Byju's plans to repay Rs 9000 crore loan before April 2024

A report in Bloomberg indicates that India’s multinational educational startup, Byju’s has made a proposal to its lenders for settling their loans over the course of the next 6 months provided they accept the terms laid out by Byju’s. One-fourth of this amount would be settled over the next 3 months as per this proposal. The lenders have sought more details and the process of review is ongoing. No official clarification has come from either Byju’s or the lenders so far. 

In June 2023, Byju’s was involved in a lawsuit with its lenders over alleged predatory practices. It sought the disqualification of Redwood, a hawkish trade-lender for trading in distressed debts. The leaders had demanded payment before the period of expiry by citing technical irregularities in March 2023. 

Byju’s has been undergoing a period of turmoil owing to delays in issuing financial statements, concerns regarding organisational structure and entrenchments. Key investors such as the Chan-Zuckerberg initiative and Deloitte which was to audit the company ended their professional relationship with the company over these concerns. 

"The company has charted out a very aggressive plan of repayment and is fairly confident of paying back the loan," an anonymous source from Byju’s  revealed in an interaction with Moneycontrol.