Byju’s has allotted 125,984 shares worth $400 million to Epic Creations in a share swap agreement
Byju’s had already raised Rs 2,200 crore or $296 million in the same round at around $18 billion valuation.
EdTech giant Byju’s has issued new shares worth $400 million to Epic, a US-based reading platform. This comes four months after the announcement of Byju’s acquisition, which was scheduled to close for roughly $500 million.
According to regulatory records, Byju’s has granted 125,984 shares worth $400 million to Epic Creations in a share swap deal. The Bengaluru-based business would pay the remaining acquisition price of $100 million in cash, according to sources.
The company has issued 17,697 Series F shares at an issue price of Rs 285,072 per share in order to raise Rs 504.5 crore (about $67 million). Chan Zuckerberg and GenGlobal Bright Corp have each invested Rs 280 crore and Rs 224.5 crore.
It’s worth mentioning that Byju’s had previously received Rs 2,200 crore ($296 million) in the same round at a valuation of around $18 billion.
Since the beginning of the year, Byju’s has continued to raise capital through equity or debt. In 2021, the company obtained more than $1.5 billion in equity and recently secured $1.2 billion in debt or a term loan from the international market.
According to media sources, the funds would be used to support general corporate purposes and to grow its abroad operations. Byju’s has also completed a number of acquisitions in the last year, spending more than $2 billion on those deals, with Aakash Educational Services, Great Learning, and Epic being the most expensive.
