Byju Issues $ 400 Million Shares in Epic; rounds off series F.

Edtech Decacorn Byju’s has issued new shares to Epic, a US reading platform, worth $ 400 million. This happens four months after the announcement of the takeover by Byju’s as part of a deal, which is expected to take place at approx $ 500 million

Byju’s has granted Epic Creations 125,984 shares valued at $ 400 million under a share swap agreement, regulatory filings indicate. After two Trickypedia’s Sources, the Bengaluru-based company will pay the remaining $ 100 million purchase price in cash.

The company has allocated 17,697 Series F shares at an issue price of Rs. 285,072 per share to raise Rs. 504.5 billion, or just over $ 67 million. Chan Zuckerberg and GenGlobal Bright Corp have invested Rs 280 billion and Rs 224.5 billion respectively.

It is worth noting that Byjus had already risen Rs 2,200 billion or $ 296 million in the same round at around $ 18 billion valuation. The new tranche increases the current valuation of the Byju Raveendran-led company to $ 18.5 billion Trickypedia‘s estimates.

Inquiries to Byju went unanswered until the story was published.

Since the beginning of this year, Byju’s has continued to raise funds through equity or debt. The company raised over $ 1.5 billion in equity in 2021 and has recently taken it down $ 1.2 billion in debt or a fixed-term loan from the overseas market.

According to media reports, the company intends to use the proceeds to finance general corporate purposes and expand its foreign activities. Byju’s also made a number of acquisitions over the past year, spending more than $ 2 billion on the acquisitions of which Aakash Educational Services, Great Learning, and Epic were the most expensive businesses.

The Seven Year Epic is a collection of more than 40,000 popular books from hundreds of major publishers. Backed by Creative Artists Agency, Evolution Media, and Reach Capital, Epic has raised approximately $ 60 million since its inception.

Corresponding Trickypedia‘s Sources will complete the ongoing Series F round of Byju’s valued at over $ 21 billion. Meanwhile, several media reports suggest the company could file IPO papers in the US valued at $ 40-50 billion by next year.

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