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 received foreign direct investment of nearly 280 billion rupees during the period from 2011 to 2023, ED said. Earlier, the ED claimed in a press release that investigations into Byju's also showed the company had received approximately ₹28,000 crore in foreign direct investment between 2011 and 2023. Additionally, the ED claimed that during the same time period, the company remitted approximately ₹9,754 crore or 97.5 billion rupees to various foreign jurisdictions under its authority of overseas direct investment.

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History of this topic

ED seizes assets worth ₹3.9 crore in money laundering probe
1 week, 4 days ago

ED seizes assets worth ₹3.9 crore in money laundering probe

Hindustan Times  

Mumbai: The Enforcement Directorate has seized movable assets worth approximately ₹3.9 crore during searches in Mumbai, Delhi and Gurgaon as part of its money laundering investigation into Dentsu Communications India Private Limited and Suumaya Industries Ltd and their promoters. The agency's investigation stems from a Worli police case against the accused for allegedly embezzling ₹137 crore from certain non-banking financial …

Crypto currency scam: ED freezes ₹12.5cr in Thane, Navi Mum, other cities
1 week, 6 days ago

Crypto currency scam: ED freezes ₹12.5cr in Thane, Navi Mum, other cities

Hindustan Times  

MUMBAI: The Enforcement Directorate froze Proceeds of Crime worth ₹12.5 crore, in the form of bank balances, fixed deposits and mutual funds, as part of its money-laundering probe into an alleged multi-crore fraud against multiple investors on the pretext of doubling their investment through the app, HPZ Token, and online gaming and betting websites. Crypto currency scam: ED freezes ₹ …

HPZ Token scam: ED attaches assets worth ₹106.2 crore
3 weeks, 1 day ago

HPZ Token scam: ED attaches assets worth ₹106.2 crore

Hindustan Times  

MUMBAI: The Enforcement Directorate has provisionally attached the proceeds of crime in the form of movable and immovable assets belonging to several suspects, including Chinese-linked shell entities, accused of conning investors of hundreds of crores on the promise that their investments would get doubled through a mobile application, HPZ Token, online gaming and betting websites. HPZ Token scam: ED attaches …

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 …

ED seizes assets worth ₹333.82 crore in cooperative society fraud case
1 month, 2 weeks ago

ED seizes assets worth ₹333.82 crore in cooperative society fraud case

Hindustan Times  

Mumbai: The Enforcement Directorate's Mumbai zonal office has provisionally attached assets worth ₹333.82 crore in a money-laundering investigation involving alleged fraud at Dnyanradha Multistate Co-operative Credit Society Ltd. The Enforcement Directorate's Mumbai zonal office has provisionally attached assets worth ₹ 333.82 crore in a money-laundering investigation. The ED's investigation revealed that DMCSL's management allegedly embezzled funds by fraudulently diverting ₹2,467.89 …

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 …

₹1,438.45 cr bank loan fraud: ED attaches assets worth ₹43.52 cr linked to UIL
3 months, 1 week ago

₹1,438.45 cr bank loan fraud: ED attaches assets worth ₹43.52 cr linked to UIL

Hindustan Times  

MUMBAI: The Mumbai zonal unit of the Enforcement Directorate has provisionally attached movable and immovable assets worth ₹43.52 crore as part of its money-laundering investigation related to a ₹1,438.45 crore bank loan default case involving metal trading company Ushdev International Limited and others. The loan funds granted to Mumbai-headquartered UIL were allegedly diverted to different entities in the “guise of …

₹264 cr fraudulent TDS refunds: ED attaches assets including Malabar Hill flat, lands in Khandala and Lonavala
5 months, 1 week ago

₹264 cr fraudulent TDS refunds: ED attaches assets including Malabar Hill flat, lands in Khandala and Lonavala

Hindustan Times  

Mumbai: The Enforcement Directorate has provisionally attached movable and immovable assets worth ₹14.02 crore in its money-laundering investigation linked to an alleged fraudulent withdrawal of TDS refunds totalling ₹263.95 crore from the Income Tax department. HT Image The attached assets comprise a flat in Malabar Hill, land parcels in Lonavala and Khandala, bank balances, insurance policies, and fixed deposits, estimated …

Enforcement Directorate seizes ₹37 crore worth deposits, cash in Ponzi case
6 months ago

Enforcement Directorate seizes ₹37 crore worth deposits, cash in Ponzi case

The Hindu  

Bank and demat account deposits apart from cash worth about ₹37 crore has been seized by the Enforcement Directorate as part of a money-laundering probe against a Mumbai-based financial consultant and his company who are alleged to have duped investors of ₹600 crore through a Ponzi scheme. The Enforcement Directorate case of money-laundering stems from a Mumbai Police FIR that …

Mumbai: ED seizes Rs 37-cr worth deposits, cash in Ponzi case
6 months ago

Mumbai: ED seizes Rs 37-cr worth deposits, cash in Ponzi case

Deccan Chronicle  

New Delhi: Bank and demat account deposits apart from cash worth about Rs 37 crore has been seized by the ED as part of a money laundering probe against a Mumbai-based financial consultant and his company who are alleged to have duped investors of Rs 600 crore through a Ponzi scheme.The federal agency said on Sunday that the action was …

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 …

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 …

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 …

Setback for Byju's as Australia-based investor slashes valuation by 98%
9 months, 3 weeks ago

Setback for Byju's as Australia-based investor slashes valuation by 98%

Hindustan Times  

Macquarie Capital, an Australia-based global financial services provider, has decided to slash by nearly 100% its valuation of struggling edtech firm Byju's, in which the former invested ‘a few million dollars’ in 2021, Bloomberg has reported quoting people familiar with the matter. This comes after Julius Baer Group Limited, a Swiss private banking group, accused Macquarie of charging clients based …

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 …

ED freezes ₹123-crore in illegal online loans, gambling, and betting apps case
9 months, 3 weeks ago

ED freezes ₹123-crore in illegal online loans, gambling, and betting apps case

The Hindu  

The Enforcement Directorate has frozen about ₹123 crore, kept in the bank accounts of NIUM India Private Limited allegedly on behalf of Singapore-based shell entities, in connection with a case involving illegal online loans, gambling, and betting apps. The premises of NIUM India Private Limited and its Mumbai-based directors; Xoduz Solution Private Limited, Vikrah Trading Enterprises, Tyrannus Technology, Future Vision …

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 issues look out notice against Byju Raveendran: Sources
10 months ago

ED issues look out notice against Byju Raveendran: Sources

Deccan Chronicle  

The Directorate of Enforcement has asked the Bureau of Immigration to issue a look out notice against Byju Raveendran, the founder of the in-crisis edtech company Bjyu's, according to sources.The aim is to prevent Raveendran from leaving the country.Reportedly, this development comes ahead of a high-stakes Extraordinary General Meeting scheduled for this Friday, where it was reported that certain investors …

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 …

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 …

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 …

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 targets to be profitable by March 2024, may layoff 3,000-3,500 workforce
1 year, 2 months ago

Byju’s targets to be profitable by March 2024, may layoff 3,000-3,500 workforce

Live Mint  

On account of consolidation and restructuring of the organization and settlement on a $1.2 billion loan, edtech major BYJU'S has set the target to become profitable by March 2024, reported news agency PTI citing sources. "Think and Learn Private Ltd restructuring will see the current operations spread across several business units streamlined into four core areas of K-12, test prep, …

Gujarat: ED seizes assets worth Rs 3.10 crore in illegal forex trading case
1 year, 3 months ago

Gujarat: ED seizes assets worth Rs 3.10 crore in illegal forex trading case

India TV News  

In a major crackdown on illegal forex trading, the Enforcement Directorate conducted searches at the premises of TP Global FX, a foreign exchange trader based in Ahmedabad. The ED's investigation revealed that individuals associated with the company, including Prasenjit Das, Shailesh Kumar Pandey, Tushar Patel, and others, had defrauded people by falsely promising investments in forex trading. Additionally, the central …

Mahadev betting case: ED seizes assets worth ₹417 crore
1 year, 3 months ago

Mahadev betting case: ED seizes assets worth ₹417 crore

The Hindu  

The Enforcement Directorate has frozen or seized assets worth ₹417 crore following searches at 39 locations in different parts of the country in connection with the investigation against Mahadev Online Book betting app. The agency said the app was an umbrella syndicate that arranged online platforms for enabling illegal betting websites to enrol new users, create IDs and launder money …

Mumbai: ED raids locations, seizes Rs 417 crore from illegal online betting app
1 year, 3 months ago

Mumbai: ED raids locations, seizes Rs 417 crore from illegal online betting app

India TV News  

In a major crackdown, the Enforcement Directorate has unearthed a case of embezzlement of crores through illegal betting website and seized Rs 417 crore from the accused. During investigation, the probe agency conducted searches against the money laundering network linked to Mahadev App in cities like Kolkata, Bhopal, Mumbai and seized a large amount of money along with incriminating documents. …

ED attaches ₹6.47cr assets of Chinese company in job fraud case
1 year, 3 months ago

ED attaches ₹6.47cr assets of Chinese company in job fraud case

The Hindu  

Officials of the Directorate of Enforcement have attached the movable assets worth ₹6.47 crore, including ₹71.3 lakh in the form of cryptocurrency in the China-linked part time job fraud case under the Prevention of Money Laundering Act. A release said the investigation revealed that gullible youth were cheated by certain Chinese persons through a mobile app, “Keepsharer,” through which they …

Prosus slashes Byju’s valuation to $5 billion: Report
1 year, 5 months ago

Prosus slashes Byju’s valuation to $5 billion: Report

Live Mint  

Dutch-listed technology investor Prosus NV has slashed the valuation of Indian edtech startup Byju's to $5.1 billion, according to a TechCrunch report. Prosus had downsized the value of its 9.6 per cent stake in Byju's to around $493 million in the financial year ended March 31, the report added. Byju's is caught in what many see as a governance crisis …

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 …

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 …

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 …

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 …

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 …

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 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 valuation makes no sense to Harsh Goenka; Kiran Mazumdar-Shaw agrees
2 years, 3 months ago

Byju’s valuation makes no sense to Harsh Goenka; Kiran Mazumdar-Shaw agrees

Live Mint  

One of India’s most valuable startups, Byju’s, has grabbed the attention of Harsh Goenka and Kiran Mazumdar-Shaw, but for all the wrong reasons. The numbers confused Goenka, who tweeted, “Byju’s revenues - 2,280 crore; Byju’s losses- 4,588 crore. Contrarily, Byju's claimed that revenue increased four-fold to ₹10,000 crore in the fiscal year ended March 31, 2022, but the company did …

ED seizes ₹46.67 crore in money laundering probe into HPZ Token app case
2 years, 3 months ago

ED seizes ₹46.67 crore in money laundering probe into HPZ Token app case

The Hindu  

The Enforcement Directorate has seized ₹46.67 crore lying in various bank and virtual accounts in connection with a money laundering probe involving the HPZ Token app that allegedly promised its users large gains against investments in mining machines for bitcoin and other cryptocurrencies. “Shigoo Technology Private Limited was also found linked to various Chinese-controlled companies.several other companies were receiving funds …

Lawmaker Karti P Chidambaram asks fraud regulator to investigate BYJU’s finances
2 years, 5 months ago

Lawmaker Karti P Chidambaram asks fraud regulator to investigate BYJU’s finances

Live Mint  

NEW DELHI: Karti P. Chidambaram, Member of Parliament, on Thursday said he has written to the India’s fraud regulator to launch a thorough investigation into the finances of edtech giant Byju’s. Chidambaram cited the $800 million funding round raised by the edtech decacorn in March this year from Byju’s founder and CEO Byju Raveendran with participation from Sumeru Ventures, Vitruvian …

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