Edtech company and India’s most valuable startup, Byju’s, has raised $1.2 billion via a term loan from overseas, Mint reported on Tuesday.
The newspaper said that the company, which is valued at $18 billion, had earlier planned to borrow $500 million through a Term Loan B (TLB), but the round was increased in size. TLBs typically have a floating interest rate, with tenures ranging from five to seven years.
American investment banks, including Morgan Stanley and JPMorgan, have worked with Byju’s to structure the TLB, the paper said, adding that the edtech firm is readying funds for working capital and acquisition needs ahead of a potential listing next year.
Read the full report: Mint
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