Byju Raveendran, the founder of the embattled edtech group Byju’s, acknowledged on Thursday afternoon that he made mistakes, mistimed the market, overestimated growth potential and that his startup, once valued at $ 22 billion, is now effectively worth “zero.” Speaking to a group of journalists, Raveendran said the company’s aggressive acquisition of more than two […]
Second Byju’s auditor exits in a year as financial turmoil deepens
BDO, the auditor for Indian edtech startup Byju’s, has resigned with immediate effect, marking the second auditor departure for the embattling startup in about a year and further intensifying concerns about its financial health and governance. In a scathing resignation letter, BDO subsidiary MSKA highlighted multiple issues with Byju’s, including significant delays in financial reporting, […]
India’s top court clears way for Byju’s insolvency proceedings
India’s top court has put on hold a tribunal ruling that halted Byju’s insolvency proceedings in a win for U.S. creditors that are seeking $ 1 billion from the edtech startup. The Indian Supreme Court ordered on Wednesday a stay on the National Company Law Appellate Tribunal’s recent approval of a settlement between the Indian […]
Byju’s, once valued at $22 billion, faces insolvency proceedings
An Indian tribunal court initiated insolvency proceedings for Byju’s, once India’s most valuable startup, on Tuesday in response to a petition from the country’s powerful cricket board. The Tuesday ruling installs an interim resolution professional to manage the company’s operations, pushing the once-billionaire founder out in a dramatic turn for a firm that was valued […]
Prosus zeroes out 9.6% Byju’s stake
Major investor Prosus has written off the worth of its 9.6% stake in edtech firm Byju’s to zero, signaling a loss of confidence in the once-most valued Indian startup. Prosus, the largest external investor in Byju’s, wrote off the startup “due to the significant decrease in value for equity investors,” it disclosed in its earnings […]