The announcement comes on a day the edtech giant is slated to pay the $40 million instalment of an unrated loan of $1.2 billion it took in November 2021, the largest unrated loan by a startup ever. If Byju’s fails to make the quarterly interest payment by the 5 June deadline, the loan, seen as the main cause of its financial woes, will be termed as default.
Byju’s, which counts Sequoia Capital, Lightspeed Venture Partners, Silver Lake, Canada Pension Plan Investment Board or CPPIB, Tencent Holdings, and Naspers among its marquee investors, said its board approved the plan for an initial public offering (IPO) of Aakash, which offers coaching for competitive exams at brick-and-mortar centres. The company plans to soon announce merchant bankers to handle the public issue.
Bloomberg reported citing people close to the matter that Byju’s plans to make the quarterly interest payment of about $40 million on Monday to meet the 5 June deadline. The situation is still fluid, and plans could change, the report said.
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