According to a report by Reuters, Byju's is looking to sell two of its companies it acquired in 2021— Great Learning and Epic — to raise up to $1 billion in an effort to streamline its businesses and repay it's lenders.
In July 2021, BYJU’S acquired Great Learning Pvt. Ltd. for $600 million and Epic! for $500 million.
Byju's plans to sell these two companies are part of a "strategy review" to focus on its original area of K-12 education area while divesting from other business lines.
Valued at $22 billion last year, Byju's could also sell more of its assets in the future to raise cash, said the Reuters' report citing two of its sources.
BYJU'S has made 19 acquisitions and 2 investments, according to Tracxn. The EdTech company has spent over $ 2.88 billion for the acquisitions in previous years.
Byju’s and its lenders have been involved in a conflict for almost a year, during which rounds of negotiations to revamp its loan agreement have failed.
In June, three of Byju's investor board members quit the company's board without explanation, leaving only company executives on the board. The same day, its auditor Deloitte quit mid-way through its audit, saying there was a "significant impact" on its ability to perform the audit according to necessary standards after "long-delayed" financial statements by the company.
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