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Edtech firm Byju’s is considering the sale of two companies it acquired in 2021, Great Learning and Epic, as it seeks to raise up to one billion dollars to streamline its operations and repay lenders, reported Reuters, quoting two sources with direct knowledge of the matter.
The company, which commanded a valuation of $22 billion last year, has faced a string of business challenges, including the resignation of its auditor and board members, along with ongoing negotiations regarding the repayment of a $1.2 billion loan in recent months.
Earlier in the day, it was reported that the edtech firm had presented a plan to repay the entire loan amount in less than six months. Byju’s is yet to comment on the matter.
Epic, a US-based reading platform acquired by Byju’s for $500 million, and Great Learning, an Indian company offering upskilling courses and degrees acquired for $600 million, are both on the chopping block.
Byju’s expects to fetch up to a billion dollars for both entities as part of a comprehensive “business turnaround strategy,” according to a second source quoted in the Reuters report.
Byju’s intends to sell these two companies as a strategic move to divest from other business segments and refocus on its original domain of K-12 (kindergarten through secondary) education.
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