Lenders of BYJU’S have appointed risk advisory firm Kroll to protect the “charged assets” of both Great Learning Pte and the edtech firm’s Singapore entity Byju’s Pte. Ltd.
The main objective of this appointment is to safeguard and maintain the assets and businesses belonging to Great Learning, which includes its subsidiary, Northwest Education Pte. Ltd., and Byju’s Pte. Ltd., Kroll said.
Cosimo Borrelli, the global co-head of restructuring, and Jason Aleksander Kardachi, who leads Kroll’s Singapore office, have been selected to oversee this task.
Kroll is working closely with the management of Great Learning and Northwest Education. Mohan Lakhamraju, founder and CEO of Great Learning, continues to lead the Great Learning business and its management team.
“I am happy to see the Kroll team’s commitment towards Great Learning’s high quality education and continued growth and look forward to collaborating with them towards the realisation of our mission of enabling career success through transformative learning,” Lakhamraju said in a statement.
Founded by Arjun Nair, Hari Nair, and Mohan Lakhamraju in 2013, Great Learning offers comprehensive, industry-relevant programs across various technology, data and business domains.
This move comes at a time when BYJU’S is considering the possibility of selling Great Learning.
Earlier, it was reported that the founders of Great Learning, the edtech startup acquired by BYJU’S in 2021 for $600 Mn, are reportedly in talks with investors to raise funds to buy the company back from the Byju Raveendran-led embattled decacorn.
Last month, reports also surfaced that the cash-strapped BYJU’S is looking to raise $800 Mn and $1 Bn by selling Epic and Great Learning to repay its $1.2 Bn Term Loan B.
Amid many challenges faced by the edtech firm, BYJU’S recently missed the deadline to release its much-delayed financial numbers for FY22. The company said it has convened a meeting of its board members in the second week of October to approve and adopt its financial statements for FY22.
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