BYJU'S raises $200 Mn through rights issue at 99% valuation cut
Shortpedia
Content Team
Image Credit: tech crunch
BYJU'S , the embattled edtech company, has managed to raise $200 million through a fully subscribed rights issue at a 99% valuation cut, as reported in a shareholder letter written by founder and CEO Byju Raveendran. Raveendran plans to invest $45-$46 million in the rights issue to maintain his shareholding in the company, while some late-stage investors are also eager to participate. A rights issue is an offer to existing shareholders to purchase more shares in the company.
