Byju's offers to repay $1.2 Billion to lenders in six months: reporttext_fields
New Delhi: Indian edtech Byju's has offered to repay $1.2 billion term loan in less than six months, Bloomberg reported.
After months of wallowing up in crisis, the online education company has made a surprise comeback with a promise of rejuvenation.
The first installment of $300 million of the ‘distressed debt’ is offered to be paid in three months if the amendment proposal is accepted.
The lenders will get the remaining amount in the subsequent three months, the report said citing source.
Meanwhile, lenders, reviewing the proposal, will seek details about how the repayment will be arranged, as per reports.
The lenders and Byju’s have been in conflict over the repayment of loans after the company suffered losses post Covid.
Byju’s has been one of the biggest startups globally marking a phenomenal growth in its few years of coming into being.
It is yet to see if both the parties will reach an agreement, thus paving the way the company to resurge.
Byju Raveendran started the eponymous app for online education in 2015 before quickly turning it into a giant.
Its parent company Think & Learn Pvt according to Bloomberg raised a five-year loan in 2021 to expand its operations outside India.