Byju's ED Raid: CEO Byju Raveendran Says Company In Compliance, Brought More FDI Than Any Other Startup
1 year, 7 months ago

Byju's ED Raid: CEO Byju Raveendran Says Company In Compliance, Brought More FDI Than Any Other Startup

News 18  

After financial crime-fighting agency ED searched Byju’s premises, the education platform’s CEO Byju Raveendran wrote to employees saying the company brought more FDI to India than any other startup and that the firm fully complies with all applicable foreign exchange laws. “As we are funded by 70+ impact investors who have satisfactorily done due diligence on our operations, including all FEMA compliance, we are confident that the authorities will also come to the same conclusion,” Raveendran said in the memo sent late on Saturday, which was seen by PTI. “This makes us India’s largest employer among startups.” He went on to state that Byju’s has taken all efforts to fully comply with all applicable foreign exchange laws., “All our cross-border transactions have been duly vetted by both its professional advisors/counsel and advisors/counsel of the investment funds and other sophisticated counterparties,” he said. “Additionally, all such transactions are routed only through regular banking channels/the RBI’s authorized dealer banks and the requisite documentation and statutory filings have been duly submitted.” He said Byju’s was fully cooperating with the authorities.

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History of this topic

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 Raveendran's net worth is now zero from 17,545 crore in 2023: What happened?
8 months, 2 weeks ago

Byju Raveendran's net worth is now zero from 17,545 crore in 2023: What happened?

Hindustan Times  

Edtech company Byju's founder Byju Raveendran saw his wealth vanish, as per the latest Forbes Billionaire Index. Previously listed with a net worth of ₹17,545 crore, Byju Raveendran's worth in the 2024 Index shows him at zero amid challenges faced by Byju's which once had a peak valuation of $22 billion. Forbes noted, “Only four people from last year's list …

Will Byju’s investors fire founder Byju Raveendran from the ed-tech firm today?
10 months ago

Will Byju’s investors fire founder Byju Raveendran from the ed-tech firm today?

Firstpost  

The fate of Byju Raveendran, founder and CEO of ed-tech giant Byju’s, hangs by a thread. Will Byju Raveendran, founder and CEO of ed-tech giant Byju’s, be ousted today from the company, as it continues its freefall? However, Byju Raveendran, and the company’s other board members co-founder Divya Gokulnath and Riju Ravindran have said that they will not attend the …

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 …

ED issues fresh look-out notice against Byju Raveendran
10 months ago

ED issues fresh look-out notice against Byju Raveendran

The Hindu  

The Enforcement Directorate has issued a fresh look-out notice against edutech entrepreneur Byju Raveendran in connection with the inquiry into alleged violation of the Foreign Exchange Management Act involving ₹9,362.35 crore. In November last year, the FEMA Adjudicating Authority had issued show cause notices to Think & Learn Private Limited, which runs education portal Byju’s, and Mr. Raveendran, based on …

ED requests look out notice against Byju Raveendran, says report
10 months ago

ED requests look out notice against Byju Raveendran, says report

Live Mint  

The Enforcement Directorate has urged the Bureau of Immigration to issue a look-out circular against Byju Raveendran, the founder and CEO of Byju's, the Economic Times reported citing sources. It comes as the agency's Bengaluru office is currently investigating alleged Foreign Exchange Management Act violations against the start-up and its founder, the report said. ED's Previous Actions and Allegations The …

More trouble for Byju's: ED seeks look out circular against Byju Raveendran
10 months ago

More trouble for Byju's: ED seeks look out circular against Byju Raveendran

Hindustan Times  

Byju's Crisis: The Directorate of Enforcement reportedly asked the Bureau of Immigration to issue a look out circular against Byju Raveendran, founder and CEO of Byju's, Economic Times reported after ED approached BOI earlier this month to ensure that Byju Raveendran does not leave the country. The look out circular 'on intimation' has already been issued against Byju Raveendran and …

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’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 …

How India’s Education Tech Giant Got Schooled and Lost $20 Billion in Value
10 months, 2 weeks ago

How India’s Education Tech Giant Got Schooled and Lost $20 Billion in Value

Live Mint  

Tech-stock valuations in the U.S. are beginning to look rich again. Byju’s, the education-technology company that was once India’s most valuable startup, is planning to raise funds at an implied valuation of $250 million or less—roughly 99% lower than the $22 billion it was valued at as recently as late 2022. The new rights issue would raise $200 million on …

Byju's crisis explained: Why edtech firm, once valued at $22 bn, is witnessing financial downfall
10 months, 2 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 …

FEMA notices worth ₹9,362 crore sent to Byju Raveendran, parent company: ED
1 year, 1 month ago

FEMA notices worth ₹9,362 crore sent to Byju Raveendran, parent company: ED

Hindustan Times  

NEW DELHI: The Enforcement Directorate has issued show cause notices to ed-tech company Byju’s founder, Byju Raveendran and the parent company, Think and Learn Pvt Ltd, over alleged violations by the company worth ₹9,362 crore under the foreign exchange law, causing loss of revenue of the government, the federal agency said in a statement on Tuesday. “Think and Learn Private …

Byju's appoints former upGrad chief Arjun Mohan as CEO | Know DETAILS
1 year, 5 months ago

Byju's appoints former upGrad chief Arjun Mohan as CEO | Know DETAILS

India TV News  

Byju business news: Edtech major Byju's has appointed upGrad's former chief Arjun Mohan as its CEO for international business, according to sources. Mohan was with Byju's for 11 years as its Chief Business Officer before joining Ronnie Screwvala-promoted upGrad as its India CEO. Know more about Byju's business: It owns US-based reading platform Epic and coding site Tynker, acquired for …

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 brought more FDI to India than other startups, company in compliance with laws: CEO after ED raid
1 year, 7 months ago

Byju’s brought more FDI to India than other startups, company in compliance with laws: CEO after ED raid

The Hindu  

After financial crime-fighting agency ED searched Byju's premises, the education platform's CEO Raveendran Byju wrote to employees saying the company brought more FDI to India than any other startup and that the firm fully complies with all applicable foreign exchange laws. "As we are funded by 70+ impact investors who have satisfactorily done due diligence on our operations, including all …

FEMA violation case: Byju's ‘confident’ it complies with foreign exchange laws
1 year, 7 months ago

FEMA violation case: Byju's ‘confident’ it complies with foreign exchange laws

Hindustan Times  

Indian education platform Byju's CEO is confident that the country's financial crime-fighting agency will find the company compliant after raids on its premises over suspected breaches of foreign exchange laws, according to an internal memo. "As we are funded by 70 impact investors who have satisfactorily done due diligence on our operations, including all FEMA compliance, we are confident that …

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 Raids Key Points: What's The Issue? What ED Searches Reveal, What Company Says
1 year, 7 months ago

Byju's Raids Key Points: What's The Issue? What ED Searches Reveal, What Company Says

News 18  

Edtech giant Byju’s, which has had sponsorships with BCCI and FIFA World Cup in the past, is currently facing the heat of the anti-money laundering agency Enforcement Directorate. Here are key points to know about the ED’s raids on Byju’s: Byju’s Raids: Why Were The Searches Conducted By ED? The ED has conducted searches on Byju’s as part of a …

'Business As Usual,' Says Byju's On ED's Searches & Seizures At Its Offices, Residence
1 year, 7 months ago

'Business As Usual,' Says Byju's On ED's Searches & Seizures At Its Offices, Residence

News 18  

After the ED’s searches and seizures on Byju’s CEO Raveendran Byju residence and offices in which it seized “incriminating” documents and data, the company said it is a “routine inquiry under FEMA” and a “business as usual”. On Saturday, the Enforcement Directorate said it has conducted searches and seizures at the Bengaluru-located office and residential premises of edtech major Byju’s …

ED raid on edutech unicorn Byju’s in Bengaluru
1 year, 7 months ago

ED raid on edutech unicorn Byju’s in Bengaluru

The Hindu  

The Directorate of Enforcement searched the premises of Think & Learn Private Limited, which runs the online private education portal Byju’s, in Bengaluru on April 29. The ED raided two business premises linked to the company and one residential property linked to Byju’s founder Raveendran Byju in Bengaluru under provisions of Foreign Exchange Management Act. A statement by the ED …

ED conducts searches against BYJU's CEO Raveendran's office
1 year, 7 months ago

ED conducts searches against BYJU's CEO Raveendran's office

Deccan Chronicle  

New Delhi: The Enforcement Directorate on Saturday said it has searched the Bengaluru-located office and residential premises of Edtech major BYJU's CEO Raveendran Byju and seized "incriminating" documents and digital data as part of a foreign exchange violation probe. A total of three premises, two business and one residential, were raided recently under the provisions of the Foreign Exchange Management …

ED Raids BYJU's CEO Raveendran Residence, Offices; Siezes 'Incriminating' Documents, Data
1 year, 7 months ago

ED Raids BYJU's CEO Raveendran Residence, Offices; Siezes 'Incriminating' Documents, Data

News 18  

The Enforcement Directorate on Saturday said it has conducted searches and seizures at the Bengaluru-located office and residential premises of edtech major Byju’s CEO Raveendran Byju as part of a foreign exchange violation probe. “The company also remitted about Rs 9,754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment,” the agency said. …

ED raids Byju's office in Bengaluru, says, 'CEO Raveendran never appeared for questioning'
1 year, 7 months ago

ED raids Byju's office in Bengaluru, says, 'CEO Raveendran never appeared for questioning'

India TV News  

ED raids BYJU's : The Enforcement Directorate has conducted search and seizure operation today at three premises of Raveendaran Byju and his company 'Think & Learn Private Limited' in Bengaluru under the provisions of Foreign Exchange Management Act, an official said on Saturday. "FEMA searches also revealed that the company has received foreign direct investment to the tune of Rs …

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 Raveendran 2nd-richest entrepreneur in global edu sector: Hurun report
1 year, 9 months ago

Byju Raveendran 2nd-richest entrepreneur in global edu sector: Hurun report

Live Mint  

Edtech major BYJU's founder Byju Raveendran has become the second-richest entrepreneur in the global education sector, showed M3M Hurun Global Rich List 2023 released on Wednesday. As per the report, Byju Raveendran and his family are ranked 994th on the global list of Indian billionaires, having risen 1,005 positions in the past three years with a fortune of $3.3 billion. …

ED raids in over 8 spots linked to Nagpur bizmen in Rs-1,000 crore investment fraud case
1 year, 9 months ago

ED raids in over 8 spots linked to Nagpur bizmen in Rs-1,000 crore investment fraud case

India Today  

The Enforcement Directorate conducted a day-long raid on over eight locations linked to several businessmen and entry operators in Maharashtra’s Nagpur in connection with an alleged Rs-1,000 crore investment fraud case on Friday. According to sources, the case is related to an investment fraud-cum-money laundering racket run by Pankaj Mehadia and his accomplices where they duped investors of hundreds of …

Byju’s in funding talks with TPG, sovereign funds as debt weighs
1 year, 10 months ago

Byju’s in funding talks with TPG, sovereign funds as debt weighs

Live Mint  

Byju’s is in negotiations with investors including TPG to raise more than $500 million, a much-needed capital infusion that could help the world’s most valuable edtech startup stave off potential debt issues. Several investment firms including TPG and two Middle Eastern sovereign wealth funds have begun due diligence on the Indian company, which is hoping to keep its valuation steady …

Byju’s founder Raveendran raising funds to raise his stake in firm
1 year, 11 months ago

Byju’s founder Raveendran raising funds to raise his stake in firm

Live Mint  

Byju Raveendran, the founder of the world’s most valuable edtech startup Byju’s, is in financing talks to lift his stake in the company to as high as 40%, people familiar with the matter said. Byju’s was valued at $22 billion the last time it raised funds, though the buyback may happen at a lower valuation, the people said, asking not …

Byju’s finalising plans for ₹8,000 crore IPO of Aakash Educational Services
2 years, 1 month ago

Byju’s finalising plans for ₹8,000 crore IPO of Aakash Educational Services

Live Mint  

India’s most valuable startup, online-education giant Byju’s, is finalizing plans for a $1 billion initial public offering of its tutoring business Aakash Educational Services, according to people familiar with the matter. The company is in talks with at least four foreign banks -- JPMorgan Chase & Co., Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley -- as well as …

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. …

Byju’s to fire 2,500 employees in next six months as it chalks out plan to become profitable
2 years, 2 months ago

Byju’s to fire 2,500 employees in next six months as it chalks out plan to become profitable

Firstpost  

Byju’s co-founder Divya Gokulnath told PTI that the company will start focussing on building brand awareness overseas through new partnerships and hire 10,000 teachers for India and overseas business New Delhi: Edtech major Byju’s has chalked out a plan to become profitable by March 2023 to optimise its marketing and operational cost, which will lead to retrenchment of 5 per …

Byju's clears USD 230 million dues to Blackstone for Aakash acquisition
2 years, 3 months ago

Byju's clears USD 230 million dues to Blackstone for Aakash acquisition

India TV News  

Edtech firm Byju's has cleared the USD 230 million payment that was due to private equity investment firm Blackstone for acquiring a majority stake in test preparatory firm Aakash Educational Services, according to sources privy to the development. "Byju's paid USD 230 million to Blackstone for acquiring a stake in Aakash," the source told PTI. Payment to Blackstone and non-closure …

Why is Byju’s laying off employees and delaying payments?
2 years, 5 months ago

Why is Byju’s laying off employees and delaying payments?

Live Mint  

Bengaluru-based largest ed-tech company, Byju's, is in news for two very different reasons in two different countries. India's $22 billion firm is making headlines in India for joining the layoff bandwagon by announcing the termination of 500 employees in WhiteHat Jr, 1,100 in Toppr and reports suggest the number may be as high as 2500 across its group of companies. …

Byju Raveendran Now 3rd Richest Eduction Entrepreneur in the World. Know His Inspiring Story
2 years, 9 months ago

Byju Raveendran Now 3rd Richest Eduction Entrepreneur in the World. Know His Inspiring Story

News 18  

Hurun Global Rich List 2022: Jumping 916 ranks over the last two years and with a wealth of US$3.3 billion, Byju Raveendran and family have been ranked as the 3rd third richest entrepreneur from the education sector in the world. This year, Byju’s acquired Aakash Educational Services for US$1bn, acquired Great Learning for US$600mn, and acquired US-based digital reading platform …

Byju's in talks to raise up to $1.5 billion after acquisition spree
3 years, 4 months ago

Byju's in talks to raise up to $1.5 billion after acquisition spree

India Today  

India’s leading edtech company Byju’s is in talks with several investors to raise approximately $1-$1.5 billion at a valuation of nearly $21 billion. The online tutoring company, which is the country’s most valuable startup, is reportedly seeking a 27 per cent jump from the earlier valuation of $16.5 billion, at which the company raised funds in June. In the past …

Edtech Unicorn Byju's to Acquire Rival Toppr for $150 Million: Reports
3 years, 10 months ago

Edtech Unicorn Byju's to Acquire Rival Toppr for $150 Million: Reports

News 18  

India’s largest edtech startup Byju’s is in late-stage talks to acquire its rival Toppr for roughly $150 million, according to reports. The report further quoted sources as saying that Toppr was seen a formidable rival by Byju’s, and the acquisition will bolster the latter’s position in the edtech space. Ever since online education was moved almost exclusively online, Byju’s has …

Byju's to Acquire Testprep Firm Aakash Educational Services for $1 Billion: Report
3 years, 11 months ago

Byju's to Acquire Testprep Firm Aakash Educational Services for $1 Billion: Report

News 18  

Edu-tech major Byju’s has signed a deal with test preparation company Aakash Educational Services Ltd for $1 billion, according to reports. Byju’s is valued at $12 billion and has raised significant capital amid growing demand for online learning amid the covid-19 pandemic. The Bengaluru-based startup is backed by Facebook founder Mark Zuckerberg’s Chan Zuckerberg Initiative, Tiger Global Management and Bond …

Edtech Firm Byju’s Valuation Surges After It Receives $200 Million Fresh Investment
4 years, 1 month ago

Edtech Firm Byju’s Valuation Surges After It Receives $200 Million Fresh Investment

ABP News  

As online education has gained tremendous pace owing to pandemic with schools remaining shut for almost a year now, it has only led to the growth of businesses in the edtech space. On of the major players in the field, Byju's has raised $200 million in a fresh funding round from private equity players BlackRock and T. Rowe Price. The …

Edtech firm Byju’s to raise $200 million at $12 billion valuation
4 years, 1 month ago

Edtech firm Byju’s to raise $200 million at $12 billion valuation

Live Mint  

Bengaluru: Online education startup Byju’s is close to raising $200 million in a fresh funding round from American investment firms BlackRock and T. Rowe Price at a valuation of $12 billion, said a person familiar with the matter. The Bengaluru-based edtech firm had last raised $500 million in September from a group of investors including private equity firm Silver Lake …

Edu-tech Company Byju's Raises Rs 908.9 Crore from DST Global
4 years, 3 months ago

Edu-tech Company Byju's Raises Rs 908.9 Crore from DST Global

News 18  

India’s largest edu-tech company Byju’s is raising about Rs 909 crore in funding from billionaire Yuri Milner-led DST Global, according to regulatory documents. According to the documents filed with the Corporate Affairs Ministry by Byju’s, which is operated by Think and Learn Pvt Ltd, 20,622 shares will be offered to DSTG VII Investments-2-IN Ltd, 17,777 shares to DST Asia VII …

Fresh funding round values Byju’s at $10.5 billion
4 years, 4 months ago

Fresh funding round values Byju’s at $10.5 billion

Live Mint  

DST Global, the late-stage venture capital fund backed by Israeli-Russian billionaire Yuri Milner, is in advanced talks to invest around $400 million in online education platform Byju’s, said two people aware of the talks. Bengaluru-based Byju’s will look to raise an additional $200 million from existing investors apart from DST in the ongoing round, said one of the two people …

Byju’s: Billionaire Yuri Milner all set to invest $400 million in Indian education startup
4 years, 4 months ago

Byju’s: Billionaire Yuri Milner all set to invest $400 million in Indian education startup

Live Mint  

DST Global, the investment firm headed by billionaire Yuri Milner, is close to investing as much as $400 million in Indian online education startup Byju’s, according to a person familiar with the negotiations.The deal values Byju’s at $10.5 billion and could be signed as early as this weekend, said the person, who didn’t want to be identified as the talks …

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