Lenders of Byju demand urgent partial return of their $1.2 billion debt.
The lenders of Byju, an Indian ed-tech startup, are demanding an urgent partial return of their $1.2 billion debt. This comes as Byju is in the process of raising a new round of funding, which is expected to value the company at $10 billion.
The lenders, which include Tiger Global, Sequoia Capital, and Andreessen Horowitz, are reportedly worried that Byju may not be able to repay its debt if the new funding round falls through. They are also said to be concerned about the company’s recent acquisition of Aakash Educational Services, which is said to have been “heavily leveraged.”
Byju is said to be in talks with several investors, including Silver Lake, General Atlantic, and TPG, for the new funding round. The company is reportedly looking to raise $1-2 billion at a valuation of $10 billion.
This news comes as a surprise, as Byju was recently valued at $5.4 billion after raising $540 million from investors including Naspers and Tencent.
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