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Byju’s says $200 mn raise done, to appoint two investor directors

The Arc Web · 1y

Indian edtech giant Byju's has successfully raised $200 million through a rights issue. The funding will cover existing liabilities and provide growth capital for the company. In this funding round aimed at existing investors, Byju's adjusted its pre-money valuation to $20 million. As part of the rights issue, the company will appoint two non-executive directors to its board. This move comes as a consortium of investors seeks to remove founder Byju Raveendran and reconstitute the board, expressing concerns over leadership and stability. Raveendran emphasized the importance of unity and support for the rights issue.