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Abu Dhabi’s 10X AD evaluates bet on Byju’s or its arm Aakash: Report

The Economic Times reports that Abu Dhabi Fund 10X AD and Apollo Global are in talks to invest in Byju’s parent company, Aakash. According to the report, Byju’s CEO, Byju Raveendran, is in investment talks with US private equity giant Apollo Global Management, Abu Dhabi-based fund 10X AD, and Disrupt AD, Abu Dhabi-based ADQ’s venture capital arm. The troubled edtech company is seeking between $400 million and $600 million from other investors, according to sources.

According to ET sources, Byju’s has also approached Apollo Global Management, a prominent US private equity and alternative asset manager, for a $200 million to $250 million structured financing for Akash Education.

According to the report, it is unclear whether 10X AD will manage a consortium of family offices and ultra-high-net-worth individuals in Abu Dhabi or invest $150–200 million on its own.

The education services division of BYJU’s is seeking to raise up to $250 million through the issuance of convertible notes. Earlier this month, the Financial Express reported that Byju’s was preparing for a $700 million financing at a fixed $22 billion valuation, a much-needed infusion that will help the edtech behemoth overcome a liquidity crisis, according to people familiar with the matter.

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