Top Indian Startup Byju’s Faces Deadline for $40 Million Payment
- Payment on time would buy time to raise new capital, pare debt
- Firm sought to restructure loan after tutoring boom slowed
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Byju’s, India’s most valuable startup, plans to make a quarterly interest payment of about $40 million on a loan that has been at the center of the beleaguered firm’s financial troubles, according to people familiar with the matter.
The edtech firm expects to pay on Monday to meet the June 5 deadline, the people said, asking not to be named because the information isn’t public. The situation is still fluid and plans could change. Failure to pay on that date means the $1.2 billion loan will default.