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BYJU’Shas reportedly raised $700 million, at a flat valuation of $22 billion, through two distinct stock and convertible note transactions.

The Financial Express has reported that the edtech firm’s fresh round of funding was led by two West Asia-based sovereign wealth funds and large private equity firms. The round also saw participation from some current investors.

An independent source confirmed the development to YourStory.

The investors have completed their due diligence and the term sheet was signed on March 31, the report said. According to one of the provisions of the agreement, at least $400 million – $500 million has been set aside for debt payments, it added.

YourStory has reached out to BYJU’S for a comment. This story will be updated with the company’s response.

The report also stated that BYJU’S plan to list test prep firm Aakash has been moved to 10-12 months from now. BYJU’S started talks with bankers last year to pick arrangers for Aakash’s IPO.

Recently, it was reported that BYJU’S was planning to raise as much as $250 million through the issuance of convertible notes by Aakash Educational Services Ltd, which it had acquired in April 2021 for a cash and stock deal of close to $950 million.

BYJU’S last raised $250 million in a funding round from its existing investors, including Qatar Investment Authority, in October 2022, after picking up $800 million from Blackrock, Sumeru Ventures, and others in March. It also took on an unsecured loan of Rs 300 crore from Aakash in October last year.