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News on Medial
Byju's mulling $400 million sale of Epic to tide over financial troubles: Report
Livemint
·
1y ago
Medial
Indian edtech company Byju's is considering selling its unit, Epic, for an estimated $400 million to overcome financial difficulties and sustain operations, according to sources. Byju's has received three offers for Epic and plans to utilize $80-100 million from the sale proceeds, with the rest allocated for lenders. The company is also exploring other avenues for securing necessary financing. Byju's founder, Byju Raveendran, has reportedly pledged his own and family-owned homes as collateral to raise funds for paying employees amidst a cash crunch. The company has faced multiple challenges, including a delay in salary payments and violation of FEMA rules.
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Byju’s in talks to sell US unit Epic for $400 million to Joffre
Economic Times
·
1y ago
Medial
Indian online education provider Byju's is reportedly in advanced discussions to sell its US-based kids' digital reading platform, Epic! Creations, for around $400 million to Joffre Capital. Byju's is seeking funds to alleviate its financial pressures and repay a disputed $1.2 billion term loan. Duolingo Inc. is also said to have expressed interest in acquiring the platform. The potential sale, facilitated by Moelis & Co., could be finalized as early as this month. Byju's had acquired the platform for $500 million in 2021 as part of its global expansion strategy.
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Byju's Assets Approved for Sale by a US Court
StartupTalky
·
1m ago
Medial
Byju's recent financial challenges led to a U.S. court approving the sale of its assets, Tynker and Epic, for significantly reduced prices compared to their original acquisition costs. Tynker sold for $2.2 million, down from $200 million, and Epic for $95 million, originally bought for $500 million. Amidst these sales, legal issues ensued involving significant accusations and bankruptcy proceedings, with Byju's management facing legal challenges both internationally and in India.
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Byju’s asset sale hangs fire amid investor flare-ups
Economic Times
·
1y ago
Medial
Byju's efforts to sell assets, including Great Learning, have been delayed due to financial challenges and disagreements with stakeholders. The company is seeking around $600 million from the sale but has not yet found a buyer. Additionally, the sale of Epic, another asset, has also faced difficulties. The sale of Great Learning is crucial for Byju's to repay its $1.2 billion loan. Potential buyers are waiting for a lower purchase price, given the current market conditions. The company's revenue run rate has been affected, and universities have expressed concerns over conflicts with investors and lenders.
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BYJU'S CEO Raveendran has personal debts of ₹3,335 crore
BQ Prime
·
1y ago
Medial
BYJU'S CEO Byju Raveendran has raised debts of about $400 million (over ₹3,335 crore) on a personal level, pledging all his shares in the edtech startup's parent company, Bloomberg reported. He has also re-invested $800 million raised by him through share sales in recent years, the report added. Raveendran, who was once worth $5 billion, is no longer a billionaire.
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Byju’s puts Epic, Great Learning on sale for $800 million to $1 billion
Economic Times
·
1y ago
Medial
Indian edtech firm Byju's is looking to sell two of its assets, Epic and Great Learning, in an effort to raise $800 million to $1 billion in cash. This move aims to help Byju's meet its commitment to clear a $1.2 billion term loan B. Byju's is also in talks to secure fresh equity capital. If the sales go through, it will provide the company with financial flexibility in negotiations with creditors and promoters of Aakash Institute.
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Byju’s likely to slash its valuation by 90% to raise fresh funds
Livemint
·
1y ago
Medial
Indian education provider Byju's is reportedly seeking to raise over $100 million through a fresh issuance of shares at a discount of more than 90% from its previous valuation of $22 billion. The company is facing financial difficulties, and the funds raised from the share sale will be used to stabilize the business and pay off vendors. Byju's founder, Byju Raveendran, is expected to participate in the share sale to retain his stake in the company. The company is also focusing on utilizing generative artificial intelligence for personalized learning after the sale.
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Byju's regrets 'delays' in settling dues of laid-off employees
Economic Times
·
1y ago
Medial
Byju's, the edtech giant, has announced its commitment to clearing the full and final settlement dues of laid-off employees. The company expressed regret over the delays in settling dues and attributed them to a "difficult business restructuring." Byju's had laid off around 1,000 employees in June 2023. The new timeline provided to sacked employees suggests that outstanding payments will be made by November 17, 2023, instead of the earlier deadline of September 15. Byju's is also exploring the sale of subsidiaries like Epic and Great Learning to raise funds to repay its outstanding Term Loan B.
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Prosus stake in Byju’s worth zero: HSBC
Economic Times
·
1y ago
Medial
HSBC has stated that Prosus' nearly 10% stake in Indian edtech firm Byju's is essentially worthless due to legal battles and a cash crunch. This comes as Byju's controversial $200 million rights issue is being conducted with a 99% discount to its peak valuation, potentially erasing the holdings of investors who don't participate. Additionally, Prosus is involved in a legal battle with Byju's in Karnataka High Court, and Byju's is facing legal troubles in the US over a $1.2 billion loan. The company's operations have also been affected by a lack of funds.
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In 2024, Edtech Sought an AI Makeover While Trying to Overcome Byju’s Blow
OutlookIndia
·
7m ago
Medial
In 2024, the edtech sector, heavily impacted by Byju's financial collapse and legal troubles, turned towards AI for transformation. Despite Byju's negative shadow, individual edtech companies are viewed positively, with increased 2024 funding at $215 million compared to 2023. AI is anticipated to revolutionize education, enhancing personalized learning and real-world readiness. The industry also sees a shift towards offline learning for effective outcomes, while upskilling initiatives address significant skill gaps, drawing renewed investor confidence.
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Byju's vacates offices to cut costs, shifts to remote work, says report
Livemint
·
1y ago
Medial
Indian edtech unicorn Byju's has vacated all its office spaces across the country, keeping only its headquarters in Bengaluru, as part of a cost-cutting measure amid ongoing financial troubles. The move comes after a dispute with investors over funds raised in a rights issue offering. Byju's has directed employees to work from home indefinitely, except for those working in tuition centres. The company has been gradually shutting down office locations as leases expire. Byju's had earlier disbursed portions of pending salaries for February using non-rights issue capital, with the remainder expected to be settled soon.
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