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 EGM, calling it “procedurally invalid”. File image/Reuters Byju Raveendran to skip EGM Hours before the scheduled EGM is to be held, Raveendran Byju, Divya Gokulnath and Riju Ravindran have said that they won’t attend the EGM, calling it “procedurally invalid” and contractually in contravention of the company’s article of association and shareholder’s agreement. A Byju’s spokesperson was also quoted by the Economic Times as saying, “We are appalled that the investors have leaked the purported EGM notice to the media, despite being bound by confidentiality obligations under the articles of the company and the shareholders’ agreement.” However, the investors have countered Bjyu’s allegations on the EGM being invalid.

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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 …

'Not On The Run': Byju's CEO Promises Turnaround Amid Challenges
4 months ago

'Not On The Run': Byju's CEO Promises Turnaround Amid Challenges

News 18  

Byju Raveendran, founder and CEO of troubled education provider Byju’s, has reached out to employees and promised a speedy resolution to the delay in their July salaries, even as legal challenges remain ongoing. “I understand the importance of this and want to make the situation clear,” Raveendran wrote, pointing out that the company’s financial controls remain frozen due to a …

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 …

Byju Raveendran to Take Over Firm's Daily Operations After CEO's Resignation
8 months, 1 week ago

Byju Raveendran to Take Over Firm's Daily Operations After CEO's Resignation

News 18  

Founder of the edtech company Think and Learn, which owns the Byju’s brand, Byju Raveendran will handle the firm’s day-to-day operations following the resignation of CEO Arjun Mohan, the company said on Monday. Following the move, the company has announced a major rejig of the business that will consolidate its business into three focused divisions -The Learning App, Online classes …

Byju's announces rejig of business; founder Raveendran to take over firm's daily operations
8 months, 1 week ago

Byju's announces rejig of business; founder Raveendran to take over firm's daily operations

The Hindu  

Byju Raveendran, the founder of the edtech company Think and Learn, which owns the Byju's brand, will handle the firm's day-to-day operations following the resignation of CEO Arjun Mohan, the company said on April 15. The company has also announced a major rejig of the business that will consolidate its business into three focused divisions - the learning App, online …

Byju Raveendran says 'start of leaner company' as edtech’s CEO Arjun Mohan quits
8 months, 1 week ago

Byju Raveendran says 'start of leaner company' as edtech’s CEO Arjun Mohan quits

Hindustan Times  

Byju's CEO Arjun Mohan resigned from his position following which founder Byju Raveendran will take over daily operational responsibilities, the company said in a statement. Byju's CEO Arjun Mohan resigned seven months after he took over the role. The company said in a statement, “The changes follow an extensive seven-month operational review and cost optimisation exercise led by outgoing BYJU'S …

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 …

Explained: From startup star to financial struggle, the rise and fall of Byju's
9 months, 1 week ago

Explained: From startup star to financial struggle, the rise and fall of Byju's

India TV News  

Byju Raveendran, an engineer from Kerala, envisioned revolutionising education systems through his startup venture. The current downturn However, today, Byju's finds itself grappling with severe financial distress, struggling even to pay its employees' salaries. Unraveling the story Founded in 2003, Byju's initially gained traction by aiding friends in cracking the CAT entrance exam. Financial fiasco Reports suggested that Byju's faced …

Byju's gives up most office spaces in India, shifts to remote work
9 months, 1 week ago

Byju's gives up most office spaces in India, shifts to remote work

Hindustan Times  

Edtech company Byju's has left all office spaces across India and is only retaining its headquarters at IBC Knowledge Park in Bengaluru. Bjyu's work from home rule Byju's has asked all employees to work from home indefinitely, except for those working out of approximately 300 Byju's Tuition Centres, it was reported. The company has taken the decision as part of …

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, …

‘Still the CEO,’ says ‘ousted’ Byju Raveendran day after shareholders' move
10 months ago

‘Still the CEO,’ says ‘ousted’ Byju Raveendran day after shareholders' move

Hindustan Times  

Byju Raveendran, the co-founder and now the ‘ousted’ CEO of troubled edtech major Byju's, has reportedly told staff that he ‘remains the chief executive,’ and that there are ‘no changes’ at the company. His note came a day after shareholders of the Bengaluru-based online education firm, voted ‘unanimously’ to remove the billionaire entrepreneur and his family from what was once …

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 …

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 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 …

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 …

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 …

Vantage | Does Byju's have a plan beyond pledging its CEO's houses?
1 year ago

Vantage | Does Byju's have a plan beyond pledging its CEO's houses?

Firstpost  

Reports say the founder and CEO of Byju’s, Byju Raveendran, has pledged two of his houses. He raised around 400 million dollars from that, and he has also sold some of his stake in Byju’s, which brought in 800 million dollars. And finally, the third legal case, arguably, the most important one, Byju’s owes around 1.2 billion dollars to lenders …

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 …

From layoffs to legal hurdles: What's going on at Byju's?
1 year, 5 months ago

From layoffs to legal hurdles: What's going on at Byju's?

India Today  

Edtech giant Byju’s has seen a sharp turnaround in its fortunes since last year, and the success story of India’s most valuable start-up seems to have turned sour, even as its CEO Byju Raveendran remains optimistic about the company’s future. In a virtual town hall held on Thursday, Raveendran assured employees that the “best is yet to come” for Byju’s, …

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 …

Deloitte Resigns as BYJU'S Auditor, Edtech Firm Ropes in BDO for Audit
1 year, 6 months ago

Deloitte Resigns as BYJU'S Auditor, Edtech Firm Ropes in BDO for Audit

News 18  

Audit firm Deloitte has resigned as auditors of Byju’s citing a delay in submission of financial statements while almost simultaneously three of the edtech firm’s board members have quit in what is being seen as a deepening crisis at the decacorn. Deloitte Haskins & Sells, which was slated to audit Byju’s until 2025, stepped down with “immediate effect” mid-term stating …

Three board members quit Byju's, Deloitte steps down as auditor: Report
1 year, 6 months ago

Three board members quit Byju's, Deloitte steps down as auditor: Report

Hindustan Times  

Three board members of Indian startup Byju's have quit and Deloitte has stepped down as its auditor, three sources said, key departures amid the edtech company's disagreement with lenders and when an investor has slashed its valuation. Byju's founder Byju Raveendran Peak XV Partners' GV Ravishankar, Prosus' Russell Dreisenstock and Chan Zuckerberg Initiative's Vivian Wu have resigned from the board, …

Deloitte resigns as BYJU'S auditor, edtech firm ropes in BDO for audit
1 year, 6 months ago

Deloitte resigns as BYJU'S auditor, edtech firm ropes in BDO for audit

India TV News  

Audit firm Deloitte has resigned as auditors of Byju's citing a delay in submission of financial statements while almost simultaneously three of the edtech firm's board members have quit in what is being seen as a deepening crisis at the decacorn. Deloitte Haskins & Sells, which was slated to audit Byju's until 2025, stepped down with "immediate effect" mid-term stating …

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 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 …

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 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. …

Byju's lays off 1,500 employees, cites cost optimisation and outsourcing of operations
1 year, 10 months ago

Byju's lays off 1,500 employees, cites cost optimisation and outsourcing of operations

Hindustan Times  

Byju's has laid off around 1,500 employees, with those let go accounting for 15% of the company's existing workforce, according to media reports. In October last year, the edtech giant laid off 2,500 employees “Byju's has fired around 1,500 employees citing cost optimisation and outsourcing of operations. The company is planning to outsource some functions in areas such as operations, …

Edtech firm Byju’s lays off nearly 1,500 employees
1 year, 10 months ago

Edtech firm Byju’s lays off nearly 1,500 employees

Live Mint  

Edtech unicorn Byju's has laid off nearly 1,500 employees, in another round of layoffs according to media reports. Byju’s has fired around 1,500 employees citing cost optimization and outsourcing of operations, four people familiar with the matter, told Mint. Byju’s founder and chief executive officer Byju Raveendran in October had assured employees that no further layoffs beyond the planned 2,500 …

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 drops layoff plan for now, to retain Thiruvananthapuram operations
2 years, 1 month ago

BYJU’S drops layoff plan for now, to retain Thiruvananthapuram operations

Live Mint  

Edtech platform Byju's on 2 November decided to revoke it plan to shut its operations in Thiruvananthapuram after meeting with Kerala Chief Minister Pinarayi Vijayan. Apart from dropping the layoff plan and relocation of 140 employees at one of its offices in Kerala, Raveendran announced plans to hire 600 people in the state. The following update arrives as the firm's …

Byju's to continue operations at Kerala Technopark center, not to lay off employees
2 years, 1 month ago

Byju's to continue operations at Kerala Technopark center, not to lay off employees

The Hindu  

Edutech company Byju’s, which had earlier decided to lay off all of its employees at its centre in Technopark, Thiruvananthapuram, has decided to continue its operation at the centre after Byju Raveendran, CEO & founder of the company, held talks with Chief Minister Pinarayi Vijayan. Labour Commissioner K. Vasuki IAS also chaired a meeting with the employees, representatives of Prathidhwani, …

Byju's rolls back relocation plan for Kerala staffers after founder meets CM
2 years, 1 month ago

Byju's rolls back relocation plan for Kerala staffers after founder meets CM

India Today  

In a move that will save the jobs of 140 employees working for Byju's in Kerala, the edtech major has rolled back its decision to relocate the employees and has decided to continue its operations at the Technopark campus in Thiruvananthapuram. However, after founder Byju Raveendran's meeting with the state chief minister, the company has now reversed the decision and …

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 shuts down Kerala office, forces employees to resign: Report
2 years, 1 month ago

Byju’s shuts down Kerala office, forces employees to resign: Report

Live Mint  

Edtech firm Byju's has allegedly closed down their Technopark, Thiruvananthapuram office and are forcing their employees to resign, Minister for General Education and Labour in the Kerala Government, V Sivankutty said on social media platform Facebook. On Facebook, Technopark Today, the community media platform of Technopark employees, said that Byju’s management was forcing employees to resign. Reports have suggested that …

Tough lessons: Are Byju’s mass layoffs a sign of trouble for India's edtech sector?
2 years, 5 months ago

Tough lessons: Are Byju’s mass layoffs a sign of trouble for India's edtech sector?

Firstpost  

In a post-pandemic world, where edtech companies are struggling to survive, Byju’s has laid off at least 1,500 employees. Byju’s responds With the news of the firings becoming headlines across platforms, the edtech company, currently valued at $22 billion, issued a statement saying, it was “optimising” its teams across group companies. The company added that the “entire exercise involves less …

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 …

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