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Abu Dhabi's ADQ invests in Indian learning startup Byju's - executive

Reuters
·1-min read

DUBAI (Reuters) - Abu Dhabi's state holding company ADQ has invested in India's online tutoring firm Byju's, which has emerged as one of the country's most valuable startups.

"We met Byju in 2020 and were floored by his story. Honored to now be a part of it!," said Mayank Singhal, head of venture capital and technology at ADQ said in a Linkedin post.

ADQ has not commented on how much it has invested in the startup. Byju's declined to comment.

India's Economic Times reported ADQ was among the investors in the latest $350 million fund raising by Byju's, which could value it at $16.5 billion. (bit.ly/3zoWzbU)

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Qatar Investment Authority invested in the startup in 2019.

ADQ, established in 2018, has gained prominence in the past year due to a flurry of deals. It is Abu Dhabi's third major state fund after Abu Dhabi Investment Authority (ADIA) and Mubadala.

ADQ, which owns Abu Dhabi Ports, Abu Dhabi Airport and bourse operator ADX, has also built up a portfolio of food and agriculture businesses and last year agreed to acquire an indirect 45% equity stake in commodities trader Louis Dreyfus Co.

(Reporting by Saeed Azhar; editing by Jason Neely)