Edtech giant Byju’s, which is facing various legal and financial challenges, has presented a plan to repay its entire $1.2 billion term loan within six months.
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according to sources cited in a report by Bloomberg News.
The proposed repayment plan outlines paying $300 million within the next three months and settling the remaining balance in the following three months. Lenders are currently reviewing the proposal and seeking further details regarding Byju’s funding strategy for this repayment, the report added.
Byju’s, however, has not officially commented on this report, and the exact total debt of the company remains undisclosed.
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The prolonged delay in Byju’s financial disclosures and concerns regarding its corporate governance have prompted key investors like the Chan-Zuckerberg Initiative, Sequoia Capital India, and Naspers Ventures to resign from its board.
Additionally, auditing firm Deloitte has severed its ties with the company.
Earlier this year, Dutch-listed investor Prosus NV reduced its valuation of Byju’s, citing that the startup’s management consistently disregarded its advice despite numerous attempts.
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This ongoing financial turmoil has forced Byju’s to lay off thousands of employees in 2023 due to financial constraints.
