Byju’s, India’s online education pioneer, is raising about $150 million from UBS Group AG at a valuation of about $16.5 billion, multiple people familiar with the deal said. The funding will make it India’s most-valuable startup.An entity that is part of UBS Asset Management is making the investment. The startup could rope in another backer to take the fresh funding to $400 million, one of the people said. India’s startup industry has been birthing unicorns, private companies valued at $1 billion or more, at a breathless pace. Musaab Javed, a money manager at UBS, negotiated and structured the investment, a person with knowledge of the matter said.

Source: Mint April 28, 2021 23:03 UTC