Byju's to raise $250 mn via convertible notes in Aakash pre-IPO funding

The pre-IPO round at Aakash will help the startup to tide over a liquidity crunch as talks to raise funds at a parent level are getting delayed with a prolonged due diligence process

Byju’s, the world’s most valuable edtech startup, is seeking to raise as much as $250 million through the issuance of convertible notes by its tutoring service unit, according to people familiar with the matter.
 

Aakash Educational Services, the firm’s tutoring business provider, will issue the notes that will convert into equity at a discount of 20% to the listing price of the unit’s planned initial public offering, they said, asking not to be named as the information is not public. Some investors in Byju’s are expected to participate in the round, they said, without disclosing details, citing the sensitivity of