Once the poster child of India’s booming startup scene, Byju’s is now facing a sharp decline. The edtech giant has just sold two of its major U.S. assets—Epic and Tynker—for a combined $97.2 million, despite having bought them for nearly $700 million just a few years ago.
These fire-sale deals come amid bankruptcy proceedings in a Delaware court, and they highlight just how far the company…
In a significant turn of events, India’s Supreme Court has struck down a tribunal order that would have allowed Byju’s, the country’s largest online tutoring platform, to settle its debts with a creditor. This decision firmly re-establishes the company’s trajectory towards insolvency and signifies a major setback for its founder, Byju Raveendran.
A High-Profile Setback for Byju’s
The…
In a candid revelation, Byju Raveendran, the founder of the once-mighty edtech company Byju’s, admitted that his startup, once valued at a staggering $22 billion, is now effectively worth “zero.” Speaking to reporters on Thursday, Raveendran took responsibility for the company’s decline, acknowledging a series of missteps that led to its current state.
Raveendran’s aggressive strategy to…
In a significant legal ruling, the Delaware Supreme Court has determined that Indian edtech giant Byju’s defaulted on a $1.5 billion loan, paving the way for lenders to exercise their rights to recover assets and enforce repayment. The decision, issued on September 23, 2023, grants lenders the authority to take control of Byju’s assets in the United States, specifically Byju Alpha Inc., a…
BYJU’S insolvency resolution professional (IRP), Pankaj Srivastava, has removed Glas Trust Co, a consortium of US-based lenders, from the committee of creditors (CoC) overseeing the troubled edtech startup’s bankruptcy proceedings. This decision came after Srivastava determined that Glas Trust did not meet the minimum 51% threshold of lenders required in the $1.2 billion Term Loan B (TLB)…
In a recent ruling, the Delaware Bankruptcy Court has denied a plea from Glas Trust Company, representing US lenders, to block Byju’s settlement with the Board of Control for Cricket in India (BCCI). The settlement concerns a Rs 158-crore overdue payment related to a sponsorship deal.
Court Ruling
Judge Brendan Shannon of the Delaware Bankruptcy Court decided not to interfere in the legal…
Byju’s, the cash-strapped ed-tech company, is moving towards resolving its financial dispute with the Board of Control for Cricket in India (BCCI). The company has made an initial payment of ₹500 million to the cricket board, according to reports.
The dispute over unpaid fees, which has been a major issue for Byju’s, is nearing resolution, with lawyers from both sides informing the National…
Byju’s, India’s leading tech giant once valued at $22 billion, is navigating turbulent waters as it appeals against insolvency proceedings initiated by the Board of Control for Cricket in India (BCCI). The National Company Law Appellate Tribunal (NCLAT) in Chennai is scheduled to hear Byju’s appeal on July 29, marking a critical juncture in the company’s ongoing struggle to address…
In a recent development concerning India’s prominent edtech firm, Byju’s, the Ministry of Corporate Affairs (MCA) has reiterated that investigations into alleged financial irregularities are still ongoing, dismissing reports that suggested the company had been cleared of any wrongdoing.
Background
Byju’s, once a beacon of success in the edtech industry with a valuation soaring to $22…
Byju’s has secured itself as the most noteworthy esteemed startup in India, worth around $16.5 billion subsequent to raising more than $1.5 billion during the main portion of 2021. It is likewise named as the most esteemed edtech startup across the globe while its closest Indian rival Unacademy is worth just $3.5 billion(i.e just 21.2% of the Byju Raveendran drove firm).
The organization has at…
