Byju’s breached $42 million loan terms, small stake sale blocked: Report
8 months, 2 weeks ago

Byju’s breached $42 million loan terms, small stake sale blocked: Report

Live Mint  

Byju's has been asked by an arbitrator to not sell the shares of a group firm after it breached terms of loans worth $42 million, according to a report by Reuters citing a confidential order. In the latest dispute, Ranjan Pai's MEMG Family Office initiated arbitration proceedings against Byju for allegedly not repaying its loan through a pre-agreed transfer of shares of its company, Aakash Education. According to the Reuters report, an arbitrator, appointed under Singapore International Arbitration Centre rules, has ordered Byju's not to dispose of 4 million shares of Aakash Education, which amounted to a 6 per cent stake last year, as per the loan agreement according to the April 4 order. According to the order accessed by Reuters, Byju's during the arbitration proceedings, had said it could not obtain necessary approvals from certain investors in time for the transfer of shares.

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History of this topic

Byju’s Bankruptcy: US Judge weighs sanctions for two executives over alleged asset draining tactics
2 weeks, 6 days ago

Byju’s Bankruptcy: US Judge weighs sanctions for two executives over alleged asset draining tactics

Live Mint  

Byju's Bankruptcy: Two Byju's executives are under legal scrutiny in the United States for allegedly draining assets from the edtech company's businesses which are under court supervision, according to a Bloomberg report. Justify Actions Or Face Contempt of Court, Says Judge Hearing the matter on December 2, US Bankruptcy Judge John T Dorsey notified the two accused that he would …

Byju's under scrutiny again: Government launches new investigation into finances
4 weeks ago

Byju's under scrutiny again: Government launches new investigation into finances

India Today  

The government has launched a fresh investigation into the financial and accounting practices of Byju’s, the troubled edtech giant. The new investigation comes after a previous review by the Ministry of Corporate Affairs highlighted lapses in corporate governance at the company, according to sources familiar with the matter, reported Bloomberg. NEW INVESTIGATION DETAILS The Registrar of Companies’ regional office in …

Byju Raveendran accused of trying to regain firm with hidden cash: Report
1 month ago

Byju Raveendran accused of trying to regain firm with hidden cash: Report

Hindustan Times  

Byju Raveendran, the founder of the struggling edu-tech company Byju’s, allegedly tried to use loan money he hid from US lenders to secretly buy back a software company that an American trustee took over. According to a Bloomberg report based on new court filings, this was an attempt by Byju Raveendran to regain control of his collapsing startup, which is …

Byju’s founder accused of trying to regain firm with hidden cash
Trending News
1 month ago

Byju’s founder accused of trying to regain firm with hidden cash

Live Mint  

-- The founder of bankrupt Indian tech firm Byju’s tried to use loan proceeds that he allegedly hid from US lenders to secretly buy back a software company that was taken over by an American trustee, according to a new court filing. Byju Raveendran has been trying to regain control of his capsizing education technology empire, which is under court …

Byju’s US bankruptcy ruling catches Indian official off guard
3 months, 1 week ago

Byju’s US bankruptcy ruling catches Indian official off guard

Hindustan Times  

A US court ruling that placed into bankruptcy units associated with Indian education technology company Byju’s took an official in the firm’s home country by surprise. Judge Brendan Shannon also granted lenders’ request to appoint an independent Chapter 11 trustee to manage the Byju units in bankruptcy. US lenders to Byju’s were removed from an influential creditors committee in India …

Byju's insolvency proceedings case: Supreme Court to hear plea on September 17
3 months, 1 week ago

Byju's insolvency proceedings case: Supreme Court to hear plea on September 17

The Hindu  

The Supreme Court on Wednesday said it will hear on September 17 the appeal of U.S.-based creditor Glas Trust Company LLC against a judgment of the National Company Law Appellate Tribunal, which had stayed insolvency proceedings against ed-tech firm BYJU’s and approved its ₹158.9 crore dues settlement with the Board of Control for Cricket in India A Bench comprising Chief …

'Struggling to pay bills': Byju's insolvency case fans fears of employees
4 months ago

'Struggling to pay bills': Byju's insolvency case fans fears of employees

Hindustan Times  

Dozens of Byju's employees and parents of students are showing a growing sense of desperation as people plan to take the offensive against the troubled edtech company whose board currently stands suspended with assets frozen, Reuters reported. After three months without pay, many of Byju's 27,000 employees are considering street protests or lawsuits. "I guarantee this: When we regain control, …

Explainer: How Byju's went from startup star to facing insolvency
4 months, 1 week ago

Explainer: How Byju's went from startup star to facing insolvency

Hindustan Times  

Supreme Court revived insolvency proceedings against edtech company Byju's on Wednesday following a lawsuit from US lenders. The Indian cricket board last year asked a tribunal to initiate insolvency proceedings against Byju's for defaulting on $19 million of dues. Supreme Court stayed the tribunal's order and will re-start insolvency proceedings against Byju's. In February, a group of shareholders, including tech …

Byju's ex-director Riju Ravindran fined $10,000 everyday until he finds missing $533 million
4 months, 3 weeks ago

Byju's ex-director Riju Ravindran fined $10,000 everyday until he finds missing $533 million

Hindustan Times  

A suspended director of the troubled edtech firm Byju’s must pay $10,000 a day until he helps to find $533 million that his company is accused of hiding from US lenders, a judge said. Riju Ravindran, brother of Byju’s founder, has been at the center of a nearly two-year-old fight over the missing cash. US Bankruptcy Judge Brendan Shannon also …

Indian startup Byju's nears settlement in cricket board dispute, sources say
4 months, 3 weeks ago

Indian startup Byju's nears settlement in cricket board dispute, sources say

Hindustan Times  

By Juveria Tabassum and Aditya Kalra Indian startup Byju's nears settlement in cricket board dispute, sources say NEW DELHI, - Education technology company Byju's is close to settling a $19 million payments dispute with the Indian cricket board, which could free the business from an insolvency process that has frozen the assets of what was once India's biggest startup, said …

Byju's journey from startup star to facing insolvency: All you need to Know
5 months, 1 week ago

Byju's journey from startup star to facing insolvency: All you need to Know

Business Standard  

The Indian cricket board last year asked a tribunal to initiate insolvency proceedings against Byju's for defaulting on $19 million of dues. Indian edtech company Byju's was staring at insolvency proceedings on Tuesday following a tribunal order, deepening a crisis that has seen the one-time market darling's valuation plunge from about $22 billion to less than $2 billion. Byju's has …

Byju’s creditor Surfer Technologies settles insolvency case with edtech firm
5 months, 1 week ago

Byju’s creditor Surfer Technologies settles insolvency case with edtech firm

Live Mint  

Gurugram-based Surfer Technologies told the Bengaluru bench of the National Company Law Tribunal on Wednesday that it has reached an amicable settlement with Byju’s and hinted that it would withdraw its insolvency application against the edtech firm. On 7 February, Surfer Technologies had filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, which allows an operational …

NCLT halts Byju’s second rights issue, freezes funds pending litigation
6 months, 1 week ago

NCLT halts Byju’s second rights issue, freezes funds pending litigation

Live Mint  

Mumbai: The Bengaluru bench of the National Company Law Tribunal has restrained Byju’s from using the proceeds from its second rights issue, and instead, directed the ailing edtech firm to park the funds in a separate account till the disposal of the main petition. Byju's second rights issue, which began on 13 May and scheduled to conclude on 13 June, …

Byju’s faces allegations of violating NCLT orders on rights issue; company denies
8 months ago

Byju’s faces allegations of violating NCLT orders on rights issue; company denies

Hindustan Times  

Four investors in beleaguered edtech company Byju’s, namely, Peak XV Partners, General Atlantic, Chan-Zuckerberg Initiative and Prosus, have alleged that the company has ended up using the proceeds from its most recent rights issue and that this was against an order of the National Company Law Tribunal. Byju’s is facing a string of accusations from its investors over a rights …

Byju’s employees start getting salaries after delay in payments for two months: ‘Pleased to inform’
8 months, 2 weeks ago

Byju’s employees start getting salaries after delay in payments for two months: ‘Pleased to inform’

Hindustan Times  

Byju’s crisis: Edtech firm Byju’s started salary payments after delaying them for the past two months. Byju's crisis: The National Company Law Tribunal directed Byju's to keep funds received from the rights issue in an escrow account. The National Company Law Tribunal directed Byju's to keep funds received from the rights issue in an escrow account till the disposal of …

Byju’s breached loan terms, small stake sale blocked, arbitration order shows
8 months, 2 weeks ago

Byju’s breached loan terms, small stake sale blocked, arbitration order shows

The Hindu  

Ed-tech startup Byju's breached terms of loans worth $42 million and has been asked by an arbitrator not to sell some shares of a group firm, a confidential order showed, the latest setback for the company already battling allegations of mismanagement. In the latest dispute, MEMG Family Office, led by billionaire doctor Ranjan Pai, in March initiated arbitration proceedings against …

Byju’s seeks arbitration over NCLT trial in dispute with investors
8 months, 2 weeks ago

Byju’s seeks arbitration over NCLT trial in dispute with investors

Live Mint  

Embattled edtech firm Byju's on Thursday filed a plea with the National Company Law Tribunal seeking arbitration in its dispute with some of its key investors. A clutch of investors including General Atlantic, Prosus and Peak XV have alleged that the edtech firm violated the tribunal’s 27 February order, which had directed debt-laden Byju's to not allot shares to investors …

Delaware court restricts Byju’s from use of $533 mn parked overseas
9 months, 1 week ago

Delaware court restricts Byju’s from use of $533 mn parked overseas

Live Mint  

A US bankruptcy court has ordered a freeze on $533 million in loan proceeds belonging to Think & Learn Pvt, the parent company of Byju’s. Ravindran…either was being untruthful or he’s the most incompetent officer or director of a company in Delaware history.” “The significance of the court’s ruling for all aggrieved parties owed money by Byju’s cannot be overstated…The …

Cash-strapped Byju's distributes part of salaries to employees: Report
9 months, 2 weeks ago

Cash-strapped Byju's distributes part of salaries to employees: Report

Hindustan Times  

Cash-strapped edtech platform BYJU's has announced that it disbursed parts of pending salaries to all the employees for the month of February, promising to clear the balance once it is allowed to use the funds from the closed rights issue, Moneycontrol reported. In a letter to employees as seen by the website, BYJU's said it has processed part of salaries …

Mystery behind Byju's ‘hidden’ $533 million: Here's where it's tied up
9 months, 2 weeks ago

Mystery behind Byju's ‘hidden’ $533 million: Here's where it's tied up

Hindustan Times  

Edtech company Byju's, currently grappling with an intense financial crisis, said on Sunday they were unable to pay the salaries of their employees due to the investors of their company blocking the funding. However, a web of financial mismanagement and court proceedings traced a hefty sum of $533 million to Byju's, tied up in an offshore account, revealed a US …

Byju's CEO Raveendran says can't pay workers' salaries, investors blocked funding
9 months, 3 weeks ago

Byju's CEO Raveendran says can't pay workers' salaries, investors blocked funding

Hindustan Times  

Edtech company Byju's CEO Byju Raveendran, amid the ongoing financial crisis, said the firm will not be able to pay the salaries of the employees, lambasting the investors for moving a resolution to lock the funds of the company in a separate account. Byju's CEO Byju Raveendran slammed investors for blocking the funds of the firm Raveendran, in a letter …

Byju’s ‘hidden’ $533 million stuck in unnamed offshore trust
9 months, 3 weeks ago

Byju’s ‘hidden’ $533 million stuck in unnamed offshore trust

Hindustan Times  

A small Florida hedge fund that allegedly helped Indian tech firm Think & Learn Pvt hide $533 million must reveal where the money is located or face possible sanctions from a federal judge on Monday. Byju's reportedly took the help of a Florida hedge fund to hide the money US Bankruptcy Judge John Dorsey in a Friday hearing dismissed an …

For Byju’s, $200 million is so near yet so far
9 months, 3 weeks ago

For Byju’s, $200 million is so near yet so far

Live Mint  

Mumbai: The National Company Law Tribunal on Wednesday asked edtech company Byju’s to consider extending the closing date of its contentious rights issue beyond 28 February, and directed it to keep the funds untouched. Separately on Wednesday, the court also issued a notice to Byju’s on its lenders’ petition to invoke insolvency to repay around $1.2 billion worth of loans …

Investors accuse Byju's of siphoning $533mn, seek stay on rights issue
9 months, 3 weeks ago

Investors accuse Byju's of siphoning $533mn, seek stay on rights issue

Hindustan Times  

Investors in Byju's on Tuesday alleged that the edtech giant siphoned off USD 533 million in an obscure hedge fund in the US and sought a stay on a USD 200 million rights issue, calling it illegal and contrary to law. Investors challenge Byju's on $533M transfer, seek halt on $200M rights move The company law court asked Byju's to …

Byju’s faces new NCLT case: Oppression, mismanagement suit filed by 4 investors
9 months, 3 weeks ago

Byju’s faces new NCLT case: Oppression, mismanagement suit filed by 4 investors

Live Mint  

Byju’s woes: The National Company Law Tribunal has registered a new plea filed by four investors against Byju’s, the Indian Edtech major. The plea, listed for hearing before a bench of judicial member K Biswal and technical member Manoj Kumar Dubey, was filed by a group of investors, including MIH Edtech Investments B.V, Peak XV Partners Investments IV & V, …

Why BYJU’S founder Raveendran cannot leave the country
10 months ago

Why BYJU’S founder Raveendran cannot leave the country

Firstpost  

The Enforcement Directorate has upgraded its Lookout Circular against Byju Raveendran — the 43-year-old CEO of the edtech firm bearing his name. Raveendran and his company have faced a string of setbacks including lay-offs, the valuation being slashed by 95 per cent, legal cases by lenders abroad and the BCCI Byju Raveendran in a letter Wednesday called on shareholders to …

Byju's crisis: Court ruling protects CEO Raveendran from ouster in upcoming shareholder EGM
10 months ago

Byju's crisis: Court ruling protects CEO Raveendran from ouster in upcoming shareholder EGM

Hindustan Times  

Edtech company Byju's CEO and founder Byju Raveendran got major relief during a Karnataka high court hearing, where the bench refused to stay the emergency meeting called by the investors. Byju's on Wednesday said that any calls taken by the investors during the emergency meeting will not be considered valid till the time the court is done with hearing their …

Byju Raveendran gets temporary protection from ouster
10 months ago

Byju Raveendran gets temporary protection from ouster

New Indian Express  

Byju Raveendran, the embattled founder of Byju's education app, has won a temporary reprieve in his tussle with a section of shareholders for control of the company he founded in 2011. Raveendran got interim relief from Karnataka High Court on Wednesday as the Court stayed the effect of decisions that could be taken during the upcoming extraordinary general meeting of …

Byju’s woes shows failure to adjust to post-covid reality
10 months ago

Byju’s woes shows failure to adjust to post-covid reality

New Indian Express  

Troubled edtech firm Byju’s has been thrown a lifeline by disgruntled investors who have so far pledged to contribute $300 million to allow it to continue operations. The rights issue, expected to close by the end of the month, has valued the company at $200-250 million—a meltdown of about 95 percent from Byju’s peak valuation of $22 billion. Byju’s has …

As Byju's CEO Raveendran faces ouster, edutech firm gets ₹2,500 crore push
10 months ago

As Byju's CEO Raveendran faces ouster, edutech firm gets ₹2,500 crore push

Hindustan Times  

Byju's, in the middle of the intense financial crisis and pressure from lenders, got a commitment of $300 million from its investors for the upcoming rights issue, which has slashed the valuation of parent company Think and Learn by over 90 per cent from its peak. Byju's gets $300 million commitment from investors Investors have made a commitment of $300 …

Byju's crisis explained: Why edtech firm, once valued at $22 bn, is witnessing financial downfall
10 months, 3 weeks ago

Byju's crisis explained: Why edtech firm, once valued at $22 bn, is witnessing financial downfall

Hindustan Times  

Ed-tech company Byju's has been grappling with a financial crisis, and in their latest move, the shareholders of the company have moved a resolution seeking the ouster of the founders from top leadership roles, including CEO Byju Raveendran. US-based investment firm Redwood cut a loan of $1.2 billion to Byju's in November 2021, but the ed-tech firm failed to make …

Shareholders ask Byju Raveendran to step down
10 months, 3 weeks ago

Shareholders ask Byju Raveendran to step down

Live Mint  

Mumbai: Several large shareholders of Think and Learn Pvt. Ltd., the parent entity of edtech startup Byju’s, have called for a change in the company’s management, including the removal of co-founder and chief executive Byju Raveendran, people aware of the development told Mint. General Atlantic, Prosus Ventures, Peak XV and Chan Zuckerberg Initiative, among others, signed a notice on Thursday …

Byju’s likely to slash its valuation by 90% to raise fresh funds
11 months ago

Byju’s likely to slash its valuation by 90% to raise fresh funds

Live Mint  

Byju’s, once counted among the world’s most valuable startups, is seeking to raise funds at a discount of more than 90% from its previous round to alleviate its financial problems. The beleaguered Indian education provider is asking more than $100 million from existing investors through a fresh issuance of shares slated for next month, at a price that values the …

Byju’s mulls partial sale of stake in Aakash Education: Reports
1 year, 5 months ago

Byju’s mulls partial sale of stake in Aakash Education: Reports

Live Mint  

Beleaguered edtech company BYJU'S is now looking to sell part of its state in Aakash Educational Services. The report came alongside indications that the startup and some of its lenders have restarted negotiations to restructure the firm's $1.2 billion term loan. According to an update shared by ET Now, Byju's holding company, Think and Learn, is looking to dilute up …

Edtech giant Byju's under inspection for corporate governance lapses: Report
1 year, 6 months ago

Edtech giant Byju's under inspection for corporate governance lapses: Report

India Today  

The Ministry of Corporate Affairs has ordered an inspection of edtech startup Byju's, citing concerns over corporate governance lapses, reported CNBC-TV18. The ministry's move follows recent developments, including Deloitte and three board members severing ties with the company amidst a legal battle with lenders and a decline in valuation. Deloitte, one of the world's largest auditing firms, recently resigned as …

BYJU’S woes | A timeline tracing why India’s Edutech giant is in trouble at home and abroad
1 year, 6 months ago

BYJU’S woes | A timeline tracing why India’s Edutech giant is in trouble at home and abroad

The Hindu  

The financial woes of India’s most successful edutech company Byju’s continue to worsen as it skipped payment of $40 million interest on its $ 1.2-billion loan on June 6. March 2023: Byju’s lenders accelerate loan repayment According to the company’s statement, the group’s lenders in U.S led by investment management firm Redwood accelerated the TLB repayment alleging certain non-monetary and …

Byju's Braces For Crucial Week As Lender Calls Loom Amid Rising Tensions
1 year, 6 months ago

Byju's Braces For Crucial Week As Lender Calls Loom Amid Rising Tensions

News 18  

Byju’s, the world’s highest-valued edtech company, is gearing up for an important week of discussions with its lenders as it seeks to ease growing tensions, people aware of the matter told Moneycontrol. The upcoming discussions hold immense significance for Byju’s, as the company, one of the world’s largest startups, has been in a prolonged dispute with its lenders for over …

Byju's layoffs | Edtech giant mulls fresh round of job cuts, likely to fire 1,000 employees: Report
1 year, 6 months ago

Byju's layoffs | Edtech giant mulls fresh round of job cuts, likely to fire 1,000 employees: Report

India TV News  

Byju's layoffs: In a fresh bit to cut costs, India's largest edtech company, Byju's is expected to lay off around 1,000 more employees. The report further stated that the company's latest decision was imminent in the aftermath of Byju's failure to make a quarterly interest payment of roughly $40 million on a $1.2 billion term loan B. Byju's fired around …

Byju’s disqualifies U.S. lender for ‘predatory’ tactics, skips payment on $1.2-bn loan
1 year, 6 months ago

Byju’s disqualifies U.S. lender for ‘predatory’ tactics, skips payment on $1.2-bn loan

The Hindu  

Byju’s has skipped payments due on a $1.2 billion loan and instead disqualified the U.S. lender for “predatory” tactics, the education technology start-up said on Tuesday. The lenders in March unlawfully accelerated the loan due to certain alleged non-monetary and technical defaults, it said adding that the lenders undertook unwarranted enforcement measures, including seizing control of its U.S. unit – …

Byju's Disqualifies US Lender For 'Predatory' Tactics, Skips Payment On $1.2 Billion Loan
1 year, 6 months ago

Byju's Disqualifies US Lender For 'Predatory' Tactics, Skips Payment On $1.2 Billion Loan

ABP News  

Indian edtech start-up Byju's has skipped payments due on a $1.2 billion loan and instead disqualified the US lender for "predatory" tactics, the education technology start-up said on Tuesday, as reported by PTI. The lenders in March unlawfully accelerated the loan due to certain alleged non-monetary and technical defaults, it said adding that the lenders undertook unwarranted enforcement measures, including …

Ronnie Screwvala takes jibe at Byju’s over US lawsuit: ‘Not even Netflix…’
1 year, 6 months ago

Ronnie Screwvala takes jibe at Byju’s over US lawsuit: ‘Not even Netflix…’

Live Mint  

With reports of Byju's suing the lenders of its $1.2-billion term loan B in the United States Supreme Court, Upgrad co-founder and filmmaker Ronnie Screwvala has taken a swipe at the opponent over the controversial lawsuit. Wonder what it’s erstwhile Board thinks of their fiduciary duties 🤔 - just asking 🤔” Screwvala also shared the tweets by news portal The …

Byju's Moves US Court Challenging Acceleration Of $1.2 Billion Term Loan B, Seeks Redwood's Disqualification
1 year, 6 months ago

Byju's Moves US Court Challenging Acceleration Of $1.2 Billion Term Loan B, Seeks Redwood's Disqualification

ABP News  

Indian edtech start-up Byju's on Tuesday filed a complaint in the Supreme Court of New York to challenge acceleration of the $1.2 billion Term Loan B, the company said. As conveyed to the TLB lenders, BYJU'S remains financially robust with significant cash reserves," the company said. On March 3, the TLB lenders unlawfully accelerated the TLB on account of certain …

Lenders accuse Byju’s Alpha of hiding $500 mn; edtech firm refutes claims
1 year, 7 months ago

Lenders accuse Byju’s Alpha of hiding $500 mn; edtech firm refutes claims

The Hindu  

Bengaluru-based edtech firm Byju’s has refuted the charge that it is hiding $500 million through Byju’s Alpha, a non-operative U.S. entity set up to receive the Term Loan B. The litigants made claims that the edtech firm either hid or moved $500 million from Byju’s Alpha, insinuating that these acts were somehow wrongful, Byju’s said in a statement. As Byju’s …

BYJU’S refutes claims of hiding $500 million through US-based subsidiary
1 year, 7 months ago

BYJU’S refutes claims of hiding $500 million through US-based subsidiary

Live Mint  

Edtech giant BYJU'S has refuted claims that it is hiding $500 million through its US-based company, BYJU'S Alpha. Terming BYJU's Alpha as a non-operative US entity with no employees, the ed-tech company called the claims made in the Delaware court ‘bewildering’. In a statement about the matter, the company said, “This is an interim order of a Delaware Court to …

ED seizes ’incriminating data’ of Byju’s over alleged forex law violations
1 year, 7 months ago

ED seizes ’incriminating data’ of Byju’s over alleged forex law violations

Live Mint  

According to a statement made earlier today by the Directorate of Enforcement, three Bengaluru premises related to the education platform Byju and its billionaire CEO Byju Raveendran have undergone searches and seizures for possible violations of the nation's foreign exchange rules. The searches under alleged foreign exchange law violations revealed that Think and Learn Private Limited, Byju's parent firm, had …

Byju's Lenders Want $200 Million Prepayment Over Restructuring $1.2-Billion Loan : Report
1 year, 8 months ago

Byju's Lenders Want $200 Million Prepayment Over Restructuring $1.2-Billion Loan : Report

ABP News  

Lenders of the ed-tech firm Byju's are asking for up to $200 million in prepayment for the restructuring of a $1.2 billion loan, according to a report by the Economic Times. The report says the world's most valuable ed-tech start-up Byju's has borrowed money from various lenders, including a number of US-based hedge funds. According to the report, Byju's currently …

Byju’s to seek easier terms on $1.2 bn loan amid steep losses
2 years ago

Byju’s to seek easier terms on $1.2 bn loan amid steep losses

Live Mint  

Indian online-education provider Byju’s is seeking to restructure its $1.2 billion loan as it struggles with steep losses and cost reduction targets, according to people familiar with the information. The nation’s most valuable startup, valued at $22 billion, has appointed an adviser to discuss tweaks in covenants of the term loan B with creditors, the people said, asking not to …

Byju Raveendran pens emotional farewell note to sacked staff
2 years, 1 month ago

Byju Raveendran pens emotional farewell note to sacked staff

Live Mint  

Edtech unicorn Byju’s founder sought forgiveness from the 2,500 employees who are in the process of being fired by the edtech, as it pursues a plan to achieve profitability by the end of FY23. We are having to part ways with 2500 of our colleagues,” chief executive and founder Byju Raveendran wrote in an internal letter to employees on Monday. …

August deadline for Byju’s to pay Blackstone $200mn
2 years, 5 months ago

August deadline for Byju’s to pay Blackstone $200mn

Live Mint  

MUMBAI : Byju’s needs to pay nearly $200 million to US private equity giant Blackstone Inc. by next month as part of the acquisition of Aakash Educational Services Ltd, two people aware of the matter said. As part of the deal, Byju’s was to buy Blackstone’s stake in test preparation leader AESL by June, but both parties agreed to a …

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