Edtech player BYJU’S plans to make a quarterly interest payment of about $40 million on a $1.2 billion loan that has been at the center of the beleaguered firm’s financial troubles, according to a Bloomberg report.
In case Byju’s fails to pay the $40 million interest payment, it will mean the $1.2 billion loan will default, according to the report. The loan is the largest unrated loan by a startup ever. The company has missed deadlines to file its financial accounts for the year to March 31.
In late-April, the ED conducted searches on Byju’s as part of a foreign exchange violation probe under the provisions of the Foreign Exchange Management Act (FEMA). A total of three premises, two businesses and one residential, of Byju’s CEO Raveendran Byju and his company were raided.
