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Edutech company Byju’s is in a mood to sell its American children’s digital reading platform ‘Epic’. The struggling company is looking to sell to Joffrey Capital Ltd for around $400 million. Let us tell you that Baiju is facing financial crisis. The company is taking various steps to raise funds. Under this, talks of sale of Epic are going on.
What are the details?
A Bloomberg report cited sources as saying the sale of Byju’s firm Epic will help Byju raise money to pay off a $1.2 billion term loan. Duolingo Inc. Other bidders have shown interest in buying it. According to sources, the deal could be finalized by the beginning of this month. No final decision has been taken on this deal. However, no one has given an official response regarding this.
Let us tell you that Byju bought Epic for $500 million in the year 2021. Founded nearly a decade ago, American firm Epic has a collection of over 40,000 books on its online platform. As for Baiju, it is trying to cut costs to reduce losses.
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loss reduction
Meanwhile, Byju’s parent company Think & Learn Pvt Ltd’s operating loss in its core business in 2021-22 narrowed to Rs. 2,253 crore has been done. EBITDA or core business operating loss in the year-ago period was Rs. 2,406 crores. Byju’s core business revenue to grow 2.3 times in FY 2021-22 to Rs. 3,569 crore, which in the previous financial year was Rs. 1,552 crores.