Education technology company Byju’s is planning to sell its foreign units Epic and Great Learning to repay its entire debt of $ 1.2 billion. A source gave this information today. Informed sources said Byju’s has been in touch with its lenders and has proposed to them to repay their entire loan through the sale of its overseas businesses. This loan is worth 1.2 billion dollars i.e. about Rs 9,956 crore.
There is currently no response to the e-mail sent to Byju’s.
Byju’s expects that it can get an amount ranging from $ 800 million to $ 1000 million from the sale of children’s education company Epic and skill development platform Great Learning. Apart from this, Indian company Byju is also expected to get some amount from the sale of equity stake. He is in touch with strategic investors for the sale of these properties. An e-mail sent to Byju’s seeking comment in this regard has not received any response yet.
Coaching institute Aakash acquired for $95 million
Byju’s, considered India’s most valuable startup, is expected to repay its entire term loan of $1.2 billion in the next six months. In this sequence, he has put forward a proposal to the lenders to repay 300 million dollars in the next three months. However, till now the lenders have not responded to Byju’s proposal. Byju had taken a loan of $ 1.2 billion from foreign investors through a term loan facility in November 2021. Byju had acquired coaching institute Aakash this year for $950 million.