Blackstone, GIC Help Byju’s Boost Loan Target to $1 Billion
- Fidelity is among other investors participating in the loan
- India edtech unicorn had previously sought $500 million
The BYJU'S learning app.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
Indian online education provider Byju’s received strong demand for its term loan from global investors including Blackstone, Fidelity and GIC, according to people involved in the deal.
The Bangalore-headquartered startup, India’s top unicorn with a market value of $16.5 billion, is more than doubling the targeted size of its term loan B to $1.2 billion from the $500 million it had previously sought. The board of Byju’s parent, Think & Learn Pvt, approved the size and terms of the loan in a meeting on Sunday, one of the people said, asking not to be identified as the information hasn’t been made public. It is being priced at 550 points over Libor, according to the person.