Byju's mulls partial sale of Aakash Education stake; renew talks with lenders to restructure debt load: Reports
Edtech company BYJU'S is considering selling part of its stake in Aakash Educational Services, while also renegotiating its $1.2 billion term loan. The company acquired Aakash Education for $950 million in 2021 and had earlier planned to list it through an IPO by mid-2024.
Beleaguered edtech company BYJU'S is now looking to sell part of its state in Aakash Educational Services. The report came alongside indications that the startup and some of its lenders have restarted negotiations to restructure the firm's $1.2 billion term loan. BYJU'S has repeatedly made headlines over the past month due to a slew of issues - from layoffs and the exit of three board members and its auditor to delays in remitting provident funds, ED raid sand more. Recently, Dutch-listed technology investor Prosus NV had also slashed its valuation to $5.1 billion.