NEW DELHI: Troubled edtech firm
is planning to sell Great Learning and Epic from its stable to repay $1.2 billion term
to its lenders, sources said. “The company is looking to raise anywhere between $800 million-$1 billion from sale of the two assets,” sources added. Byju’s declined to comment.
Byju’s, which aims to clear the loan it had raised in 2021 in six months, has been in negotiations with lenders for long. In August, the company had missed an initial deadline to rework the terms of the loan that had been at the centre of dispute between the two parties.
“In a discussion with lenders, the company said it proposes to sell Great Learning and Epic to clear the loan,” sources said. The firm is working with bankers for sale of the assets to strategic investors. As part of its aggressive expansion in 2021, which was encouraged by the Covid-led spurt in edtech subscriptions, Byju’s had acquired upskilling platform Great Learning in a $600 million deal and had shelled out another $500 million to acquire US-based kids digital reading platform Epic. Byju’s had spent over $2 billion in acquisitions in 2021 alone.