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Ed Tech

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business-education1 year ago•4 min saved

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•1 min saved

"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