MAM
BYJU’S in talks to go public via SPAC deal: Report
Mumbai: Indian edtech giant BYJU’S is in advanced discussions to go public through one of Churchill Capital’s special-purpose acquisition companies (SPAC), Bloomberg News reported.
BYJU’S has held talks with several potential SPAC partners and was working out an agreement with Michael Klein’s Churchill Capital, it was reported.The startup would raise a total of about $four billion and seek a valuation of about $48 billion. Churchill Capital VII raised more than $1.3 billion in an offering in February and trades on the New York Stock Exchange.
The edtech company was valued at $21 billion, according to market research firm CB Insights. While an announcement could come as soon as January, the negotiations are not final. Byju’s or Churchill could still opt out of such a deal, and Byju’s could consider an IPO in India next year, the report said, citing sources.
BYJU’S had earlier discussed a SPAC merger with Michael Dell’s MSD Acquisition Corp and Altimeter Capital Management, the report said.
The startup had been aiming to file preliminary documents for a traditional initial public offering as soon as the second quarter of 2022 and was also considering a SPAC merger, Bloomberg News reported in September.
Bangalore-based BYJU’s founded by Byju Raveendran, provides K-12 lessons, video material and one-to-one coding, math and reading classes and material to students in India and in countries in North America, the Middle East and Latin America.
The startup is backed by US investment firm Tiger Global, Mark Zuckerberg’s Chan-Zuckerberg Initiative, Sequoia Capital India and BlackRock to name a few.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI:Â Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
