Delay in $250 million funds from Sumeru, Oxshott due to macroeconomic reasons: Byju's

Edtech firm Byju's on Tuesday said it expects to get the $250 million investment committed by venture capital firms Sumeru Ventures and Oxshott by August end, attributing the delay to "macro-economic reasons".

The edtech firm had in March announced an $800 million fundraiser at a valuation of $22 billion from investors like Sumeru Ventures, Vitruvian Partners and BlackRock, with the company's promoter Byju Raveendran contributing half of the total amount.

Oxshott was also among the investors that participated in the round.

However, the edtech firm is yet to receive the investment committed by Sumeru and Oxshott.

When contacted, Byju's said, "Of the $800 million round announced in March 2022, $400 million funding from the founder is complete. The other $400 million, $150 million has come in and the rest is expected from Sumeru and Oxshott by the end of August 2022."

"The latest funding values Byju's at $22 billion. The delays are because of macro-economic reasons," a company spokesperson said.