For the past two years, Byju’s has been offloading chunks of its receivables. These transactions, which have gone unnoticed, raise several questions.
There is something unusual happening at Byju’s, India’s largest education technology company, which was last valued at upwards of $20 billion and counts Sequoia, SilverLake, Blackrock, General Atlantic, Tiger Global and the Chan-Zuckerberg Initiative as investors. According to documents accessed by The Morning Context, Byju’s—incorporated as Think & Learn Pvt. Ltd—has been offloading significant chunks of its trade receivables through pass through certificates, or PTCs. A total of eight tranches of PTCs have been sold by the company since 2019.
A PTC is a financial instrument, specifically a securitization transaction where an issuer pools illiquid financial assets (like trade receivables) …
Ashish is the editor-in-chief of The Morning Context. One of the best-known business feature writers in India, he was selected for Germany’s Robert Bosch Stiftung Fellowship in 2012 and received the Mumbai Press Club RedInk certificate of recognition in 2015 for his story “Inside the Network 18 takeover”. Before joining The Morning Context, Ashish co-founded The Ken, where he was managing editor. His previous writing stints include Mint, Forbes India and The Economic Times.
Editor-in-chief
ashish@mailtmc.com
London
Advait is a financial journalist and a former writer at The Morning Context. Here, he wrote on India’s banks, the wider financial services industry and the fintech ecosystem. He has previously worked with the Economic and Political Weekly, Business Standard, BloombergQuint and MediaNama, where he covered everything from the Reserve Bank of India to fintech policy.
Writer
advait@mailtmc.com
Mumbai