Byju's Struggles: Unraveling the Mystery of $533 Million Funds
Originally Published 1 year ago — by TechCrunch
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.