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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
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) …
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