NEW DELHI: Edtech major Think & Learn, which operates under
Byju's
brand name, is learnt to have received a commitment of $300 million from
investors
for its ongoing
rights issue
which will close by the end of Feb, sources aware of the development said.
Byju's floated a rights issue in Jan to raise $200 million at an enterprise valuation in the range of $220-250 million - a 99% reduction in its peak valuation of $22 billion.
Sources also shared that Byju's has offered miffed investors to appoint two independent directors to enhance transparency but only after the rights issue and declaring its financial results for FY23.
"Byju's has received a total commitment of around $300 million for the rights as on date," said a source.
The source added that the negotiation is also on with miffed investors for their participation in the rights issue.
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