Anjali Sharma
GG News Bureau
NEW YORK, 25th Jan. Edtech major Byju’s ion Wednesday has been seeking new funds 2 billion valuation, down from its top valuation of $22 billion in early 2022.
The TechCrunch reported that the company announced its audited FY22 financial results on Tuesday to raise $100-$200 million via a rights issue, reports TechCrunch, citing people familiar with the matter.
Byju Raveendran, Co-founder and CEO of the edtech major is likely to invest in the new funding, the report mentioned.
Byju’s was in advanced stages to raise about $1 billion last year, but the talks failed. The company raised $150 million, the report stated.
Byju’s was to sell at least two of its subsidiaries, Epic and Great Learning, to raise between $800 million and $1 billion, amid reports that the company has formulated a proposal to repay its outstanding $1.2 billion Term Loan B (TLB).
Byju’s was geared up to go public in 2022 via a SPAC deal that would have valued it at $40 billion.
The edtech major Byju’s announced its audited FY22 financial results after much delay, registering operating revenue of Rs 5,014 crore while losses surged to Rs 8,370 crore in FY22 from Rs 4,599 crore in the earlier fiscal year.
BlackRock investment firm cut the value of its holding in Byju’s, reducing the edtech major’s valuation to a mere $1 billion from $22 billion in early 2022.
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