic Times, citing exchange filings, said that Reliance will sell 11.63% of Den at a floor price of Rs 48.50 per share and 19.09% of Hathway at a floor price of Rs 25.25.