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New Delhi, Ed-tech titan <keyword id="3320944" type="General" weightage="20" keywordseo="Byjus" source="Orion">Byjus</keyword> is looking to sell its overseas ventures Epic and Great Learning to pay back its entire USD 1.2 billion (Rs 9,956 crore) loan to lenders, a source familiar with the matter said. The ed-tech decacorn has been in discussions with the lenders and has made a proposal to clear its Term B loan, the source said. Byju's hopes to garner between USD 800 million to USD 1 billion from the sale of Epic, the US-based kids learning firm, and Great Learning - the upskilling platform. The firm is also working on raising fresh capital from equity sales, and is working with bankers for the sale of the aforementioned key assets to strategic investors -- which has also garnered interest, the source said. An email sent to the ed-tech platform for comments remained unanswered. India's most-valued startup is hoping to repay the entire USD 1.2 billion term loan B (TLB) in under six months. Of this, it is proposing to repay USD 300 million in the next three months. Lenders have not yet responded to the proposal. Byju's in November 2021 raised USD 1.2 billion in debt through a term loan facility (TLB) from a group of overseas investors. A TLB is a type of senior secured syndicated credit facility that is issued by global institutional investors. Typically, the proceeds from a TLB are used to either refinance an existing debt or to make overseas acquisitions in order to enhance a company's offerings. Byju's had acquired Aakash USD 950 million in 2021. In July this year, the steering committee of ad hoc term loan lenders is reported to have agreed to amend the USD 1.2 billion term loan. The development comes after the company formed an advisory council with ex-Infosys CFO Mohandas Pai and Bharatpe Chairman and former SBI chief Rajnish Kumar after the exit of investors G V Ravishankar of Sequoia Capital (now Peak XV Partners), Vivian Wu of Chan Zuckerberg Initiative and Russell Dreisenstock of Prosus. Byjus had acquired Epic in a USD 500 million cash-and-stock deal in May 2022.

Byjus proposes sale of overseas units to repay $ 1.2 billion loan

India's most-valuable startup <keyword id="2900267" type="General" weightage="100" keywordseo="byju" source="Orion">BYJU</keyword>'s is facing larger scrutiny from the government as it has failed to submit its audited financial report from Deloitte for the financial year 2021 even after more than 17 months. Insider company sources told IANS that the report is expected anytime soon, may be next week, but the long delay has now alarmed the <keyword id="6376435" type="General" weightage="50" keywordseo="ministry-of-corporate-affairs" source="Orion">Ministry of Corporate Affairs</keyword> (MCA). According to sources, the ministry sent a letter to BYJU's earlier this month, asking the $22 billion edtech startup to explain the delay in filing its audit report for FY21. The IPO-bound BYJU's, according to sources privy to the development, has completed the consolidation of businesses after "ironing out the complexities" as the edtech unicorn made at least 10 acquisitions for a cumulative transaction value of about $2.5 billion last year. According to them, there are "no compliance issues" as the company has filed its FY21 tax returns in the "due diligent manner". BYJU's did not comment on the latest development. In July, <keyword id="1575" type="General" weightage="50" keywordseo="congress" source="Orion">Congress</keyword> MP Karti P. Chidambaram shot off a letter to the <keyword id="107956" type="General" weightage="50" keywordseo="serious-fraud-investigation-office" source="Orion">Serious Fraud Investigation Office</keyword> (SFIO) to investigate the finances of edtech major BYJU's. Chidambaram called for a probe into BYJU's for not filing its 2020-21 (FY21) financial results, which the company had earlier stated to file by July 15, saying that it has yet to secure $250 million (around Rs 2,500 crore) capital from its most recent funding round in March. The company, which faced intense scrutiny in the past couple of months over several issues ranging from delayed audit and layoffs, made multiple acquisitions in FY21 and each of these acquisitions had a different accounting style and year. So far, BYJU's has raised over $6 billion in funding, and aims to file an IPO in the US through the <keyword id="6767232" type="General" weightage="50" keywordseo="special-purpose-acquisition-company" source="Orion">Special Purpose Acquisition Company</keyword> (SPAC) route. The company is also reportedly in talks to raise another $1 billion as it expands globally. According to reports, BYJU's is eyeing Nasdaq-listed American edtech company, 2U, for nearly $1 billion at $15 a share. The company has already "closed" payments related to its $1 billion acquisition of offline test preparatory services provider Aakash Educational Services. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/within-2-years-india-will-have-the-largest-pool-of-web3-developers-in-the-world/articleshow/93796613.cms">‘Within 2 years, India will have the largest pool of web3 developers in the world’</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/hp-launches-new-pcs-displays-and-webcams-for-a-hybrid-work-environment/articleshow/93796932.cms">HP launches new PCs, displays and webcams for a hybrid work environment</a>

BYJU’s comes under govt scrutiny for not filing financial data for FY21

<ul><li>The company is looking to raise this debt through the Term Loan B (TLB) route, where several institutional investors may participate.</li><li>The company has reportedly appointed JP Morgan and Morgan Stanley as investment banks to structure the deal.</li><li><keyword id="3123019" type="General" weightage="20" keywordseo="byjus" source="Orion">Byju’s</keyword> may be looking to refill its treasury, after spending billions of dollars on acquisition in the last 18 months.</li></ul>The world’s highest valued edtech firm Byju’s is reportedly planning to raise $500 million or ₹3,700 crore in debt to acquire more businesses. The Bengaluru-based startup is looking to raise this debt through the Term Loan B (TLB) route, which is a term loan made by institutional investors whose primary goals are maximising the long-term total returns on their investments. Several institutional investors as well as hedge funds will reportedly be looking to invest in this opportunity. The company has also appointed JP Morgan and Morgan Stanley as investment banks to structure the deal, according to a Mint <a href="https://www.livemint.com/companies/start-ups/byjus-looks-to-raise-500-million-debt-11635186221353.html">report</a> citing sources. When Business Insider reached out for confirmation of the media report, Byju’s denied to comment on the report. Initial public offering (IPO)-bound OYO had raised <a href="https://www.businessinsider.in/business/startups/news/oyo-gets-660-million-relief-from-investors/articleshow/84471112.cms">$660 million</a> through the Term Loan B (TLB) route in July this year. Acquiring businesses is an expensive business The Mint report further highlighted that Byju’s is looking to refill its treasury after spending billions of dollars on acquisition in the last 18 months. The company had raised over $2 billion in the last two years, however the company has mostly spent that amount in acquiring new businesses across the globe. This includes rival Toppr, Singapore-based upskilling platform Great Learning, US-based coding platform Epic and more. The company had raised<a href="https://www.businessinsider.in/business/startups/news/byjus-has-raised-1-3-billion-this-year-to-so-far-in-pursuit-of-its-american-dream/articleshow/86745427.cms"> $1.3 billion in 2021</a> and $1 billion in 2020. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Amount raised by Byju’s </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Month/Year </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$200 million </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">January 2022 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$100 million </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">June 2020 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$122 million </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">August 2020 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$500 million </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 2020 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$460 million </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">March 2021 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$350 million </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">June 2021 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$50 million </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">June 2021 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$150 million </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">August 2021 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$296 million </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 2021 </td></tr></tbody><tbody></tbody></table> Byju’s also spent a billion dollars to acquire coaching center chain Aakash Institute — which has over 250 centers across India and is a profitable venture. This is the biggest acquisition carried out by an Indian edtech company. SEE ALSO <a href="https://www.businessinsider.in/business/news/ipo-bound-nykaa-plans-to-set-up-more-retail-stores-and-warehouse-for-ecommerce/articleshow/87274137.cms" data-type="tilCustomLink" style="">Nykaa plans to go ‘aggressive’ with its retail store network, a vertical that contributes less than 10% to its revenue</a> <a href="https://www.businessinsider.in/stock-market/news/tech-mahindra-irctc-tata-power-are-bucking-the-trend-in-volatile-market/slidelist/87271983.cms" style="">Tech Mahindra flies on strong revenue, Tata Power excites investors with EV push and IRCTC back on track after a lull week</a> <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musks-tesla-may-be-ready-for-a-second-inning-in-cryptocurrency-payments/articleshow/87273227.cms" style="">Elon Musk’s Tesla may be ready for a second innings in cryptocurrency payments</a>

After raising $2 billion since 2020, Byju’s is now looking to raise another $500 million in debt to acquire more businesses

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Byjus proposes sale of overseas units to repay $ 1.2 billion loan

PTI

BYJU’s comes under govt scrutiny for not filing financial data for FY21

IANS

After raising $2 billion since 2020, Byju’s is now looking to raise another $500 million in debt to acquire more businesses

Kritti Bhalla

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