Churchill SPAC in talks to take India's Byju public at potential $48B valuation

SPAC Churchill Capital VII (NYSE:CVII) rose 0.6% on a report that's in advanced discussions to take Indian online education company Byju public in a deal that may value the company at about $48B.
Byju, described as India's most valuable startup, has held talks with several SPAC partners, but has made the most progress with Michael Klein's Churchill Capital, according to a Bloomberg report. Under potential terms of a deal, Byju would raise about $4B and wants a valuation of about $48B, the report said.
A deal could happen as soon as next month or Byju could alternatively look to do an IPO in India next year, according to the report.
TechCrunch reported in October that Byju had raised $300M in a new funding round and was valued at about $18B.
Klein's Churchill Capital might be best known this year for taking electric vehicle maker Lucid Group public through a SPAC deal. Lucid has jumped about 70% since it began trading as Lucid in late July.
Recall SA contributor Rishabh Sancheti's piece from September 2020 entitled "BYJU'S, The EdTech Masterpiece, Now Valued At $11 Billion."