BYJU’S in talks to raise funds from 10X AD, Apollo Global Management: Report
The Bengaluru-based edtech firm has approached Apollo Global Management for a $200-250 million structured funding for its unit Aakash Education Services, the report said.
Thursday April 20, 2023,
2 min Read
Edtech majoris reportedly in talks to raise funds from Abu Dhabi-based 10X AD and Apollo Global Management. The investment could be in its parent company Think and Learn Pvt Ltd or its unit Aakash Education Services (AES).
The Economic Times reported that it is not clear if 10X AD will lead an investor consortium or independently invest $150-200 million in the edtech company.
The Bengaluru-based edtech firm has also approached Apollo Global Management for a $200-250 million structured funding for Aakash, it added.
Recently, it was reported that BYJU'S was planning to raise as much as $250 million through the issuance of convertible notes by Aakash, which it had bought in April 2021 for a cash-and-stock deal of close to $950 million.
BYJU’S denied commenting on the development.
Earlier this month, sources confirmed BYJU’S raising $700 million in an equity funding round at a flat valuation of $22 billion. Existing investors are also participating in this round, for which the due diligence has already been done, they said.
The Economic Times report stated that Abu Dhabi-based ADQ’s venture capital arm, Disrupt AD, may also double down on its earlier commitment. Disrupt AD has been an investor in BYJU’S since 2021, having participated with others in a $350 million fundraise.
BYJU’S last raised $250 million in a funding round from its existing investors, including Qatar Investment Authority, in October 2022, after picking up $800 million from Blackrock, Sumeru Ventures, and others in March. It also took on an unsecured loan of Rs 300 crore from Aakash in October last year.
Recently, the edtech firm has come under scrutiny for its accounting procedures and substantial downsizing.
The startup, which was last valued at $22 billion, reported a loss of Rs 4,564.38 crore in FY21, bigger than its FY20 loss, which stood at Rs 305.5 crore.
Edited by Megha Reddy