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Byju's founder Raveendran faces reckoning as startup implodes
VCCircle
·
1y ago
Medial
Byju's founder, Byju Raveendran, is facing a significant challenge as his education-technology startup, once valued at $22 billion, has seen a drastic drop in valuation to below $2 billion. Raveendran has lost control of the company due to alleged financial mismanagement and compliance issues, and a tribunal has initiated an insolvency process. Raveendran denies the allegations and argues that the company is solvent. The outcome of the insolvency process will determine the fate of India's biggest startup and its 27,000 employees.
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Is Byju's Making a Comeback? Raveendran’s Vow Sparks Debate
OutlookIndia
·
4m ago
Medial
Byju's, once a prominent star in India's startup scene, faces financial challenges and legal disputes over $1 billion in unpaid debts in the US and India. Founder Byju Raveendran vows to revive the company, promising to rehire former employees. Despite accusations of exploiting education and financial misconduct, Raveendran expresses optimism about a comeback. He alleges collusion between lenders and an interim resolution professional, urging investigations to uncover the truth behind the company's distress.
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Byju’s India CEO Arjun Mohan resigns, founder Raveendran to return to helm daily ops
Economic Times
·
1y ago
Medial
Arjun Mohan, CEO for Byju's India, is stepping down from his role after just six months. This comes as the edtech firm faces challenges with investors and a deepening crisis. Byju Raveendran, the founder, will now take control of the company's daily operations. Mohan led the clean-up of the company's workforce and was involved in the restructuring, but the firm still faces financial issues, including pending salaries for employees. Raveendran plans to consolidate the India business into three divisions: App & AI, test preparation, and tuition centers.
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BYJU'S raises $200 Mn via rights issue at $225 Mn valuation
Inc42
·
1y ago
Medial
Indian edtech giant BYJU's is seeking to raise $200 million through a rights issue, as it faces financial difficulties. This comes with a steep decline in valuation, from $22 billion to $225 million. The funding will be used to support ongoing capital expenditure and general corporate purposes. BYJU's founder, Byju Raveendran, stated that the funds will help clear immediate liabilities and meet operational requirements, as well as bring the company closer to achieving operational profitability.
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'Do not leave India': ED seeks lookout notice against Byju's CEO
Inshorts
·
1y ago
Medial
The Enforcement Directorate (ED) has reportedly requested the Bureau of Immigration to issue a lookout circular (LOC) against Byju's CEO, Byju Raveendran, to prevent him from leaving India. The request comes as the ED investigates alleged violations of FEMA involving the startup and its founder. Notably, Raveendran has frequently traveled between Delhi and Dubai over the past three years.
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Byju’s Removes Flagship App from Google Play Store Over AWS Payment Issue
OutlookIndia
·
2m ago
Medial
Byju’s, a leading edtech startup, has removed its app from the Google Play Store due to payment issues with Amazon Web Services (AWS). Users can no longer access premium subscriptions or video content, and many SEO-optimized web pages are offline. While the iOS version remains available, core functions are disrupted across platforms. Byju's, undergoing insolvency proceedings, faces allegations of intimidation against its leadership, allegedly aimed at isolating the founder, Byju Raveendran.
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Govt ordered inspection of BYJU'S last week: Report
Inshorts
·
2y ago
Medial
Last week, according to a report from CNBC-TV18, the Indian government instructed an examination of BYJU'S, the country's most valuable startup. The Ministry of Corporate Affairs has apparently acknowledged several instances of inadequate corporate governance within BYJU'S. Prior to this, three board members of BYJU'S ended their association, citing disagreements with Founder Byju Raveendran, and Deloitte Haskins & Sells resigned as the company's auditor immediately.
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Byju Raveendran, family won’t attend EGM called by investors
Thehindubusinessline
·
1y ago
Medial
Byju's founder Byju Raveendran and other board members will not attend the extraordinary general meeting (EGM) called by a group of investors seeking Raveendran's removal as CEO. Byju's claims that the EGM is invalid and in violation of the company's articles of association (AOA) and shareholder agreement. The Karnataka High Court has ordered that no resolutions from the EGM be implemented until the final hearing of Byju's plea. The edtech firm, facing financial difficulties, has fully subscribed to a $200 million rights issue, with founder Raveendran contributing around $45-$46 million. The Enforcement Directorate has requested a lookout circular against Raveendran.
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Byju’s founder files FIR against former resolution professional, EY, Glas Trust
Economic Times
·
4m ago
Medial
Byju Raveendran, founder of edtech company Byju's, has filed a police complaint against Pankaj Srivastava, former resolution professional of Think & Learn, Glas Trust, and EY employees, alleging a criminal conspiracy against the company. The allegations involve collusion and fraud related to Byju’s insolvency proceedings. The case is under review by NCLT and NCLAT. Byju's, amid insolvency proceedings, faces legal challenges following disputed resolutions and sponsorship deal settlements with BCCI.
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India needs to rally behind its edtech startups, beginning with Byju’s
Money Control
·
1y ago
Medial
The ongoing battle for control of edtech startup Byju's, between founder Byju Raveendran and marquee investors, should not overshadow the importance of the company's contribution to India's education sector. Byju's has the potential to significantly improve education accessibility and support the achievement of sustainable development goals. It also plays a crucial role in showcasing India's startup prowess. It is crucial that the founder-investor standoff does not impede Byju's growth or hinder its ability to make a positive impact in education.
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Byju's founder, ousted by shareholders, says rumors of his firing 'greatly exaggerated'
TechCrunch
·
1y ago
Medial
Byju Raveendran, the founder of edtech startup Byju's, addressed rumors of his firing in a letter to employees. He claimed that the shareholder group that voted to remove him violated local rules and that their resolutions lacked majority support. Byju's is currently seeking new funding through a rights issue, which has received a strong response. Raveendran expressed confidence that the actions of the minority shareholders will ultimately fail, and the company's position will prevail.
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