BYJU’S, an Indian education technology startup, was named an Official Sponsor of the FIFA World Cup Qatar 2022 in April.

Qatar Investment Authority (QIA), which had been actively debating investing $250-350 million in BYJU’S, has yet to make a final decision regarding how much it’ll be investing into the edtech decacorn, according to Times Now News.

BYJU’S, India’s largest edtech firm, achieved the coveted decacorn status in 2020. While the commonly used term in the business ecosystem, Unicorn, refers to startups with a valuation of more than $1 billion, decacorns are privately held firms with a valuation greater than $10 billion.

QIA had planned to invest 40-50% of the company’s previous commanded $22 billion in the latest round.

While the edtech company has yet to disclose its financial statements for the fiscal years ending March 2021 and 2022, BYJU’S has informed its lenders and debt investors that the audited financial reports for FY21, which have been accepted by its official auditor Deloitte, will be finalised by September 6.

According to sources close to the company, potential investors in Byju have two options; either become equity investors at a $22 billion valuation or choose for a convertible pre-initial public offering instrument with a 20% discount to an IPO valuation band.

If the IPO is delayed, the value discount will increase every six months.

Meanwhile, Abu Dhabi’s ADQ has been an edtech investor since 2021. It was one of the investors in the company’s $350 million fundraise, which had a valuation of $16.5 billion. As a result, BYJU’S became the most valuable edtech business in the world.

Qatar’s sovereign wealth fund QIA, along with Owl Ventures, led a $150 million round in 2019 after investing $50 million. QIA and Byju’s built a new edtech business and state-of-the-art research and development centre in Doha earlier this year.

The new business will concentrate on research and innovation in order to develop customised learning solutions for students in the Middle East and North Africa (MENA) area. BYJU’S is also said to be paying $40 million to be an official sponsor of the upcoming World Cup in Qatar.

It was name an Official Sponsor of the FIFA World Cup Qatar 2022 in April.

According to sources, BYJU’S will use the funds raised for expansion and acquisition. It must pay Blackstone $200 million for its billion-dollar acquisition of Aakash Educational Services last April.

The Bengaluru-based company also supports the Indian cricket team and claims this is its first major venture into football.

BYJU’S will connect with enthusiastic football fans all around the world by utilising its rights to the FIFA World Cup 2022 trademarks, emblem, and assets, as well as running unique promotions.