Byju’s launches rights issue to raise $200 million

The board of Think and Learn, the parent company of Byju’s, on Monday, launched a rights issue to raise $200 million from its existing investors. The issue will be open for subscription for 30 days. In a letter sent to the shareholders, founder and CEO, Byju Raveendran informed them about the board’s decision to raise capital through the rights issue mechanism.

The issue will happen at a post-money valuation of $220-250 million, which is 99% lower than the company’s last funding round which happened at a valuation of $22 billion, sources said.