June 12

A $22-Billion Indian Tech Darling Runs Afoul of Lenders

Post-Pandemic Troubles

Add Indian education startup Byju’s to the growing list of companies that became victims of their own success during the pandemic.

At the start of last year the tech firm that provides services to more than 150 million students around the world was riding a wave of demand for online learning, drawing investment from BlackRock, Sumeru Ventures and Vitruvian Partners in a funding round that valued the company at $22 billion. On Monday it skipped a $40 million interest payment on a loan that has slumped deep into distressed territory, indicated at about 65 cents on the dollar.

Photo courtesy of cherian_in.

Source: Bloomberg (link opens in a new window)

Education, Technology
edtech, failure