Mumbai Byju’s has raised $250 million in debt from New York-based investment manager Davidson Kempner Capital Management, pushing it to raise $1 billion in total.
The new capital was raised at the company’s current valuation of $22 billion, said two people with knowledge of the development, requesting anonymity.
“The company is looking to complete the $1 billion round by the end of the month,” said one of the people. Remaining amount.
“It’s going to be a mix of equity and structured debt,” said the second person, referring to the $1 billion fundraising plan.
A Byju’s spokesperson declined to comment.
The Bengaluru-based firm has been under pressure after an accounting change it brought in its FY11 financial reporting led to a sharp decline in revenue and lower profits. Byju’s is yet to file its FY22 results. Established in 2011, the company’s loss 4,589 crore in FY22 232 crore in FY21.
Byju’s has also seen some of its early investors exit, as reported Peppermint Earlier The report said some have given a ‘soft’ mandate to investment banks to look for buyers. The company has also faced heat from bondholders for the senior debt it raised in 2021.
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