Byju’s Seeks Funds at Over 90% Discount Amid Financial Woes

Byju's Seeks Funds at Over 90% Discount Amid Financial Woes

VoM News Desk | January 23, 2024 | 02:56 PM IST | Breaking News | Follow on Google News

Byju’s Seeks Funds at Over 90% Discount Amid Financial Woes

Byju’s Seeks Funds at Over 90% Discount Amid Financial Woes

Once a top-valued startup, Byju’s plans to raise over $100 million at a significant discount of more than 90% from its previous round, valuing the company at less than $2 billion.

Founder Byju Raveendran Participates in Share Sale

Byju Raveendran, the founder, is set to participate in the share sale to maintain his stake in the company, which has been grappling with financial challenges. The funds raised will be used to pay off vendors and stabilize the business.

Strategic Focus on Core Business and AI in Education

Byju’s, facing a cash crunch, is selling its US-based kids’ digital reading platform for approximately $400 million. The company plans to focus on rebuilding its core business and invest in generative artificial intelligence for hyper-personalized learning post the share sale.

VoM News Desk

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