Byju’s, the leading edtech startup globally, has received approval from its board of directors for the initial public offering (IPO) of x Services, a division specializing in tutoring services. The IPO, initially scheduled for 2023, has been postponed and is now planned to be held in mid-next year.
In a statement released on June 5, Byju’s announced the official sanction by its board and disclosed that the appointment of merchant bankers for the IPO would be announced shortly. This decision aims to ensure a well-organized and successful listing in the coming year.
This development comes as Byju’s faces a time-sensitive deadline to make a quarterly interest payment of $40 million on a loan it raised in November 2021.
Earlier reports from Moneycontrol had indicated Byju’s preparations for the $1 billion public listing of Aakash, valuing the tutoring services unit between $3-4 billion.
Byju’s further revealed that Aakash is projected to achieve revenues of Rs 4,000 crore in FY24 (2023-24), with an EBITDA of Rs 900 crore. Byju’s had acquired Aakash through a $900 million deal in April 2021.
About Byju’s:
Byju’s, an Indian multinational educational technology company based in Bangalore, Karnataka, was established in 2011 by Byju Raveendran and Divya Gokulnath. With a valuation of US$22 billion as of March 2022, Byju’s has positioned itself as a major player in the edtech industry. As of April 2023, the company boasts a staggering user base of over 150 million registered students.
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