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People walk past a billboard of Byju’s, an education technology company and one of India’s largest startups, in front of one of its branches in New Delhi, India, June 23, 2023. REUTERS/Adnan Abidi/File Photo Purchase license rights
BENGALURU, Sept 11 (Reuters) – Indian edtech startup Byju’s, struggling with multiple legal and financial problems, has proposed to repay its entire $1.2 billion term loan in less than six months , reports Bloomberg News reported on Monday, citing people familiar with the matter.
The company is offering to repay $300 million in the next three months if its offer is accepted by lenders, and to repay the balance in the following three months, Bloomberg said.
Lenders are reviewing the proposal and seeking more details on how Byju plans to fund the repayment, the Bloomberg News report said.
Byju’s declined to comment on the report. The company’s total debt was unclear.
The long delay in Byju’s financial reports and concerns over corporate governance have led to members of key investors such as the Chan-Zuckerberg Initiative, Sequoia Capital India and Naspers Ventures resigning from the board and auditor Deloitte cutting ties with the company.
Netherlands-listed investor Prosus NV (PRX.AS) lowered its valuation of Byju’s earlier this year, saying the startup’s directors had routinely disregarded its advice despite repeated efforts.
Byju’s has laid off thousands of employees this year as the finds have come under pressure.
Reporting by Biplob Kumar Das in Bengaluru; Edited by Savio D’Souza
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