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BYJU'S CEO Raveendran has personal debts of ₹3,335 crore

BQ Prime

BQ Prime · 1y ago

BYJU'S CEO Raveendran has personal debts of ₹3,335 crore

BYJU'S CEO Byju Raveendran has raised debts of about $400 million (over ₹3,335 crore) on a personal level, pledging all his shares in the edtech startup's parent company, Bloomberg reported. He has also re-invested $800 million raised by him through share sales in recent years, the report added. Raveendran, who was once worth $5 billion, is no longer a billionaire.

Related News

Byju’s founder pledges homes to raise funds for staff salaries

Livemint

Livemint · 1y ago

Byju’s founder pledges homes to raise funds for staff salaries

Byju Raveendran, the founder of Indian edtech giant Byju's, has pledged his home and his family's homes as collateral to raise $12 million and pay salaries to the company's employees amidst a cash crunch. The move comes as Byju's is selling its US-based kids' digital reading platform and facing a legal battle over missed loan payments. Raveendran, who was once worth nearly $5 billion, has also raised personal debts of around $400 million, leaving him cash-strapped. Byju's recently reported narrowed losses and concluded an investigation into its overseas fundraising.

Byju files caveat in SC expecting challenge to NCLAT order

Inshorts · 1y ago

Byju files caveat in SC expecting challenge to NCLAT order

BYJU'S CEO Byju Raveendran filed a plea in Supreme Court requesting to be heard before the court decides on a likely plea by US lenders opposing NCLAT's order ending insolvency proceedings against BYJU'S. US lenders had objected to the BYJU'S-BCCI settlement, alleging Byju of using money stolen from them. Byju's brother Riju paid for settlement with BCCI using personal assets.

Shareholders ask Byju Raveendran to step down

Livemint

Livemint · 1y ago

Shareholders ask Byju Raveendran to step down

Several major shareholders of edtech startup Byju's, including General Atlantic and Prosus Ventures, have called for a change in the company's management. They are seeking the removal of co-founder and CEO Byju Raveendran and the reconstitution of the company's board. The shareholders have issued an extraordinary general meeting (EGM) notice to address concerns about governance, financial mismanagement, and compliance issues. Byju's, once valued at $22 billion, is facing liabilities and has been unable to resolve ongoing issues with corporate governance. The company recently launched a rights issue to raise funds and pay off mounting debts.

Now, Qatar wealth fund goes after Byju Raveendran's personal assets

Livemint

Livemint · 1y ago

Now, Qatar wealth fund goes after Byju Raveendran's personal assets

Qatar Investment Authority (QIA) has asked an Indian court to compel Byju Raveendran, the founder of edtech company Byju's, to disclose his personal assets and prevent him from selling or transferring them. QIA, a major investor in India, is seeking to claim Raveendran's assets worth $235.19 million. This action by QIA is an unusual move by an investor, and it comes amid a series of challenges faced by Byju's from investors and debtors. Raveendran's personal assets include a minority stake in Aakash Education Services. The status of personal guarantees offered by Raveendran is unclear.

Is Byju's Making a Comeback? Raveendran’s Vow Sparks Debate

OutlookIndia

OutlookIndia · 4m ago

Is Byju's Making a Comeback? Raveendran’s Vow Sparks Debate

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.

US bankruptcy court holds Byju Raveendran in contempt for failure to comply with its orders - The Economic Times

Economic Times

Economic Times · 1m ago

US bankruptcy court holds Byju Raveendran in contempt for failure to comply with its orders - The Economic Times

Byju Raveendran, founder of Byju's, was held in civil contempt by the US Bankruptcy Court for the District of Delaware for not complying with discovery orders related to his company's financial dealings. The court imposed a daily fine of $10,000 until compliance. Previously, allegations were made that Raveendran and others misappropriated $533 million from creditors. Amid ongoing legal battles, Byju’s is selling its US assets to repay debts, while further legal actions are underway in India.

Read the full text of Byju Raveendran's letter to shareholders on rights issue, board restructuring

Economic Times

Economic Times · 1y ago

Read the full text of Byju Raveendran's letter to shareholders on rights issue, board restructuring

Byju Raveendran, the founder and CEO of Byju's, informed shareholders that the $200 million rights issue has been fully subscribed. He emphasized the importance of all shareholders participating in the rights issue to prevent value erosion and preserve and build greater value for the company. Raveendran addressed concerns regarding the pricing of the rights issue, stating that the chosen price is attractive and equitable for all shareholders. He also highlighted his personal commitment to the company, including investing $1.1 billion over the past two years. Raveendran pledged to restructure the Board and appoint two non-executive directors to increase shareholder representation. To ensure transparency, a third-party agency will monitor the usage of funds raised. Despite challenges, Byju's has seen growth in website and app traffic. Raveendran expressed confidence in the future success of the company and encouraged shareholders to join in the rights issue.

Byju's Raveendran says will continue to remain CEO after EGM casts out founders

Livemint

Livemint · 1y ago

Byju's Raveendran says will continue to remain CEO after EGM casts out founders

Byju Raveendran, the CEO of edtech company Byju's, has stated that he will remain in his position despite attempts by shareholders to oust him and revamp the board in an extraordinary general meeting (EGM). Raveendran dismissed rumors of his firing and declared that it is "business as usual" at Byju's. The EGM was deemed invalid by Byju's and only garnered support from 45% of shareholders. These developments come after the troubled edtech company announced a rights issue that will dilute the shareholding of non-participating investors. Raveendran has vowed to challenge these actions.

Byju Raveendran, family won’t attend EGM called by investors

Thehindubusinessline

Thehindubusinessline · 1y ago

Byju Raveendran, family won’t attend EGM called by investors

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.

84 Indian startup Founders with ₹4-lakh cr wealth on Hurun rich list

Inshorts · 1y ago

84 Indian startup Founders with ₹4-lakh cr wealth on Hurun rich list

Byju Raveendran, founder and CEO of Byju's, did not make it to the Hurun India rich list of 2023 due to multiple valuation markdowns in the company. In 2022, his personal wealth was reported to be Rs 30,600 crore. In contrast, stakeholders of profitable and bootstrapped Indian startups, such as Zoho and Zerodha, made it to the list. Hurun noted that the average age of Indian entrepreneurs on the 2023 list was 41, and the founders of over 33 Indian unicorns were featured.

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