Byju’s Subscription for $200M Rights Issue, Slashing Valuation by 99%, Reaches Full Capacity
Byju’s cut the pre-money valuation ask in the rights issue to about $20 million to $25 million, TechCrunch earlier reported.
If they don’t participate in the rights issue, they risk losing nearly all their stake in Byju’s.
“Our rights issue is fully subscribed and my gratitude to my shareholders remains strong,” founder and chief executive Byju Raveendran wrote in a letter to shareholders Tuesday.
“But my benchmark of success is the participation of all shareholders in the rights issue.
“I understand that participating in this rights issue may seem like a Hobson’s choice.
