India Largest $22 Billion EdTech BYJU’S Files Lawsuit Against Lender Redwood in New York for Violating $1.2 Billion of Term B Loan in Payment Demands, Lenders Representing 85% of $1.2 Billion Loan Responded the Lawsuit Has No Merit & Payments Had Defaulted for 9 Months
9th June 2023 | Hong Kong
India largest EdTech (Education Technology) company BYJU’S ($22 billion valuation) has filed a lawsuit against lender Redwood in New York for violating $1.2 billion of Term B Loan (TLB) in payment demands, with lenders representing 85% of $1.2 billion loan responded the lawsuit has no merit and payments had defaulted for 9 months. 8th June 2023 – A group of ad hoc term loan lenders, who collectively own more than 85% of BYJU’S $1.2 billion term loan, today issued the following statement in response to a recent lawsuit filed by BYJU’S in the Supreme Court of the State of New York County of New York. Ad Hoc Lender Group Responds to Meritless Lawsuit Filed by BYJU’S: “BYJU’S’ meritless lawsuit against its term loan lenders is simply an effort to avoid complying with its obligations, including making contractually required payments. The lender group, comprised of 21 highly respected global institutional investors, has sought to work constructively with the company over the past nine months to cure its numerous defaults and will continue to do so in good faith. However, in the event BYJU’S intentionally remains in default, the lender group reserves all rights available to it to enforce the credit agreement.” Houlihan Lokey serves as financial advisor to the term loan lender group and Kirkland & Ellis LLP, Cahill Gordon & Reindel LLP, and Shearman & Sterling LLP are serving as legal advisors. In 2023 May, BYJU’S had been alleged to hide or moved $500 million from United States non-operating entity BYJU’S Alpha Inc, with the lenders owed $1.2 billion filing the lawsuit in Delaware (United States). The lawsuit was filed by by Glas Trust Company and Timothy R. Pohl. The defendants in the filing are BYJU’S Alpha, Tangible Play, Inc., and Riju Ravindran, Director of Alpha Inc). Bjyu’s was founded in 2011 by Byju Raveendran and Divya Gokulnath, and has a valuation of around $22 billion. BYJU’S is backed by some of the world’s most prominent impact investors, including Chan-Zuckerberg Initiative, Naspers, CPPIB, General Atlantic, Tencent, Sequoia Capital, Sofina, Verlinvest, IFC, Aarin Capital, TimesInternet, Lightspeed ventures, Tiger Global, Owl Ventures and Qatar Investment Authority. See below for more info.
” India Largest $22 Billion EdTech BYJU’S Files Lawsuit Against Lender Redwood in New York for Violating $1.2 Billion of Term B Loan in Payment Demands, Lenders Representing 85% of $1.2 Billion Loan Responded the Lawsuit Has No Merit & Payments Had Defaulted for 9 Months “
India Largest $22 Billion EdTech BYJU’S Alleged to Hide $500 Million from United States BYJU’S Alpha Inc, Lenders Owed $1.2 Billion Filed Lawsuit
20th May 2023 – India largest EdTech (Education Technology) company BYJU’S ($22 billion valuation) had been alleged to hide or moved $500 million from United States non-operating entity BYJU’S Alpha Inc, with the lenders owed $1.2 billion filing the lawsuit in Delaware (United States). The lawsuit was filed by by Glas Trust Company and Timothy R. Pohl. The defendants in the filing are BYJU’S Alpha, Tangible Play, Inc., and Riju Ravindran, Director of Alpha Inc). The case is Glas Trust Company vs Riju Ravindran, 2023-0488, Delaware Chancery Court (Wilmington). Bjyu’s was founded in 2011 by Byju Raveendran and Divya Gokulnath, and has a valuation of around $22 billion. BYJU’S is backed by some of the world’s most prominent impact investors, including Chan-Zuckerberg Initiative, Naspers, CPPIB, General Atlantic, Tencent, Sequoia Capital, Sofina, Verlinvest, IFC, Aarin Capital, TimesInternet, Lightspeed ventures, Tiger Global, Owl Ventures and Qatar Investment Authority.
BYJU’S
BYJU’S, the world’s leading education technology (EdTech) company, provides engaging and personalized learning programs to more than 150 million students around the world. The BYJU’S family of brands caters to a wide range of learners of all ages and includes BYJU’S Learning App for K12 after-school learning, BYJU’S classes with a unique two-teacher model, BYJU’S Live for live 1-on-1 learning, BYJU’S Tuition Centre for hybrid learning, BYJU’S Future School for skill-based learning, Epic for digital reading, Osmo for hands-on ‘phygital’ learning games, Tynker for creative coding in K12, Aakash Education for test-prep, Great Learning for upskilling, and GeoGebra for interactive and collaborative mathematics learning tools. With users in more than 120 countries and learning programs offered in multiple global languages, BYJU’S is at the forefront of deploying cutting-edge technology in education, as well as providing thought leadership to the global EdTech community.
BYJU’S has been backed by some of the world’s most prominent impact investors, including Chan-Zuckerberg Initiative, Naspers, CPPIB, General Atlantic, Tencent, Sequoia Capital, Sofina, Verlinvest, IFC, Aarin Capital, TimesInternet, Lightspeed ventures, Tiger Global, Owl Ventures and Qatar Investment Authority.
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