A group of BYJU’s creditors has asked the edtech gaint to repay a portion of the $1.2 billion Term B loan it received last year.
As the edtech renegotiated the terms of the debt, the creditors recently bought into the loan. The edtech giant is being urged to use the $850 million in cash reserves of its US unit to pay off some of the debt. Houlihan Lokey Inc. has been hired by the lenders to provide advice on amending the covenants. The edtech giant is looking to restructure its term loan, seeking more lenient terms on the same. BYJU’s losses increased nearly 20X year on year (YoY) to INR 4,588 Cr on a total income of INR 2,428.3 Cr in FY21.
It’s been a blockbuster week for startup IPOs. Lenskart and Groww wrapped up their public listings, together pulling in nearly INR 14,000 Cr. Hot on the heels, Pine Labs hit the markets with its INR 3,900 Cr IPO. But now, all eyes are on edtech unicorn PhysicsWallah, which is gearing up for its big moment. With a price band of INR 103–INR 109 per share, the company will open its IPO on Tuesday, marking the final stretch of its journey to Dalal Street. A quick recap: The edtech major filed its RHP earlier this week for an INR 3,480 Cr… Source link
Lucknow (Uttar Pradesh) [India], November 8: The Indian Institute of Management Lucknow, in collaboration with TimesPro, a leading higher-edtech platform, has opened admissions to the 10th batch of its Chief Strategy Officers Programme. Purpose-built for senior professionals, the programme equips leaders to elevate strategy, steer business units and drive transformation and multi-region growth in a rapidly evolving global landscape. The 10-month Chief Strategy Officers Programme is designed to sharpen strategic thinking and execution,… Source link
SUMMARY Robotics startup Emotix, the parent of AI-powered kids’ robot brand Miko, has raised $10 Mn (INR 88.5 Cr) from US-based audio media giant iHeartMedia through the issuance of preferential shares Beyond the funding, Miko and iHeartMedia have reportedly entered a strategic partnership that will see iHeart’s expansive library of audio content integrated into Miko’s interactive robots The move is expected to deepen Miko’s footprint across the US and enhance engagement for young users through family-friendly… Source link
