Latest news with #JeremyKeeshin
News18
4 days ago
- Business
- News18
Byju's Subsidiaries Sale: $700M Bet Shrinks To $97M As Epic, Tynker Sold At Heavy Loss
Byju Raveendran noted that the company expanded too fast in over 21 countries, driven by the pressure from investors. Byju's originally purchased Tynker in 2021 for around $200 million and Epic for about $500 million the same year. The significantly lower sale prices reflect the steep devaluation of the company's global portfolio. EdWeek Market Brief reported that Tynker's sale resulted from 48 rounds of competitive bidding between CodeHS, operating through a new entity named Tynker Holdings, and another bidder, Future Minds. Jeremy Keeshin, the CEO of CodeHS and the sole member of Tynker Holdings, stated that this acquisition would enable CodeHS to support learners from basic coding to advanced computer science. Department Of Justice Intervention Epic's sale encountered a last-minute intervention from the US Department of Justice, which highlighted the potential need for a review by the Committee on Foreign Investment in the United States (CFIUS) due to the Chinese ownership of the buyer. Judge Shannon described the event as a 'fire drill," but the sale ultimately proceeded. Byju Raveendran Accepts His Big Mistake Byju's founder Byju Raveendran earlier acknowledged that a significant mistake the company made was opting for a $1.2 billion term loan in 2021, despite having adequate equity funding options. He also noted that the company expanded too fast in over 21 countries, driven by the pressure from investors. In an interview with ANI, Raveendran explained that the decision, made collectively with board members including investor and founder directors, was not a result of desperation, as the company had previously raised $5 billion. About the Author First Published: June 11, 2025, 09:10 IST
Time of India
4 days ago
- Business
- Time of India
Byju's sells US-based arms at steep discount
Bengaluru: Byju's has sold its US-based subsidiaries, Epic and Tynker, as part of US bankruptcy proceedings, in what appears to be a fire sale. This marks the latest step in the Indian edtech company's asset liquidation following its financial collapse. Tired of too many ads? go ad free now Epic was acquired for $95 million by the Chinese education firm TAL Education Group, while CodeHS purchased Tynker for $2.2 million in cash, according to court filings. Both transactions were approved by US Bankruptcy Judge Brendan Shannon on May 20 and are intended to help lenders recoup losses from a $1.2 billion term loan extended to Byju's. Tynker was acquired by Byju's in 2021 for a reported $200 million, while Epic was bought the same year for about $500 million. The latest sale values underscore the sharp write-downs now facing the company's global portfolio. According to a report by EdWeek Market Brief, Tynker's latest sale followed 48 rounds of competitive bidding between CodeHS, operating through a newly formed entity called Tynker Holdings, and another party, Future Minds. CodeHS CEO Jeremy Keeshin, identified in court as the sole member of Tynker Holdings, said the acquisition would allow the company to support learners as they progress from basic coding tools to advanced computer science content. Epic's sale faced an eleventh-hour intervention from the US Department of Justice, which flagged the potential need for a CFIUS (Committee on Foreign Investment in the United States) review due to the buyer's Chinese ownership, court records show. Judge Shannon described the episode as a "fire drill," though the transaction ultimately received approval. Both sales are being overseen by a court-appointed trustee managing the asset disposal on behalf of creditors. Tired of too many ads? go ad free now Byju's, once valued at $22 billion, is now facing insolvency proceedings in India over non-payment of dues, while its international operations are being dismantled through US bankruptcy court. TOI previously reported that the asset sales form part of a larger restructuring effort as Byju's attempts to navigate legal, regulatory, and financial pressures following its aggressive global acquisition spree. Other subsidiaries, such as Aakash, remain under scrutiny amid separate legal proceedings.
Time of India
4 days ago
- Business
- Time of India
Byju's sells US subsidiaries at steep discount
BENGALURU: Byju's has sold its US-based subsidiaries, Epic and Tynker, as part of US bankruptcy proceedings, in what appears to be a fire sale. This marks the latest step in the Indian edtech company's asset liquidation following its financial collapse. Epic was acquired for $95 million by the Chinese education firm TAL Education Group, while CodeHS purchased Tynker for $2.2 million in cash, according to court filings. Both transactions were approved by US Bankruptcy Judge Brendan Shannon on May 20 and are intended to help lenders recoup losses from a $1.2 billion term loan extended to Byju's. Tynker was acquired by Byju's in 2021 for a reported $200 million, while Epic was bought the same year for about $500 million. The latest sale values underscore the sharp write-downs now facing the company's global portfolio. According to a report by EdWeek Market Brief, Tynker's latest sale followed 48 rounds of competitive bidding between CodeHS, operating through a newly formed entity called Tynker Holdings, and another party, Future Minds. CodeHS CEO Jeremy Keeshin, identified in court as the sole member of Tynker Holdings, said the acquisition would allow the company to support learners as they progress from basic coding tools to advanced computer science content. Epic's sale faced an eleventh-hour intervention from the US Department of Justice, which flagged the potential need for a CFIUS (Committee on Foreign Investment in the United States) review due to the buyer's Chinese ownership, court records show. Judge Shannon described the episode as a 'fire drill,' though the transaction ultimately received approval. Both sales are being overseen by a court-appointed trustee managing the asset disposal on behalf of creditors. Byju's, once valued at $22 billion, is now facing insolvency proceedings in India over non-payment of dues, while its international operations are being dismantled through US bankruptcy court. TOI previously reported that the asset sales form part of a larger restructuring effort as Byju's attempts to navigate legal, regulatory, and financial pressures following its aggressive global acquisition spree. Other subsidiaries, such as Aakash, remain under scrutiny amid separate legal proceedings. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
