Byju’s looking to raise $ 700 million

5 Apr 2023 , 10:21 AM

Sources have disclosed that Byju’s is in the process of raising $700 million through two distinct transactions of equity and convertible notes.

The company is in the final stages of securing the funding, and the due diligence process has been completed. The source revealed that the company is currently waiting for the funds to be transferred to their bank account. The company plans to make the official announcement after completing the deal entirely.

As per a different media report, the upcoming funding round will be spearheaded by two sovereign wealth funds based in West Asia and significant private equity firms. Furthermore, some of the current investors of the company will also take part in this funding round.

The report highlighted that a few senior employees have been informed about the funding round following the signing of the term sheet.

Further, the company also informed that Ajay Goel, the former Group Deputy CFO of Vedanta Resources, has joined the company as the Chief Financial Officer.

His appointment comes at a crucial time for the company as it is currently renegotiating the terms of its $1.2 billion term loan.

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