29.8 C
Dubai
Thursday, November 14, 2024
spot_img

Abu Dhabi fund, Apollo Global may invest in BYJU’s parent or Aakash: Report

[ad_1]

Abu Dhabi-based fund 10X AD is in discussions with BYJU CEO Byju Raveendran to invest in the edtech giant’s parent company, Think and Learn Pvt. Ltd., or its subsidiary Aakash Education Services (AES), according to the Economic Times. The company hopes to raise between $400 and $600 million from investors, sources told ET. It is not yet known whether 10X AD will lead a consortium of family offices and ultra-high-net-worth individuals to invest $15-200 million in Abu Dhabi. 10X AD specializes in structured investments in late-stage technology companies. Typically, 10X AD bets $30-50 million by itself, but relies on other pools or even institutions like ADQ. The structured investments have seniority, options and a guaranteed internal rate of return (IRR) for “downside protection”, the people said. With this anchor consortium, some other smaller investor groups in the region are expected to join. Disrupt AD, the venture capital arm of Abu Dhabi-based ADQ, may also double down on its earlier commitments, the sources said. Disrupt AD has been an investor in the company since 2021, joining others in a $350 million round at a $16.5 billion valuation. According to the Hurun Global Unicorn Index 2023, BYJU’S is the most valuable edtech company in India, followed by Swiggy and Dream11. The report also noted that Apollo Global Management has also been approached to provide Aakash with $20-250 million in structured financing. This could be a discount for the next round, or it could be through a preferred vehicle with a fixed pre-agreed internal rate of return (IRR) and downside protection. Byju initially tried to put Apollo on the parent company’s payroll, but was rejected.
Earlier Business Today reported Edtech decacorn BYJU’S has raised $700 million in a new funding round that involves two separate equity and convertible note deals, sources told Business Today. “The company is closing the deal. The due diligence process is complete,” a source told BT, revealing, “They are waiting for the money to be credited to their bank account. They want to fully close the deal before announcing it.” BYJU’S has yet to release its 22 financial statement. annual performance. The company has been under scanning for a variety of reasons, including corporate governance, audit lapses, business practices, poor financial performance and mass layoffs.

Also read: Apple Saket: CEO Tim Cook officially opens doors of Delhi store; see pictures

[ad_2]

Source link

Related Articles

Abu Dhabi Oil and Gas Summit Ignites Strategic Dialogues on Energy Security and Innovation Amid Regional Challenges

Abu Dhabi: The UAE’s oil and gas industry recently convened for its annual summit in Abu Dhabi, where top energy leaders discussed strategies for...

Abu Dhabi Leads Global Health Frontier: Largest-Ever WHO Emergency Medical Teams Meeting Unites 1,300 Experts Worldwide

Abu Dhabi recently marked a milestone in global health by hosting the largest-ever World Health Organization (WHO) Emergency Medical Teams (EMT) meeting. This pivotal gathering...

ADNOC Unveils Cutting-Edge AI Program: Transforming Efficiency and Innovation in Energy

ADNOC unveiling of its AI program marks a significant step forward in the digital transformation of the energy industry. Abu Dhabi National Oil Company (ADNOC)...

ADIPEC 2024 Unites Global Leaders in Abu Dhabi to Shape a Sustainable Energy Revolution

ADIPEC 2024 Ignites a Bold Vision for UAE’s Sustainable Energy Future: Global Leaders Unite in Abu Dhabi to Drive Innovation and Shape a Greener...

From Vision to Reality How Harshit Aggarwal’s Novamax Industries is Redefining Cooling Solutions

In the fast-evolving world of startups, where passion meets perseverance, Harshit Aggarwal has carved out an impressive path with Novamax Industries LLP. Founded in...

Latest Articles