Baijus, which provides online education and caters to all age groups, has benefited from the growth of online education as schools and private classes have been shut down by the Kovid-19 epidemic.
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Discussions on the deal with Churchill Capital’s Special Purpose Acquisition Agency (SPAC), which could take place in mid-2022, are nearing completion with plans to raise about $ 4 billion, the source added. Although the talks are not final, Baiju will consider a dual listing and if the deal does not come, the company may ask for a listing in India next year, the source said.
Bloomberg News first reported on Thursday that Baiju was in talks to go public through a SPAC deal.
Indian startups have collapsed in 2021, with several of them entering the ইউ 1 billion “Unicorn” club, while digital payment company Paytm, food supply company Zomato, fashion e-commerce company Nykaa and others have created high-profile names through huge IPOs. The public market debuts.
In the United States, several companies have used the SPAC route to reach the public. SPACs, or special purpose acquisition firms, are publicly listed investment vehicles that have no activities and are raised with the intention of merging with a private company.
Earlier this year, leading Indian startups such as food suppliers Suigi and Baijus wrote to the country’s prime minister urging him to speed up a policy that would allow Indian companies to be listed directly in foreign currency.
Baijus, which also provides learning programs for competitive exams like the Indian Administrative Services, has 50 million registered students and 3.5 million paid subscriptions, according to its website.
The Bengaluru-based Baijus, which counts US investors Tiger Global, Mark Zuckerberg’s Chan-Zuckerberg Initiative, Sequoia Capital India and BlackRock among its investors, declined to comment, while Churchill Capital did not immediately respond.
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