Mar 31, 2025 10:32 AM IST
Byju Raveendran had known as for a “thorough investigation” into alleged collusion and fraud involving lenders and a decision skilled
Ed-tech firm Byju’s founder Byju Ravindran shared a photograph from his youthful days with a motivational caption on the social media platform X amid insolvency proceedings within the Supreme Courtroom towards what as soon as was often called “world’s largest ed-tech company.”
Byju Raveendran, founding father of Byju’s, the Bangalore-based instructional expertise start-up.(AFP file)
“Broke, not Broken. We will rise again,” Byju Ravindran’s put up learn, suggesting plans at revival of the bankrupt startup as soon as valued at over $22 billion by traders.
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How Byju’s troubles started?
Byju’s provides on-line tutorials on topics corresponding to math, physics and chemistry for varsity college students. Its enterprise boomed throughout the Covid-19 pandemic as colleges have been compelled to close down, forcing college students to hunt choices for on-line studying.
Byju’s valuation shot up from $5 billion earlier than the pandemic to $22 billion in 2022, and it acquired a number of firms on the best way. Its fortunes started to take a success as a result of resumption of bodily lessons and the corporate’s revenues couldn’t maintain fast enlargement and aggressive acquisitions.
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In 2023, the Board of Management for Cricket in India (BCCI) requested a tribunal to provoke insolvency proceedings towards Byju’s for defaulting on $19 million of dues over sponsorship rights for the Indian cricket workforce’s jerseys. The proceedings have been quashed because the Indian cricket board and Byju’s agreed arrived at a settlement wherein the corporate agreed to pay the complete quantity.
The case prompted US lenders, represented by Glas Belief, to strategy the Supreme Courtroom alleging that Byju’s used cash owed to lenders to pay BCCI. The corporate denied fees of mismanagement, however the apex courtroom stayed the tribunal’s order and ordered insolvency proceedings towards Byju’s.
Raveendran alleges ‘collusion’
In a latest put up on LinkedIn, Raveendran sought to elucidate what went unsuitable and the way the scenario is being misrepresented. He additionally known as for a “thorough investigation” into alleged collusion and fraud involving the agency’s lender Glas Belief, consultancy agency EY, and former decision skilled Pankaj Srivastava.
Information / India Information / ‘Broke, not broken’: Byju Raveendran shares pic from youthful days amid chapter limbo
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