Byju’s denies lenders’ allegations of hiding $533 million with a hedge fund

Ed-tech unicorn Byju’s has refuted accusations that it syphoned off funds to the tune of $533 million to a US-based hedge fund, capital that was allegedly supposed to be kept as collateral for a $1.2 billion worth Term B Loan it is struggling to repay.

“Byju’s would like to emphasise that its credit agreement with the lenders does not prohibit or restrict the usage, movement or investment of funds disbursed thereunder. Furthermore, contrary to the false allegations, BYJU’s would like to clarify that there is no requirement to maintain cash as collateral for the lenders under the credit agreement,” the company said in a statement.