Chennai: Ed-tech start-up Byju’s plans to raise $200 million through a rights issue to its existing shareholders.
The board of Think and Learn, the parent company of the ed-tech major Byju's, on Monday approved raising $200 million through a rights issue to its existing shareholders.
The issue will happen at a post-money valuation of $225 million, which is 99 per cent lower than a previous funding round, which happened at a valuation of $22 billion.
“The proposed rights issuance by TLPL aims to fund the ongoing capital expenditure and support general corporate purposes," the company said in a statement.
“The funds raised will be exclusively utilised to clear immediate liabilities and meet operational requirements, while maintaining rights of our valued shareholders,” Byju Raveendran, founder of Byju’s said.
