Ed-tech decacorn Byju’s issues shares worth $400 million to Epic
- ByTejika Bajaj | November 16, 2021
The ed-tech decacorn Byju’s announced that it has issued shares worth $400 million to Epic, a US based reading platform. The deal with Epic is said to be of $500 million whereby $400 million would be allotted via shares whereas the remaining would be settled via cash.
Byju’s has allotted 125. 984 shares worth $400 million to Epic Creations in a share swap deal. The company has issued the shares at a price of Rs. 285, 072 per share. Chan Zuckerberg and GenGlobal Bright Corp have invested Rs. 280 crore and Rs. 224.5 crore respectively.
The recent infusion of capital has taken the valuation of the Bengaluru based firm to a whopping $21 billion. According to other media reports, the company plans to utilize the proceeds of the fund to general corporate purposes and expand its overseas operations.
The ed-tech giant has continued to mop up funds through equity or debts since the beginning of the year. The company has raised more than $1.5 million in equity in the year 2021 alone and picked up $1.2 billion via debt or term loan instruments. Byju’s has also made a series of acquisitions in the past year and spent more than $2 billion for the same.
With the expansion of the company, Byju’s might look forward to launching its IPO in the US market at a valuation of $40-50 billion.
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