Byju’s, the world’s most valuable edtech startup, launched a rights issue on Monday, seeking to raise $200 million as the Indian firm works to address its working capital issues.
The startup is resetting its valuation in the rights issue, where all existing investors have an opportunity to participate, according to a source familiar with the matter.
In a letter to shareholders Monday, Byju’s founder Byju Raveendran said the founders of the edtech group have invested $1.1 billion into the Bengaluru-headquartered startup in the last 18 months and seek continued support from the investors.
“We have made immense personal sacrifices for the sake of the company. We have spent our lives building this company and are fervent believers in its mission,” Raveendran wrote in the letter, seen by TechCrunch.
More to follow.