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India's Byju's looks to renegotiate $1.2bn loan amid steep losses

Online education startup has been under spotlight over financial losses, job cuts

Byju's in October laid off 2,500 employees from its umbrella of companies to rein in costs. (Photo by Kosaku Mimura)

NEW DELHI -- Byju's is in talks to renegotiate the terms for a $1.2 billion loan, sources familiar with the matter told DealStreetAsia, as India's most valuable education technology company grapples with steep losses and cost pressures.

Despite being backed by marquee investors such as the Chan-Zuckerberg Initiative, Naspers, the Canada Pension Plan Investment Board (CPPIB), General Atlantic, Tencent, Sequoia Capital, Sofina, Verlinvest, IFC, Aarin Capital, Times Internet, Lightspeed Ventures, Tiger Global and Owl Ventures, Byju's has been under the scanner for its accounting practices, mass layoffs and financial losses.

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