Fresh Lead

The edtech firm expects to pay on Monday to meet the June 5 deadline, the people said, asking not to be named because the information isn't public.  The $1.2 billion debt is the largest unrated loan by a startup ever. Byju’s, one of the most valuable startup, plans to make a quarterly interest payment of about $40 million on a loan that has been at the center of the beleaguered firm’s financial troubles, according to people familiar with the matter. The edtech firm expects to pay on Monday to meet the June 5 deadline, the people said, asking not to be named because the information isn’t public. The situation is still fluid and plans could change. Failure to pay on that date means the $1.2 billion loan will default. Byju’s didn’t respond to requests for comment about the coupon payment. Representatives for Houlihan Lokey Inc., which was hired by creditors to advise them on the loan, declined to comment. The $1.2 billion debt is the largest unrated loan by a startup ever. The once ...

The ED carried out searches under the provisions of Foreign Exchange Management Act (FEMA), having seized various incriminating documents and digital data. The Enforcement Directorate on Saturday carried out searches at the three premises of Raveendran Byju , the founder and chief executive officer of ‘Think and Learn Private Ltd' that runs edtech platform under the name of BYJU's. The probe agency carried out searches under the provisions of Foreign Exchange Management Act (FEMA), having seized various incriminating documents and digital data. Byju Raveendran, founder & CEO of Byju's According to the probe agency, the company received foreign direct investment (FDI) worth ₹28,000 crore between 2011 and 2023. It remitted approximately ₹9,754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment. As per ED, Think & Learn Private Limited had booked around ₹944 crore in the name of advertisement and marketing expenses ...