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BYJU'S In Catch-22

Inc42 · 1y ago

BYJU'S In Catch-22

BYJU'S, the edtech giant, is facing multiple challenges as it attempts to revive its business under the leadership of new CEO Arjun Mohan. The company has yet to release its financials for FY22 and FY23, has unpaid employee dues, and is considering selling assets to repay debts. Additionally, BYJU's reputation has taken a hit due to the lack of profitability of its acquired companies and problems with corporate governance. The new CEO must address these issues while also focusing on the core business and rebuilding trust with investors.

Related News

BlackRock slashes India's Byju's valuation by 95% to $1 bln

Reuters · 1y ago

BlackRock slashes India's Byju's valuation by 95% to $1 bln

BlackRock has reportedly reduced the value of its stake in Indian edtech startup Byju's to $1 billion from the previous $22 billion valuation. This marks another significant reduction in Byju's implied valuation by BlackRock, which owns less than 1% of the company. Earlier, Tech investor Prosus NV valued Byju's at under $3 billion. Byju's is currently facing challenges, including a notice from the Enforcement Directorate (ED) regarding alleged violations of foreign exchange laws.

Investors take a harder look at Indian edtech deals amid Byju’s troubles

Money Control

Money Control · 1y ago

Investors take a harder look at Indian edtech deals amid Byju’s troubles

In 2016, General Atlantic declined an investment in Byju's at a $400 million valuation due to revenue-valuation mismatch. Byju's later flourished, crossing Rs 1,300 crore revenue by FY19. General Atlantic invested in 2018 at $3 billion valuation as Byju's thrived, eventually reaching $22 billion. However, post-Covid, revenue plateaued, causing valuation declines. Byju's also faced governance and financial challenges, including loan defaults and pending fund infusion. Now the heat of Byju's miserable state is faced by new and upcoming ed-tech ventures out of India.

Baron Capital Slashes BYJU’S Valuation By 99%

Inc42 · 1y ago

Baron Capital Slashes BYJU’S Valuation By 99%

Baron Capital has reduced the fair value of its investment in edtech firm BYJU'S by 99.85% to $120 million. The investment firm has valued its BYJU'S shares in the Baron Emerging Markets Fund at $75,485 and its shares in the Baron Global Advantage Fund at $45,294. This decrease reflects a larger concern regarding the valuation of BYJU'S, which has experienced a significant decline from its peak valuation of $22 billion.

BCCI claims Byju's has defaulted payment of Rs 158 crore

Money Control

Money Control · 1y ago

BCCI claims Byju's has defaulted payment of Rs 158 crore

Embattled edtech firm Byju's has allegedly defaulted on a payment of Rs 158 crore, according to the Board of Control for Cricket in India (BCCI). The default was communicated through a general notice issued by BCCI, and Byju's has been given a two-week period to respond to the case. A hearing on the matter is scheduled for December 22.

Byju’s warns about future after FY22 loss widens to ₹8,245 cr

Livemint

Livemint · 1y ago

Byju’s warns about future after FY22 loss widens to ₹8,245 cr

Byju's, the edtech company, has reported a significant increase in losses for fiscal year 2021-22, reaching ₹8,245 crore. The company expressed concerns about its ability to continue operations, citing debt-related risks and ongoing losses. Byju's recorded a consolidated total revenue of ₹5,298.43 crore for the same period. The company's underperforming businesses, including Whitehat Jr. and Osmo, contributed to a substantial portion of the losses. Byju's has been facing challenges in raising capital, managing debt, and meeting payroll obligations.

Supreme Court declines Byju’s plea to block formation of creditors’ committee | Mint

Livemint

Livemint · 11m ago

Supreme Court declines Byju’s plea to block formation of creditors’ committee | Mint

The Supreme Court has denied Byju's plea to prevent the resolution professional of the bankrupt edtech company from forming a committee of creditors. The court has agreed to hear the case in detail on 22 August. Byju's had earlier revived the insolvency case against them, following an appeal by US-based lender Glas Trust Inc, claiming that Byju's owed them over ₹8,000 crore. The court has directed the Board of Control for Cricket in India (BCCI) to deposit a settlement amount of ₹158 crore from Byju's in a separate escrow account until the resolution of an appeal by the US lender.

Indian ed-tech giant Byju’s faces total shutdown if insolvency proceeds, says CEO

Livemint

Livemint · 1y ago

Indian ed-tech giant Byju’s faces total shutdown if insolvency proceeds, says CEO

Insolvency proceedings against Byju's, India's leading ed-tech startup, may result in a complete shutdown of its services and force mass employee resignations, according to a court filing. Byju's, once valued at $22 billion, has faced a series of challenges including job cuts, a drop in valuation, and disputes with investors over corporate governance issues. The current crisis follows a complaint from the Indian cricket board over an unpaid sponsorship fee, triggering insolvency proceedings and freezing Byju's assets. The court will review the case on Monday, and Byju's CEO, Byju Raveendran, has expressed willingness to settle the outstanding dues.

Prosus marks down Byju's stake, valuing edtech giant at less than $3 billion

Money Control

Money Control · 1y ago

Prosus marks down Byju's stake, valuing edtech giant at less than $3 billion

Investor Prosus has downgraded the value of its stake in Byju's, lowering the company's valuation to under $3 billion. This represents an 86% decline from the previous funding round valuation of $22 billion. This is the second time in a year that Prosus has downgraded Byju's valuation. The company had previously valued its stake at $578 million, valuing the entire company at less than $6 billion.

I was told BYJU'S would swallow us: Coursera CEO on funding boom

Inshorts · 1y ago

I was told BYJU'S would swallow us: Coursera CEO on funding boom

Coursera CEO Jeff Maggioncalda told Moneycontrol that he used to visit India during the funding boom era of 2021-22. "I remember when BYJU'S was hot. Every time I came to India, everyone was saying 'You're going to get swallowed by BYJU'S'. I said 'I don't know, maybe I will. But I'm gonna stay focused'," Maggioncalda said.

General Atlantic, Prosus ask Supreme Court to hear their concerns in Byju's insolvency

VCCircle

VCCircle · 11m ago

General Atlantic, Prosus ask Supreme Court to hear their concerns in Byju's insolvency

Foreign investors in Indian edtech firm Byju's, including General Atlantic and Prosus, are urging India's Supreme Court to consider their concerns as the court decides on the company's future during its ongoing insolvency proceedings. Byju's, once valued at $22 billion, has faced a legal dispute with US lenders seeking $1 billion in unpaid dues, leading to its insolvency. The investors, who together hold nearly 17% stake, have expressed concerns over mismanagement at the company, similar to the US lenders. Byju's declined to comment on the matter.

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