Byju’s has yet to receive $250 million of the $800 million funding it announced in March this year, the company said, as India’s most valuable startup comes under scrutiny.
Sumeru Ventures and Oxshott have yet to finance their committed $250 million to Byju’s, a spokesperson said. “The delays are because of macro-economic reasons,” the spokesperson said, adding that it expects the remainder of the capital to arrive by the end of August.
The Bengaluru-headquartered startup, which operates one of the world’s largest edtech giants, announced in March that it had raised $800 million in a round that was led by its founder, Byju Raveendran.
Raveendran financed $400 million in the round by taking loans against a portion of his Byju’s stake. The startup — valued at $22 billion and which counts Prosus Ventures, Tiger Global, Sequoia Capital India and Lightspeed Venture Partners among its backers — said Raveendran has financed his end of the investment.
Indian news outlet The Morning Context first reported about Sumeru Ventures and Oxshott’s missing capital and raised questions about the legitimacy of the funds’ existence and operations.
This article was originally published on TechCrunch.com. Read More on their website.