Byju's to work with US lenders on asset sale

Byju's will work with secured lenders in the US to sell Great Learning, an executive at the edtech giant said, after the lenders moved to protect assets against which loans were given.

- Sneha Shah

The company and lenders will work together in everything from appointing bankers to review bids, the executive said.

Secured lenders of Byju's Alpha Inc. earlier on Wednesday appointed Kroll Inc. to safeguard the assets of Great Learning Education Pte. Ltd and Byju's Pte. Ltd, at a time the edtech giant is attempting to sell assets and repay loans. Byju's Alpha is the US business of the Byju Raveendran-led Indian edtech. Both Great Learning and Byju's Pte are based in Singapore.

Kroll said in a statement it was appointed by the secured lenders as they exercise their security rights after Byju's Alpha defaulted on loans.

According to the person cited earlier, the secured lenders in US have rights over 60% of the Singapore businesses, while the rest belongs to Think and Learn Pvt. Ltd, the parent of Byju's.