Abu Dhabi's 10X AD evaluates bet on Byju's or its arm Aakash: Report

The troubled edtech firm is looking to raise at least $400-600 million from other investors

Abu Dhabi Fund 10X AD, Apollo Global are in talks to invest in Byju’s parent or Aakash, according to a report by the Economic Times. According to the report, Byju’s CEO Byju Raveendran is in discussions with US private equity major Apollo Global Management, Abu Dhabi-based fund 10X AD and Disrupt AD, Abu Dhabi-based ADQ’s venture capital arm for investment in the company or its arm Akash Education Services (AES). The troubled edtech firm is looking to raise at least $400-600 million from other investors, sources told the daily.

Byju’s has also approached Apollo Global Management, a leading US private equity and alternative asset management group, for a $200-250-million structured financing for Akash Education, sources told ET.

However, it is not clear if 10X AD will lead an investor consortium of family offices and ultra-high-net-worth individuals in Abu Dhabi or go it alone and invest $150-200 million, the report said.

BYJU’s is seeking to raise as much as $250 million through the issuance of convertible notes by its tutoring service unit. The Financial Express had reported earlier this month that Byju’s is gearing up for a $700 million fundraise at a flat $22 billion valuation, a much-needed infusion that will help the edtech giant tide over a liquidity crunch, according to people familiar with the matter.