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The India division of fintech start-up PayU, and a delivery platform that can get food and grocery orders to customers in just seven minutes; those are some of the businesses that Naspers is betting on in the subcontinent, one of the world’s fastest-growing economies.
Byju’s has received three offers, totalling around $400 million, for Epic. As per the current plan, the company might need to utilise about $80-100 million from this amount while allocating the rest for term loan B (TLB) lenders, as per a report
Tech and consumer internet giant Naspers will invest a substantial cash injection into its e-commerce retailer Takealot as it vowed to do “what it takes” to fight competition from bigger rival Amazon.
Byju’s is down 86% from its peak valuation of $22 billion in July 2022.
Reducing the discount to net asset value creates its own problems, because the share buyback programme at big discounts enhances the underlying value.