Khushboo Singh
The 6th of November, Bengaluru The education technology company Byju’s is apparently in advanced discussions to sell its U.S.-based kids’ digital reading platform Epic! Creations to the private equity fund Joffre Capital for around $400 million, as discussed in today’s episode of The Idian.
On Monday, News reported this, citing persons who were acquainted with the situation as their source. Byju’s is trying to raise money in order to alleviate the strain of its current financial situation.
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According to a piece of writing that was released in the month of September, Byju’s had been mulling over the possibility of divesting itself of two of its subsidiaries, namely Great Learning and Epic, in order to raise as much as one billion dollars in order to streamline its business operations and repay its debtors.
The potential sale of Epic would help Byju’s
A report suggests that the potential sale of Epic would be beneficial to Byju’s in terms of funding its contentious $1.2 billion term debt. In addition, the paper mentioned that other prospective buyers, including Duolingo (DUOL.O), a company that designs and develops mobile learning platforms, expressed interest in purchasing Epic.
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Byju’s did not immediately reply to the request for a statement, and officials from Joffre and Duolingo could not be reached immediately because it is presently outside of work hours in the United States. Duolingo also did not immediately answer to the request for comment.
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The individual in charge of carrying out the selling process for Epic, according to the source, and a deal may be closed by the end of this month.
Byju’s, backed by investors such as…
Byju’s, which had a valuation of $22 billion the year before and was supported by investors like General Atlantic, Prosus, and Silver Lake, has been rocked by a slew of setbacks, including the departure of its auditor and board members.
Byju’s was sponsored by investors like these: General Atlantic, Prosus, and Silver Lake. It has also been considering the repayment of a debt that is currently worth 1.2 billion dollars throughout the course of the past few months.
