Troubled Indian edtech startup Byju’s plans to raise more than $100 million from existing stakeholders, but its last funding round in 2022 will see a steep 90 percent discount to its $22 billion valuation, Bloomberg News reported on Tuesday.

Byju’s, which is facing multiple legal and financial troubles, is considering selling new shares, including to founder Byju Raveendran, to pay vendors and raise funds to stabilize its business, Bloomberg reported, citing people familiar with the matter. Is.

The share issuance, scheduled for next month, values ​​Byju’s at less than $2 billion, down from $22 billion in its previous round in late 2022, the report said. It raised $250 million in that round.

Byju declined to comment, while Raveendran could not immediately be reached for Reuters’ request for comment. Bloomberg did not name potential investors participating in the latest round.

Earlier this month, BlackRock cut Byju’s valuation by 95 percent to $1 billion, while tech investor Prosus NV cut it to $3 billion last November.

The valuation cut came amid media reports that Raveendran had asked to pay employees, following the exit of several Byju’s executives and board members, due to the company’s delay in filing its 2021/22 financial results. Had mortgaged his house for money.

Byju’s in November said it narrowed its operating loss to 6 per cent in 2021-22 for its core online education business, while revenue more than doubled.

(This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)