Saturday, May 18, 2024
Latest News
India, UK review implementation of 10-year roadmap Robbed: Pilgrim robbed of 12 sovereigns of gold | Coimbatore News From authoritative to permissive parenting: Which parenting style wins? Will 6G tech deliver where ‘overhyped’ 5G didn’t? An expert sees a holographic future Premier League title race could be settled on Sunday after Kitchee stop rot to prolong Lee Man’s wait Russia Presses Attacks in Northeast Ukraine, Seeking Buffer Zone on Border Slovak prime minister still in serious condition as shooting suspect appears in court Elephant Kills Man: Elephant kills man | Bhubaneswar News EgyptAir plans to increase frequency of its Delhi-Cairo flights, make it a daily Coffee shop Land to Sea in New York is a love letter to co-founders’ Asian-American upbringing – and a space for all Jitesh Sharma to lead Punjab Kings in their final game of the season | Cricket News Sample Seed pitch deck: Goodcarbon's $5.5m deck Do I Owe Taxes on a Retirement Account Distribution? Namaste away: Rangers bar yoga classes at cliffside San Diego park Young Voters: To woo voters, parties aim to catch ’em young | Allahabad News China property: Beijing’s stimulus plan needs more time, money and policy support to resolve long-standing housing crisis 'I said I would bat anywhere, just give me a chance to play': Virat Kohli recalls how Suresh Raina's recommendation worked for him | Cricket News Lack of AI Is Reducing India Software Stocks’ Heft as Tech Bets In Rio de Janeiro, young women in a favela hope to overcome slum violence to play in 2027 Women’s World Cup House GOP infighting fuels bitter primary election season Airport: Airport’s Terminal 2 gets five new aircraft parking stands | Ahmedabad News India, UK reaffirm FTA commitment at strategic dialogue Studio Nicholson founder Nick Wakeman on perfecting modern nostalgia at her London-based fashion label Queen of the Book Club Biden called out over past desegregation remarks Angry mob sets Bihar police station on fire after man, minor wife die by suicide in custody; ASP among 9 cops injured | Patna News 8 ways to boost energy and productivity and be less tired – a Malaysian-Chinese life coach and author’s advice Lionel Messi’s Barcelona napkin, used to promise his first contract with club at age 13, sells for HK$7.6m at auction Nearly 50 vehicles towed, 40 arrests made in Northern California sideshow Man shoots his 6-month-old baby multiple times at home near Phoenix, but child expected to survive
HomeBusinessByju’s founder raising funds to buy back as much as 15% of...

Byju’s founder raising funds to buy back as much as 15% of firm


NEW DELHI: Byju Raveendran, the founder of the world’s most valuable edtech startup Byju’s, is in financing talks to lift his stake in the company to as high as 40%, people familiar with the matter said.
The former teacher is seeking funding to finance the stake repurchases — which could amount to as much as 15% of the firm — by using his shares as collateral, according to the people. Byju’s was valued at $22 billion the last time it raised funds, though the buyback may happen at a lower valuation, the people said, asking not to be named discussing private negotiations.
Founded in 2015 and formally known as Think & Learn Pvt., the Bangalore-headquartered startup shelved plans for a stock-market debut as global markets slumped last year. Raveendran has about a 25% stake and prominent other investors include the Chan Zuckerberg Initiative, Sequoia Capital India, Blackrock Inc. and Silver Lake.
Discussions with shareholders and financiers are still in early stages and may yet fall apart, the people said. Byju’s has raised more than $5 billion to date, according to researcher Tracxn. A representative for the company didn’t respond to an email seeking comment on the fundraising plans.
Raveendran is in the midst of overhauling the company’s strategy and cutting marketing spend with a goal to be profitable by March. He had announced an infusion of $400 million into his namesake startup last spring to increase the founder group’s holding by 2 percentage points to about 25%.
The transactions, if completed, will be a rare instance of an Indian founder-entrepreneur raising ownership in a large startup. The trend to date has been to give up shares and control in order to maximize funding to propel growth.
Byju’s is finalizing plans for a $1 billion initial public offering of its tutoring business Aakash Educational Services, and may consider IPOs of other units, Bloomberg reported in November. It is also in conversations with creditors to rework a $1.2 billion loan raised in 2021.





Source link

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments

Latest News