Byju’s, the world’s most precious edtech startup, launched a rights problem on Monday, searching for to boost $200 million because the Indian agency works to handle its working capital points.
The startup is resetting its valuation to “subsequent to nothing” within the rights problem, the place all present traders have a chance to take part, in accordance with a supply accustomed to the matter.
In a letter to shareholders Monday, Byju’s founder Byju Raveendran mentioned the founders of the edtech group have invested $1.1 billion into the Bengaluru-headquartered startup within the final 18 months and search continued assist from the traders.
“We have now made immense private sacrifices for the sake of the corporate. We have now spent our lives constructing this firm and are fervent believers in its mission,” Raveendran wrote within the letter, seen by Information World.
The rights problem comes as Byju’s appears to be like to safe capital amid a grave funding crunch. The startup, which spent $2.5 billion buying greater than a dozen agency in 2021 and 2022, was valued at $22 billion in early 2022.
Extra to comply with.