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 come together and participate in the $200 million rights issue floated by the company. The agency, in November 2023 sent a foreign exchange violation show cause notice of more than Rs 9,300 crore against BYJU’S and Raveendran. BYJU’S had filed the petition before the court arguing that certain investors, including General Atlantic, Chan Zuckerberg Initiative, MIH EdTech Investments, Own Ventures, Peak XV Partners, SCI Investments, SCHF PV Mauritius, Sands Capital Global Innovation Fund, Sofina, and T Rowe Price Associates, had violated the Articles of Association, the Shareholders’ Agreement, and the Companies Act, 2013 by calling for an EGM on February 23, 2024. During the proceedings, BCCI’s counsel informed NCLT that a general notice was issued to Byju’s through an e-mail dated 6 January, 2023, with a default amount of Rs 158 crore, excluding TDS.

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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’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 …

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 …

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 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’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 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 …

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 …

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 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, …

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 …

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 …

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 …

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 …

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 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 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 …

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 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 …

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 …

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 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’s to stop selling tuition to lower-income families, start ‘affordability checks’: report
2 years ago

Byju’s to stop selling tuition to lower-income families, start ‘affordability checks’: report

The Hindu  

Education technology giant Bjyu's has said it will stop selling tuition to poorer families who may struggle to afford it, according to India's child rights body, which summoned the company's CEO on Friday to answer over a Context investigation. Mr. Prakash said the company would start carrying out "affordability checks" to ensure it did not sell its courses or offer …

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 Co-Founder Divya Gokulnath Compares Ed-Tech Firm's Results to 'Brahmastra'; Know Why
2 years, 3 months ago

Byju's Co-Founder Divya Gokulnath Compares Ed-Tech Firm's Results to 'Brahmastra'; Know Why

News 18  

Byju’s co-founder and director Divya Gokulnath has broken her silence on reports over the ed-tech firm’s financial performance in FY21 and FY22, saying that the second blockbuster release of this year, after the movie “Brahmastra”, was the financial results of the $22-billion company. In a social media post, Gokulnath said that while BYJU’s reported Rs 4,500 crore loss in FY21 …

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