Edtech leader BYJU’S organized a conference call with over 110 investor representatives on Monday, August 14, to provide updates on its negotiations with lenders regarding the $1.2 billion Term Loan B (TLB), its audited results, and other pressing issues affecting the company.
BYJU’S Audited Results Delay and Associated Confrontations
BYJU’S is currently grappling with a range of challenges, primarily arising from its delay in filing audited financial statements for the fiscal year 2022. These issues have triggered tensions with lenders, investors, and stakeholders, creating a complex scenario for the edtech decacorn.
BYJU’S CEO and CFO Address Investors’ Concerns
CEO Byju Raveendran and CFO Ajay Goel directly engaged with the investors during the call. They emphasized the current quarter’s significance as the edtech giant strives to rectify its situation. The recently formed advisory council, featuring figures like Mohandas Pai and Rajnish Kumar, expressed confidence in BYJU’S potential, according to a report by Moneycontrol.
Resolving Financial Matters and Assurance to Investors
Raveendran assured investors that discussions regarding the TLB are projects to conclude by the end of August. Positive progress is also being made in negotiations with Davidson Kempner. Moreover, the company remains committed to filing its audited financial results for FY22 by the end of September, as previously communicated.
Challenges, Appointments, and Fundraising
Among the participating investor representatives were notable names such as General Atlantic, Peak XV Partners (formerly Sequoia Capital India), Prosus, and the Chan Zuckerberg Initiative. BYJU’S has been proactively engaging with its investors while addressing various challenges, primarily with lenders.
BYJU’S recent appointment of Richard Lobo, former HR head at Infosys, as an exclusive advisor underscores the company’s commitment to HR transformation, especially amid reports of employee layoffs and delayed appraisals. Additionally, the edtech giant is considering fundraising from Ranjan Pai, an early backer, to potentially acquire a portion of Raveendran’s stake in Aakash, the offline test prep platform in which BYJU’S holds a significant interest.
Also Read The Latest News:
Apple set to pay $65 each to claimants in 2020 lawsuit over iPhone performance slowdown
Ola Electric unveils four new electric bikes following S1 X scooter launch
The post BYJU’S holds investor call to address ongoing challenges appeared first on StartupNews.fyi.