Top headlines: Byju's may go public; strike cripples banking services

Business Standard brings you the top stories on Thursday

Byju's in talks to go public via SPAC deal, seeks $48-bn valuation: Report

The online education provider Byju’s, India’s most valuable startup, is in advanced discussions to go public through a merger with one of Churchill Capital’s special-purpose acquisition companies, according to people familiar with the matter.

The startup held talks with several potential SPAC partners and is farthest along in working out an agreement with Michael Klein’s Churchill Capital, said the people, asking not to be named discussing private matters. Churchill Capital VII raised more than $1.3 billion in an offering in February and trades on the New York Stock Exchange. Read more

Banking services impacted as 900,000 employees go on two-day strike

Banking services, especially at branches across the country, have been hit hard following the commencement of a two-day strike by about 900,000 employees to protest against privatisation of public sector banks.

Employees took out protest marches and held demonstrations before branches in Mumbai, the financial capital of the country. At some places while branches were shut, customer service centres next door were functional. Their operations are outsourced. Read more

Ola raises $500-mn term loan, in talks to raise $1 bn at $7.5-bn valuation

IPO-bound mobility platform Ola, said it has successfully raised $500 million via a Term Loan B (TLB) from marquee international institutional investors. This term loan has no impact on the valuation of Bhavish Aggarwal-led Ola.

The Bengaluru-based firm recently raised $139 million. This is part of a $1 billion funding round for which the company is in talks with investors, increasing its valuation to about $7.5 billion, according to the sources. Read more

Omicron infects 70 times faster but may cause less severe disease: Study

The Omicron variant of coronavirus infects and multiplies 70 times faster than Delta and the original COVID-19 strain, but the severity of illness is likely to be much lower, according to a study.

The yet-to-be peer-reviewed study provides the first information on how the novel variant of concern infects human respiratory tract. Read more