Bengaluru: Indian edtech startup Byju’s, which is grappling with multiple legal and financial woes, has proposed to repay its entire $1.2 billion term loan in less than six months, Bloomberg News reported on Monday, citing people familiar with the matter.
The company is offering to repay $300 million in the next three months, if its offer is accepted by lenders, and the remaining amount in the following three months, Bloomberg said.
The lenders are reviewing the proposal and are seeking more details on how Byju’s plans to fund the repayment, the Bloomberg News report said.
Byju’s declined to comment on the report. The company’s total debt was not clear.
The long delay in Byju’s financial statements and concerns over its corporate governance has led to members from key investors such as the Chan-Zuckerberg Initiative, Sequoia Capital India, and Naspers Ventures stepping down from its board and auditor Deloitte severing ties with the firm.
Dutch-listed investor Prosus NV slashed its valuation on Byju’s earlier this year and said the startup’s directors regularly disregarded its advice despite repeated efforts.
Byju’s has let go of thousands of employees this year amid a finds squeeze.
(Reporting by Biplob Kumar Das in Bengaluru; Editing by Savio D’Souza)
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