BYJU's said to seek easier payment terms for its $1.2 billion loan: Report
Mumbai: India’s most valuable startup BYJU's is seeking to restructure a $1.2 billion loan amid financial losses and cost-cutting measures, Bloomberg reported.
The ed-tech company valued at $22 billion is getting advice on how to get easier payment terms, including a lower interest rate and more time to repay, the report said citing sources aware of the development.
BYJU’s expanded riding on India’s India’s growing mobile connections and overseas investments but witnessed a downturn due to tremendous spending.
In October, BYJU’s said it would shed 2,500 workers — about 5% of its total workforce — and lower its marketing and sales costs, as it races to become profitable by March.
Its audited financial statements disclosed a 13-fold jump in losses for the year ended March 2021.
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