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Edtech start-up BYJU’S is in talks with investors including US private equity firm TPG Inc to raise over $500 million, Bloomberg News reported on Thursday, citing people familiar with the matter.
Investment firms including TPG and two Middle Eastern sovereign wealth funds have begun due diligence on the Bengaluru-based start-up, according to the report.
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This development comes after multiple cost-cutting measures and layoff rounds at the companyTalks are ongoing and it is unclear if the investors will progress with the deal, Bloomberg reported.
BYJU’S and TPG did not immediately respond to Reuters’ request for comment.
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To assist students who require financial assistance and where requested, BYJU’S facilitates connecting those students’ parents or guardians to reputable third-party banks or financial institutionsThe online learning platform, which was valued at around $22 billion in September, has been racking up costs as it spends heavily on promotions and employee salaries. BYJU’S also said in October it would lay off 2,500 employees in its push towards achieving profitability by March 2023.
The company reported a loss of ₹4,564 crore ($552.11 million) in May for fiscal 2021.
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