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Byju's legal battle may hit arm IPO, fund-raise plans
Business Standard
|June 09, 2023
The legal battle between Byju's and lenders in the US on the edtech (TLB) is expected to adversely affect its fundraising, including debt, loan, and equity, according to industry sources and experts.
They said this might delay the initial public offering (IPO) for its tutoring service subsidiary Aakash Educational Services (AESL).
AESL is eyeing an IPO by next year.
Byju's has filed a suit against US-based investment management firm Redwood, challenging the acceleration of the $1.2billion TLB facility and to disqualify the lender for its "predatory tactics", the edtech major said recently.
Byju's also skipped an interest payment of about $40 million on the loan, thus becoming the only Indian start-up to have defaulted on a US-dollar loan.
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