Byju’s is courting global investors to raise over US$500 million at a US$22 billion valuation as the Indian edtech major continues to struggle with a US$1.2 billion loan, Bloomberg reported, citing sources.
Tech in Asia sent an email to Byju’s seeking details, but the company declined to comment.
Since the SoftBank-backed company is still in early-stage talks with global investment firms including TPG and two Middle Eastern sovereign wealth funds, the deal may not materialize, according to Bloomberg.
In October 2022, Byju’s raised US$250 million at a US$22 billion valuation.
See also: The $22b question on Byju’s valuation
During the same month, the company announced job cuts affecting 2,500 of its total workforce as it aims for overall profitability by March 2023.
Its operating losses widened by 12.5x to US$577.7 million during the financial year ended March 2021.
Editing by Thu Huong Le and Eileen C. Ang
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