No default on repayment of loans taken from US lenders: BYJU’s

Edtech major BYJU’S on Friday said it has not defaulted on repayment of loans raised from American lenders and USD 500 million worth of loans were transferred from the group’s US entities to fund growth plans.

The statement comes against the backdrop of lender Glas Trust company and investor Timothy R Pohl filing a lawsuit against BYJU’s US-based entities for certain alleged wrongful acts.

They have sued BYJU’S Alpha and Tangible Play for moving USD 500 million out of BYJU’S Alpha.

The two entities are part of Think and Learn Private, the parent of BYJU’s.