BENGALURU: Byju’s has sold its US-based subsidiaries, Epic and Tynker, as part of US bankruptcy proceedings, in what appears to be a fire sale. This marks the latest step in the Indian edtech company’s asset liquidation following its financial collapse. Epic was acquired for $95 million by the Chinese education firm TAL Education Group, while CodeHS purchased Tynker for $2.2 million in cash, according to court filings. Both transactions were approved by US Bankruptcy Judge Brendan Shannon on May 20 and are intended to help lenders recoup losses from a $1.2 billion term loan extended to Byju’s.Tynker was acquired by Byju’s in 2021 for a reported $200 million, while Epic was bought the same year for about $500 million. The latest sale values underscore the sharp write-downs now facing the company’s global portfolio. According to a report by EdWeek Market Brief, Tynker’s latest sale followed 48 rounds of competitive bidding between CodeHS, operating through a newly formed entity called Tynker Holdings, and another party, Future Minds. CodeHS CEO Jeremy Keeshin, identified in court as the sole member of Tynker Holdings, said the acquisition would allow the company to support learners as they progress from basic coding tools to advanced computer science content.Epic’s sale faced an eleventh-hour intervention from the US Department of Justice, which flagged the potential need for a CFIUS (Committee on Foreign Investment in the United States) review due to the buyer’s Chinese ownership, court records show. Judge Shannon described the episode as a “fire drill,” though the transaction ultimately received approval. Both sales are being overseen by a court-appointed trustee managing the asset disposal on behalf of creditors.Byju’s, once valued at $22 billion, is now facing insolvency proceedings in India over non-payment of dues, while its international operations are being dismantled through US bankruptcy court. TOI previously reported that the asset sales form part of a larger restructuring effort as Byju’s attempts to navigate legal, regulatory, and financial pressures following its aggressive global acquisition spree. Other subsidiaries, such as Aakash, remain under scrutiny amid separate legal proceedings.
