byju funding: Byju is said to be in talks with lenders for a $ 1 billion loan

Byju’s, India’s most valuable startup, is in talks with lenders to raise more than $ 1 billion in acquisition financing as the online education provider seeks to rapidly expand its business, people familiar with the business said. question.

The Bengaluru-based market leader is in talks with banks, including Morgan Stanley Other JPMorgan Chase & Co., for funding for the acquisition of another edtech company, people said, asking not to be named as the information is not public. They did not disclose the details of the acquisition objective and said the terms of the transaction and the financing have yet to be finalized.

Then read: Great Learning, owned by Byju, acquires Northwest Executive Learning on a $ 100 million contract

Byju’s, led by the former teacher Byju Raveendran, has shopped in the United States and elsewhere in recent years and has taken over startups offering programming classes, professional learning courses, and test preparation courses for competitive Indian exams. The startup was valued at $ 22 billion in fundraising this year and is working on its initial public offering plans, Bloomberg reported earlier this year.

Representatives from Byju’s and JPMorgan declined to comment on the funding. The Morgan Stanley rep did not immediately respond to an email asking for comment.

The platform’s app has been downloaded more than 150 million times, and on average, customers spend an average of 71 minutes on the app every day, according to information available on its website. The company formally called Think & Learn Pvt. Education, has major global investors, including Facebook founder Mark Zuckerberg’s Chan-Zuckerberg Initiative, Naspers Ltd., Tiger Global Management, and Sequoia Capital India.

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The popularity of online classes has soared in the country of nearly 1.4 billion people with one of the youngest populations in the world after schools and mentoring centers were forced to close their doors during the Covid-19 pandemic, forcing parents , teachers and students to seek alternative learning resources. Byju’s has also expanded its product portfolio to include one-on-one learning with teachers in India and elsewhere offering mentoring to pupils from schools around the world in countries including the United States, United Kingdom, Brazil, Indonesia, Mexico and Australia.

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