Edtech unicorn Byju’s raises $1.2 billion via term loan

India’s most valuable privately held startup, Byju’s, has raised $1.2 billion via a term loan from the overseas market. The edtech firm, valued at $18 billion, had earlier planned to raise $700 million, however, the round was upsized, as per people familiar with the matter.

The company has taken advantage of the interest rate arbitrage available in the global markets, with record low rates, said the people. Byju’s has raised capital at Libor plus 550 basis points, which is much lower than what is available in the domestic markets.