Byju’s Alpha unit listed its assets in the range of $500 million to $1 billion
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A US unit of Indian education technology startup Byju’s has filed for Chapter 11 bankruptcy proceedings in the US court of Delaware, listing liabilities in the range of $1 billion to $10 billion.
Byju’s Alpha unit listed its assets in the range of $500 million to $1 billion, according to a court filing, which showed estimated creditors in the range of 100 to 199.
The ed-tech company, founded by Byju Raveendran, was one of India’s hottest startups, valued at $22 billion in 2022, but has more recently seen lenders initiating bankruptcy proceedings against it.
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Some of Byju’s investors said the company’s valuation had fallen to between $1 billion and $3 billion.
Byju’s said on Monday it would raise $200 million through a rights issue of shares to clear “immediate liabilities” and for other operational costs.
It has also been negotiating the repayment of a $1.2 billion term loan in the last few months and laid off thousands of employees.
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The firm has also been under the scanner of Indian authorities over alleged violations of the country’s foreign exchange laws.
