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Indian edtech firm Byju’s is in advanced talks with Middle East-based sovereign funds to lead its proposed $1 billion fundraising round.
“Around $700 million of the $1 billion funding round will be raised through equity, and one of the three Middle East-based sovereign funds is in advanced talks to lead the round,” Moneycontrol, Indian financial news portal, reported citing informed sources.
The funding round is likely to close in a month.
The remaining $300 million will be raised via structured instruments, with the company in advanced talks with US-based asset management companies Oaktree Capital Management, Apollo Management, and Davidson Kempner Capital Management, the report said.
The new funds will help Byju’s to prepay a part of the $1.2 loan raised in 2021.
The Indian edtech company's current valuation is $22 billion.
(Editing by Seban Scaria)
