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Byjus

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business1 year ago

Byju's Faces Insolvency After NCLT Ruling on BCCI Plea

An Indian tribunal court has initiated insolvency proceedings against Byju’s, once valued at $22 billion, following a petition from the Board of Control for Cricket in India (BCCI) to recover nearly $19 million. The ruling appoints an interim resolution professional to manage the company, sidelining its founder. Byju’s, which has faced multiple crises over the past two years, plans to appeal the decision and seek an amicable settlement with BCCI.

via TechCrunch|
#bcci#business#byjus
businessfinance1 year ago

Byju's Struggles: Unraveling the Mystery of $533 Million Funds

Camshaft Capital revealed in court filings that $533 million it managed for Byju’s Alpha was transferred to a U.S.-based subsidiary of Byju’s, refuting allegations of fund siphoning. Byju’s stated that the disclosure aligns with its position as the beneficiary holder of the capital, emphasizing that the Credit Agreement with lenders did not mandate specific fund usage. Byju’s is embroiled in legal battles with shareholders and employees, with some investors attempting to revoke a rights issue and prevent salary payments to over 20,000 employees.

via TechCrunch|
#businessfinance#byjus#camshaft-capital
business-education1 year ago

Byju's Valuation Plunge: What Led to the Startup's Downfall?

Byju's, once India's most valuable startup, has seen its valuation plummet by 95% to $1 billion after alleged accounting irregularities and mismanagement, leading to setbacks such as investor stake cuts and ousting of founder Byju Raveendran as CEO. The company, which experienced exponential growth during the pandemic, faced a slowdown in online learning post-pandemic, resulting in layoffs and governance issues. Byju's struggled to repay a $1.2 billion loan, filed for Chapter 11 bankruptcy, and is raising funds to clear immediate liabilities and operational costs.

via CNBC|
#business-education#byjus#edtech
business1 year ago

"Byju's CEO Ousted by Shareholders in Controversial Vote"

Byju Raveendran, founder of Byju’s, asserts he remains the CEO despite a shareholder group's vote to remove him, citing violations of local rules. The group, including Prosus Ventures and Peak XV Ventures, seeks governance changes and a leadership shift. Raveendran claims the meeting lacked quorum and majority support, and the startup, in need of funding, launched a rights issue. He believes the company's comeback is inevitable and accuses minority shareholders of spreading misinformation.

via TechCrunch|
#business#byjus#ceo
business1 year ago

"Byju's Investors Successfully Oust CEO Raveendran in Contentious Vote"

A group of Byju’s investors, including Prosus Ventures and Peak XV Partners, voted to remove founder and CEO Byju Raveendran and filed an oppression and management suit against the leadership to block a recently launched rights issue. The decision comes after more than a year of unrest among some of Byju’s largest investors, who assert that the $22 billion Indian edtech startup has played fast and loose with accountability. Byju’s has been facing challenges in its fundraising efforts and has been forced to abandon its plan for an IPO.

via TechCrunch|
#business#byjus#edtech
business-education1 year ago

Byju's: The Rise and Fall of India's Ed-Tech Giant

Byju's, once valued at $22 billion, has seen a sharp decline in popularity and valuation due to cash-flow problems, toxic work culture allegations, financial mismanagement, and a $1.2 billion loan default. The company's rapid expansion during the Covid pandemic led to a tumultuous fall, with its valuation being cut by 75% and facing scrutiny for non-payment of ad dues. Shareholders are seeking the ouster of the founders from top leadership roles, and the company is currently raising $200 million through a rights issue of shares to support a successful turnaround.

via NDTV|
#business-education#byjus#downfall
businesstechnology1 year ago

"Byju's Founder Raveendran Overcomes Payroll Crisis with Emotional Letter and January Salary Payments"

BYJU's founder Byju Raveendran informed employees that January salaries have been paid after reports of potential delays, citing financial struggles including lawsuits from lenders and allegations of FEMA violations. The company, once valued at $22 billion, is now facing a financial crisis, with its latest valuation dropping to $250 million. Raveendran thanked employees for their perseverance and sacrifices, stating that he had to "move mountains" to ensure timely payroll. The company is seeking $200 million in exchange for new stocks and has faced backlash from shareholders seeking to oust its founders from the board.

via NDTV|
#businesstechnology#byjus#delayed-salaries
business1 year ago

"Byju's CEO's Emotional Letter: Moving Mountains to Resolve Payroll Crisis"

Byju's CEO Raveendran announced the successful disbursement of pending January salaries to employees, addressing previous reports of delayed payments due to a liquidity crisis. He attributed the delay to an "artificially induced crisis by select investors" and emphasized the company's resilience in the face of external pressures. Raveendran also highlighted the emotional toll of the challenges faced, including personal struggles and the impact on his father, while reiterating the company's commitment to overcoming the obstacles.

via Greatandhra|
#business#byjus#ceo
business-technology1 year ago

Investors Demand Byju Raveendran's Ouster from Byju's

Byju's and its investors are publicly clashing over leadership changes, with the company stating that investors do not have the right to seek the removal of founder Byju Raveendran. The company is proceeding with a $200 million rights issue and has received support from multiple investors, while blaming investors for causing a crisis and seeking leadership changes. Investors, including Prosus and General Atlantic, are calling for governance and leadership changes, marking the third time they have sought an extraordinary general meeting. Byju's, once valued at $22 billion, has reset its valuation to $25 million in the rights issue, and the company emphasizes the criticality of the rights issue for its survival.

via TechCrunch|
#business-technology#byjus#edtech
businessfinance1 year ago

"Byju's Faces Financial Struggles: Cuts Valuation, Launches Rights Issue, and Reports Record Losses"

Byju's, the world's most valuable edtech startup, has launched a rights issue to raise $200 million, cutting its valuation ask by 99% in an effort to address its working capital needs. The post-money valuation of the startup is expected to drop to $220-250 million, a significant decrease from its previous $22 billion valuation. Byju's founder Byju Raveendran has appealed to shareholders for support, citing personal sacrifices made for the company. The startup's struggles to raise capital come amid a severe funding crunch, with its IPO plans put on hold due to market conditions.

via TechCrunch|
#businessfinance#byjus#edtech
financeinvestment1 year ago

"Byju's Rights Issue Raises $200 Million at $225 Million Valuation Amid Cash Crunch"

Byju's plans to raise $200 million through a rights issue at a valuation of about $220–230 million, a significant drop from its once $22-billion worth. The funds will be used to clear immediate liabilities and meet operational requirements, with founder Byju Raveendran emphasizing the importance of raising capital to prevent further value impairment. This move comes as the edtech company aims to navigate legal and financial challenges and achieve operational profitability, marking a significant shift from its unicorn status to stay afloat in a tough funding environment.

via NDTV Profit|
#byjus#edtech#financeinvestment
business2 years ago

Byju's Reports Revenue Growth Despite Losses in FY22

Indian edtech giant Byju's has reported revenue of $429.18 million for its core business in the financial year ending March 2022, falling short of its projected $1.25 billion revenue. The company also missed its revenue projection for the previous financial year and has faced delays in filing its financial accounts. Byju's is currently dealing with various challenges, including the departure of its CFO, auditor Deloitte, and key board members. Investors are awaiting clarification on the financial accounts and resolution of governance issues. Byju's is planning to sell some of its acquired businesses to clear dues to lenders.

via TechCrunch|
#business#byjus#edtech
business2 years ago

Byju's Implements Massive Job Cuts and Restructuring

Indian edtech giant Byju's plans to cut up to 5,000 jobs as part of a business restructuring aimed at reducing costs and simplifying operations. The company, valued at $22 billion, will eliminate redundant roles in both its offline and online ventures, as well as senior executive positions. Byju's is consolidating four of its businesses into two and is also dealing with a dispute with lenders and the resignation of board members and auditor Deloitte. The company has faced criticism for its reporting and governance structures and its failure to meet financial reporting deadlines.

via TechCrunch|
#business#business-restructuring#byjus
business2 years ago

Prosus drastically reduces Byju's valuation to $5.1 billion, causing concern for investors

Prosus, the largest non-founder shareholder in Indian edtech giant Byju's, has slashed the valuation of its stake in the company to $5.1 billion, down from $6 billion just a few months ago. This markdown comes as Byju's faces various challenges, including a legal battle with lenders, board member resignations, and the departure of auditing firm Deloitte. Prosus, along with other shareholders, has written down the value of their stakes. Byju's CEO, Byju Raveendran, is working on securing a large funding round to address investor concerns and has pledged to conclude auditing for the financial years by September and December of this year.

via TechCrunch|
#business#byjus#challenges
business2 years ago

Byju's faces turmoil as executives resign and auditor quits.

Board members from Prosus and Sequoia have resigned from the board of Byju's, India's most valuable startup, following the departure of its auditor Deloitte, which cited the edtech giant's failure to hand over financial results for the year ended March 2022. Byju's is also facing an investigation by India's corporate affairs ministry over "various corporate governance lapses." The board now consists of just three individuals, including Byju's co-founders.

via TechCrunch|
#business#byjus#corporate-governance