Byju’s $1.2 Bn | Crypto ‘balance’ | Amazon Pay

riseshine.in 09 nov 21

Byju’s $1.2 billion fundraise, Policymakers considering ‘middle path’ on crypto, Amazon Pay gets Rs 1000 Cr, funding Deals & more.

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Byju’s raises $1.2 billion via term loan

Byju’s, India’s highest-valued startup, has raised $1.2 billion via a term loan from overseas markets. Byju’s will be the second of the unicorns in India to raise debt through this route after Oyo.

It has raised capital at a rate of Libor + 550 basis points, much lower than what’s available in domestic markets. Libor, or London interbank offered rate, is the benchmark at which overseas interest rates are set.

byju's riseshine.in
Founder & CEO Byju Raveendran

Byju’s will now be independently assessed by the leading credit rating agencies such as Moody’s and Fitch.

The company has spent more than $2 billion on acquisitions over the past few months, triggering consolidation in an industry that has gained due to the pandemic.

Earlier this year, Byju’s expanded in overseas markets through its ‘Future School’ offering in the US, UK, Brazil, Indonesia and Mexico.

Policymakers considering ‘middle path’ on crypto

India may take the “middle path” on cryptocurrencies as it finalises legislation on virtual assets for the upcoming winter session of Parliament.

The government had listed the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 for the budget session, but it was not introduced for wider consultations. An inter-ministerial group was subsequently set up to look into the draft and issues around such currencies.

Cryptocurrency

An outright ban on crypto is not seen as feasible because of the large sums that Indians have been pouring into various crypto assets. All the same, these virtual currencies are also unlikely to be allowed as legal tender.

“A balance has to be found,” the person said, adding that a final call on the contours of the law will be taken shortly. “A middle path that balances the concerns of all stakeholders is more likely.”

Finance minister Nirmala Sitharaman had told in August: “I’ve already said that we are not saying no to cryptocurrency. We are saying we’ll have to see how this technology can help fintech to maximise its potential that it has.”

Hot Shorts

  • Car-sharing startup Zoomcar has raised $92 million in a private placement led by New York-based SternAegis Ventures with participation from international family offices and institutional investors.
  • Global learning platform for children, BrightChamps, has raised $63 million in funding from global private equity and venture capital funds Premji Invest and GSV Ventures among others.
  • HR tech startup Advantage Club has raised a total of $5 million from Y-Combinator, Jetty Ventures, Earlsfield Capital, SMC Advisors, Kunal Shah, among others.

Amazon Pay India gets Rs 1,000 Cr from parent company

Amazon has invested Rs 1,000 Cr in its Indian payment arm – Amazon Pay.

Amazon pumps Rs 1000 Cr in Amazon Pay India

As per the regulatory filings sourced from Tofler, the US e-commerce giant will be receiving 100 crores equity shares of Amazon Pay India of Rs 10 each. The overall funding also includes a nominal investment coming from Amazon.com.incs which is based out of Mauritius.

Meanwhile, Amazon Pay India also reported a net loss of Rs 1,516 crore in the financial year ended March 31, 2021, the company stated.

The payment arm’s total income rose by 30 percent from Rs 1,370 crore in FY20 to Rs 1,786 crore in FY21. Total expenses remained flat at Rs 3,295 crore versus Rs 3,234 crore in the previous financial year.

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