Indian on-line studying platform Vedantu is just not participating to promote the agency to edtech large Byju’s, a prime govt stated on Friday.
A report by Indian information outlet Entrackr stated early Friday that Byju’s had provided $700 million to $800 million to accumulate Bangalore-based Vedantu, which counts Accel and GGV Capital amongst its traders.
In a dialog with TechCrunch, Vedantu co-founder and chief govt Vamsi Krishna stated any hypothesis across the agency participating with Byju’s for an acquisition or merger is “completely 100% inaccurate.”
Byju’s, which has acquired over half a dozen startups this 12 months, declined to remark.
India’s most useful startup, Byju’s, has held conversations with a number of schooling companies in current quarters because the Bangalore-headquartered large appears to broaden its footprint and broaden its product choices — by each natural and inorganic means.
The startup did attain out to each Unacademy and Vedantu final 12 months and provided them each roughly $1 billion every, in response to 4 individuals conversant in the matter. However Byju’s and Vedantu haven’t re-engaged this 12 months, one in all them stated.
Vedantu is individually in superior levels to shut a brand new financing spherical that will worth it at over $1 billion, two sources conversant in the matter informed TechCrunch. The spherical is predicted to shut inside weeks, they stated.