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Byju’s cuts valuation ask by 99% in rights issue amid cash crunch
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
The startup is resetting its valuation to “next to nothing” in the rights issue, where all existing investors have an opportunity to participate, according to a source familiar with the matter. We have spent our lives building this company and are fervent believers in its mission,” Raveendran wrote in the letter, seen by TechCrunch. The rights issue comes as Byju’s looks to secure capital amid a grave funding crunch.
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