Byju's, an Indian online education provider, is struggling to close a $800 million funding round as a global technology rout weighs on valuations.
Because of "macroeconomic reasons," investors such as Sumeru Ventures and the little-known firm Oxshott have not transferred about $250 million of the targeted amount, a Byju spokeswoman said Monday without elaborating. She added that the two firms should be completed by the end of August. According to the spokeswoman, Founder Byju Raveendran has completed an injection of approximately $400 million into the startup as part of the round. The delay in funding for India's most valuable startup is likely to rekindle concerns about the country's consumer technology industry, where public valuations of major players ranging from Zomato Ltd. to Paytm have plummeted in recent months.