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livemint.com / 2 years ago
economictimes.indiatimes.com / 2 years ago
livemint.com / 2 years ago
livemint.com / 2 years ago
Byju’s may have to dip into Epic sale funds to keep lights on
Epic, to sustain operations at Think & Learn, multiple people aware of the matter said.
While Byju’s has received three bids so far for about $400 million for Epic, as per the current plans, the company would have to tap into at least $80-100 million from the transaction while keeping the remainder for term loan B (TLB) lenders.
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Offering CollegeCourseWebsiteIIM KozhikodeIIMK Advanced Data Science For ManagersVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisitIIM KozhikodeIIMK Senior Management ProgrammeVisitHowever, the critical factor remains the speed at which the deal is finalised, and the funds are transferred even as Byju’s simultaneously explores various avenues for securing much-needed financing. Joffre, a tech-focused buyout firm, is said to be the frontrunner.
Meanwhile, Byju’s also informed employees on Saturday that it is reducing the notice period for all its staffers from 15-60 days to 15-30 days, depending on seniority.
For Level 1 to 3, which includes executives, associates, specialists, senior executives, senior associates, senior specialists and team leads, the notice period would be 15 days, while the same for Level 4 and above would be 30 days. ET has seen a copy of the email sent by the company.
This latest move is also aimed at cutting costs. In September, the company’s newly-appointed India CEO Arjun Mohan started a restructuring that resulted in at least 4,500 job cuts. Currently, Think & Learn is estimated to have around 13,000-14,000 employees.
Byju’s is implementing multiple desperate measures to stay afloat at a time when the company is slated to hold its annual general meeting on December 20. ET
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