| | SEPTEMBER 20229Earlier this year, QIA and Byju's launched a new edTech business and state-of-the-art research and development centre in Doha"In the past too, the company has made such claims (about declaring results) and given deadlines but failed to comply. We shall wait and watch before commenting", said an industry executive on the condition of anonymity. People in the know said QIA was divided over the investment with some preferring to wait till the audited numbers are out. These people were insisting on independent, third-party due diligence and forensic exercise to check the books of accounts. This is something Byju had been resisting, they said.QIA declined to comment. Sources close to the company said Byju's will use the funds it raises for growth and acquisition. The company needs to pay $200 million to Blackstone for its billion-dollar buyout of Aakash Educational Services last April.The company has so far raised nearly $6 billion from more than 70 investors, including General Atlantic, Sequoia Capital, Sofina and CPPIB, Bond Capital, Silver Lake Management, Naspers Ltd and Tiger Global. It has been trying to close a funding round of $800 million but the global technology rout weighed on valuations, compounded by audit delays. It has been one of the most aggressive online education companies with multiple acquisitions around the world.
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