Edtech startup BYJU's is facing more questions over missing funds. According to The Morning Context, a whopping Rs 1,200 crore from a US-based company, recently announced by BYJU's as a funding round, has gone off track.
According to The Morning Context article, money from Oxshott Capital Partners or related entities for an investment announced in September 2021 hasn’t come to the edtech company and there is no sign of the money or the investor.
A source told The Morning Context that Oxshott was supposed to lead a Rs 2,200 crore Series F round with an investment of Rs 1,200 crore but the money never came.
So, Oxshott-plus Sumeru now totals a non-existent funding claim of Rs 2,500 crore for the country’s most valued startup.
However the company has told CNBC-TV18, “We would like to clarify that, we have received the funds from 11 out of 13 investors in the round which started in June. Additionally, Oxshott wasn’t leading the round, in fact they were one of the last investors to come in for that round. Out of the total Rs 3,600 crore, Rs 2,400 has already come in.”
As per Crunchbase, Oxshott Capital Partners is an independent boutique investment banking and advisory firm based out of Washington DC. Curiously BYJUs is the only investment made by the fund on October 4, 2021. There are no other details about this firm on its webpage or Crunchbase.
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