#BYJU's
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Byju's Explores $400 Million Epic Sale to Navigate Financial Challenges
Facing financial turbulence, edtech giant Byju's is reportedly contemplating the sale of its unit, Epic, in a deal that could fetch around $400 million. The move is seen as a strategic measure to address the company's pressing financial issues, according to sources cited in an Economic Times report.
Source:- https://www.teqts.com/byjus-contemplates-400m-epic-sale-amid-financial-challenges/
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Byju's Makes A Surprise $1.2 Billion Repayment Proposal To Lenders
The company is offering to repay $300 million of the distressed debt within three months if the amendment proposal is accepted and the remaining amount in the subsequent three months.
Indian edtech titan Byju’s has made a surprise repayment proposal to lenders, in which the firm has offered to pay back its entire $1.2 billion term loan in less than six months, according to people familiar with the situation.
The company is offering to repay $300 million of the distressed debt within three months if the amendment proposal is accepted and the remaining amount in the subsequent three months, said the people, who asked not to be identified because the talks are private. The lenders are reviewing the proposal and are seeking more details about how the repayment will be funded, the people said.
Byju’s and its lenders have been mired in a conflict for almost a year, during which rounds of negotiations to revamp its loan agreement have failed. The company elected to miss an interest payment on its term loan, one of the largest by a startup globally, exacerbating a dispute that underpins its mounting distress.
The company has sought a swift resolution and execution of an amendment, they said. It’s unclear whether the parties will reach an agreement, a critical step in a broader campaign to turn around the startup once deemed India’s most valuable at $22 billion.
A lenders’ representative declined to comment regarding the repayment proposal from the company. A spokesperson for Byju’s didn’t immediately respond to a request for comment.
Byju Raveendran, the son of educators, launched his eponymous learning app in 2015. The firm, whose parent company is formally known as Think & Learn Pvt, raised the five-year loan in 2021 to bolster its growth outside India.
The loan is being quoted at 49.8 cents on the dollar, Bloomberg-compiled data show. A level below 70 is generally considered distressed.
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Prosus 2023 report card: ZestMoney write-off, Byju’s haircut, and more
Prosus (formerly Naspers), one of the prominent technology investors, has released its 2023 annual report. Fintrackr sifted through the report to uncover insights about its portfolio companies, including Byju’s, Swiggy, ZestMoney, Mensa, and PayU.While it slashed the valuation of Byju’s, Prosus ramped up Mensa’s value and wrote off its investment in ZestMoney.
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Byju's Skips $40 Million Loan Payment In Dispute With Lenders
Byju's did not pay $40 million in interest that was due on Monday, according to people with knowledge of the matter.
Education startup Byju’s has elected not to make further payments on a $1.2 billion loan after a dispute with lenders, escalating a conflict that could jeopardize the future of one of India’s highest-flying startups.
Byju’s did not pay $40 million in interest that was due on Monday, according to people with knowledge of the matter. The company said in a statement June 6 that it has filed a complaint concerning the loan to the New York Supreme Court.
“Given that legal proceedings are now on foot in both Delaware and New York, it is clear that the entire TLB is disputed,” the company said, referring to the $1.2 billion term loan B. “As such, BYJU’S cannot be expected to and has elected not to make any further payment to the TLB lenders, including any interest, until the dispute is decided by the court.”
Byju’s had been trying to strike a deal with creditors to restructure the loan after the pandemic-era online tutoring boom tapered off and crimped its finances. But creditors demanding an accelerated repayment scrapped the long-running negotiations.
The payment hadn’t been made as of 6pm in New York on June 5, according to the people, who asked not to be identified because the matter is private. Some lenders are exploring options on how to address a potential payment default, the people said.
The loan slumped to a low of 64.375 cents on the dollar on Monday, down from 78 cents on June 2, according to data compiled by Bloomberg.
The company led by former teacher Byju Raveendran had previously missed deadlines to file financial accounts, and its offices were searched by India’s agency that investigates violations of the nation’s foreign-exchange policies.
Raveendran, the son of educators, founded his eponymous startup in 2015. The firm, whose parent company is formally known as Think & Learn Pvt, grew into the most valuable of the country’s startups over the past decade through a surge in demand for online education and a series of acquisitions.
It drew investments from from Tiger Global Management and Mark Zuckerberg’s Chan Zuckerberg Initiative, along with Silver Lake Management and Naspers Ltd. Byju’s had reached a valuation of $22 billion and had considered merging with a special-purpose acquisition company, or SPAC, to go public last year.
Byju’s disputed the idea that its decision not to make interest payments signaled financial difficulties.
“Byju’s remains financially robust with significant cash reserves,” it said in its statement. “It remains open to discussions with the TLB lenders.”
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Big Deadline For Byju's Today In Crisis Over $1.2 Billion Loan Repayment
The edtech firm expects to pay on Monday to meet the June 5 deadline, the people said, asking not to be named because the information isn't public.
Byju’s, one of the most valuable startup, plans to make a quarterly interest payment of about $40 million on a loan that has been at the center of the beleaguered firm’s financial troubles, according to people familiar with the matter.
The edtech firm expects to pay on Monday to meet the June 5 deadline, the people said, asking not to be named because the information isn’t public. The situation is still fluid and plans could change. Failure to pay on that date means the $1.2 billion loan will default.
Byju’s didn’t respond to requests for comment about the coupon payment. Representatives for Houlihan Lokey Inc., which was hired by creditors to advise them on the loan, declined to comment.
The $1.2 billion debt is the largest unrated loan by a startup ever. The once high-flying company led by former teacher Byju Raveendran had been trying to strike a deal with creditors to restructure the loan, after the decline of the pandemic-era boom in online tutoring dealt a blow to its finances.
But creditors demanding an accelerated repayment scrapped the long-running negotiations, Bloomberg reported last week. The lender consortium has signed a cooperation agreement that binds them to act together in negotiations, the people added.
The loan, which slumped to a record low of 64.5 cents a dollar in September, is now quoted at around 78 cents, according to data compiled by Bloomberg.
Making the coupon payment on time will give the company enough wriggle room to wait for “a large capital infusion” that its lawyer said would be used to pay down the loan. The company is current on all debt payments, and any defaults should be considered technical breaches of the loan agreement, according to the firm.
The firm has missed deadlines to file financial accounts for the year to March 31 and its offices were searched by the agency that investigates violations of the nation’s foreign exchange policies.
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Byju's CEO Raveendran's Bengaluru Home and Office Raided by ED for FEMA Violations
The Enforcement Directorate (ED) has carried out searches on premises linked to EdTech firm Byju’s in Bengaluru in connection with alleged foreign exchange violations that the agency is probing against the company. The firm has allegedly remitted abroad over Rs 9,700 crore of the Rs 28,000 crore it received as Foreign Direct Investment (FDI) since 2011 and suspected irregularities in the same are being probed.
BYJU’s said the searches were part of a “routine inquiry” and that it was cooperating with the agency.
According to the agency, the searches have been conducted at three premises in Bengaluru including the residence of company CEO Raveendran Byju and the office premises of Think & Learn Private Limited, the parent company of Byju’s.
The agency claimed to have recovered “various incriminating documents and digital data” during the searches. “FEMA (Foreign Exchange Management Act) searches also revealed that the company has received foreign direct investment to the tune of Rs 28,000 crore (approx.) during the period from 2011 to 2023. Further, the company has also remitted Rs 9,754 crore (approx.) to various foreign jurisdictions during the same period in the name of overseas direct investment,” the ED said in a statement.
“The company has booked around Rs 944 crore in the name of Advertisement and Marketing expenses including the amount remitted to foreign jurisdiction. The company has not prepared its financial statements since financial year 2020-21 and has not got the accounts audited which is mandatory. Hence, the genuineness of the figures provided by the company are being cross-examined from the banks,” the statement added.
The investigation against the platform was initiated on the basis of various complaints received from various private persons, the agency has claimed. “During the investigation conducted by the ED, several summonses were issued to the founder & CEO Raveendran Byju, however, he always remained evasive and never appeared during the investigation. Further investigation is under progress,” the ED statement said.
In a statement reacting to the ED raids, a spokesperson for Byju’s termed it a “routine” inquiry under FEMA. “We have been completely transparent with the authorities and have provided them with all the information they have requested. We have nothing but the utmost confidence in the integrity of our operations, and we are committed to upholding the highest standards of compliance and ethics,” the statement said.
“We will continue to work closely with the authorities to ensure that they have all the information they need, and we are confident that this matter will be resolved in a timely and satisfactory manner. We want to emphasize that it is business as usual at BYJU’S. We are committed to delivering high-quality educational products and services to our customers across India and the world,” it added.
Having entered the Indian market harboring great expectations, the company is yet to book profits. Recently, it also retrenched several employees. Byju’s booked a loss of Rs 4,588 crore in 2020-21, which is 19 times more than that of the Rs 231.69 crore figure it recorded in 2019-20. Revenues during the financial year (FY) 2020-21 dropped to Rs 2,428 crore from Rs 2,511 crore in FY20. The company is yet to release a financial performance report for FY22.
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ED searches Byju's CEO Raveendran's office, residence in Bengaluru over FEMA violations
NEW DELHI: The Enforcement Directorate (ED) on Saturday said it has conducted searches at the office and residence of edtech major Byju’s CEO Raveendran Byju in Bengaluru.
The probe agency carryied out the searches at three premises, two business and one residential, under the provisions of Foreign Exchange Management Act (FEMA).
According to the agency, officials have seized ‘incriminating’ documents and digital data during the search. It said the action was taken on the basis of ‘various complaints’ received by private people and alleged that Raveendran was issued several summons but he remained ‘evasive and never appeared’ before the ED.
The searches found that Raveendrans BYJU’s company, Think & Learn Pvt Ltd, received foreign direct investment (FDI) to the tune of about Rs 28,000 crore during 2011–2023.
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ED searches BYJU's CEO's office and residence
The Enforcement Directorate on Saturday said it has searched the Bangalore-located office and residential premises of Edtech major BYJU’s CEO Raveendran Byju and seized “incriminating” documents and digital data as part of a foreign exchange violation probe.
A total of three premises, two business and one residential, were raided recently under the provisions of the Foreign Exchange Management Act (FEMA), it said in a statement.
The agency said it has seized various incriminating documents and digital data.
It said the action was taken on the basis of “various complaints” received by private people and alleged that Raveendran Byju was issued “several” summons but he remained “evasive and never appeared” before the ED.
The searches found that his company, Think & Learn Pvt. Ltd., received foreign direct investment (FDI) to the tune of about Rs 28,000 crore during 2011–2023.
“The company also remitted about Rs 9,754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment,” the agency said.
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ED Conducts Raids at BYJU's CEO's Office and Residence
The Enforcement Directorate on Saturday said it has searched the Bangalore-located office and residential premises of EdTech major BYJU's CEO Raveendran Byju and seized "incriminating" documents and digital data as part of a foreign exchange violation probe.
A total of three premises, two business and one residential, were raided recently under the provisions of the Foreign Exchange Management Act (FEMA), it said in a statement.
The agency said it has seized various incriminating documents and digital data.
It said the action was taken on the basis of "various complaints" received by private people and alleged that Raveendran Byju was issued "several" summons but he remained "evasive and never appeared" before the ED.
The searches found that his company, Think & Learn Pvt. Ltd., received foreign direct investment (FDI) to the tune of about Rs 28,000 crore during 2011-2023.
"The company also remitted about Rs 9,754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment," the agency said.
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70+ Upcoming Latest IPO 2023 List!
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We all had to attend our schools regularly to deal with our studies.
Fortunately, gone are such days!
Today, students no longer need a four-walls class system because some edtech digital solutions let them access the best education while they remain inside their homes. A great example is Byjus (India’s largest edtech app). Using this app, over 115 million students get the best education.
Looking at this figure of students, various edtech companies today want to invest in their own applications.
However, they have to be budget ready to ensure this thing. So, to provide you with some help on your budget, here is our complete guide on “Cost of Building an app like Byjus.” Ensure to read it and get acquainted with some hidden aspects of the edtech app industry.
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Great Learning to host a webinar on “Upskilling with Full Stack Development and Career Opportunities " on September 9th.
https://gracesofa.blogspot.com/2022/09/great-learning-to-host-webinar-on.html
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What is Byju's in Hindi : जानिए Byju's के बारे सबकुछ - Byju’s App Kya Hai
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WhiteHat Jr and EnduroSat partner to enable kids to "Code a Satellite"; launched Ayana Satellite to encourage space exploration
In its effort to introduce new learning experiences and innovation, WhiteHat Jr will be enabling its students to access a live satellite to encourage space exploration and give a first-hand experience in space science. The satellite, named Ayana, has been developed by leading space service organisation EnduroSat with inputs from and expertise of the WhiteHat Jr team. Ayana was part of the payload carried by the SpaceX Falcon 9 rideshare rocket, launched on May 25 at 18:35 GMT, from Cape Canaveral, Florida, USA.
Ayana will create a one of a kind applied science opportunity for thousands of students who will be able to send commands to, and access data from a live satellite operating in space.
Ayana is a result of the WhiteHat Jr's "Code A Satellite" programme, which is designed for WhiteHat Jr students to ideate, create, and explore space with the help of Ayana. Before accessing Ayana, students will be required to possess a basic understanding of coding to ensure that they are able to unlock the true potential of the program. Students will get a unique opportunity to: Read Full Article Here
#WhiteHat Jr#EnduroSat#Code a Satellite#Ayana Satellite#encourage space exploration#first-hand experience in space science#Ananya Tripathi#India's largest Edtech company#BYJU'S#WhiteHat Jr Latest News
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Yknow how we used to mess with train tracks to topple the british military trains and steal their guns to use against them in the pre independence era? If Palestine did that now it would probably be considered some kinda terrorist act
#im watching that byju's tribute video#and every single thing we did would be considered a terrorist act in today's standards
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