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The steering committee of ad hoc term loan lenders (the "SteerCo"), who jointly own more than 85% of BYJU'S $1.2 billion term loan, today stated that it and BYJU'S have agreed to cooperate in order to sign and complete a term loan amendment (the "Amendment") before August 3, 2023.
According to the people, there was rumor that Byju's would begin firing BTC staff on July 26 due to a significant decline in tuition center enrollment, which had spurred local business leaders to organize pan-India rallies.
The edtech company was reportedly aiming to raise $1 billion from US-based asset management firms and Middle Eastern sovereign funds using a mix of stocks and structured instruments, according to a report from earlier this week.
If the deal goes forward, it will include a mix of cash and stock, with the merged entity proposing an IPO rather than Aakash acting alone to seek a public listing.
The borrowing comes as India’s most valued startup is looking to refinance itself after spending over $2.2 billion on an acquisition spree this year.
Byju’s is one of the most paramount educational startups in the country and it was launched in 2015.
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