Byju’s US division has filed for Chapter 11 bankruptcy in Delaware, citing liabilities ranging from $1 billion to $10 billion.
According to the court filing, Byju’s Alpha unit put its assets between $500 million to $1 billion, with estimated creditors ranging from 100 to 199.
Byju Raveendran’s ed-tech company was once India’s hottest startup, estimated at $22 billion in 2022, however, lenders have lately initiated bankruptcy proceedings against it.
Byju’s investors stated that the company’s valuation had dropped to between $1 billion and $3 billion.
Byju announced on Monday that it would raise $200 million through a rights offer of shares to cover immediate liabilities and other operational costs.
It has also been negotiating the repayment of a $1.2 billion term loan in recent months, and thousands of employees have been laid off.
Indian authorities have also investigated the cooperation for possible violations of the country’s foreign exchange laws.
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