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Explainer: How Byju's went from startup star to facing insolvency

Economic Times · 10m

Indian edtech giant Byju's is facing insolvency proceedings after defaulting on $19 million of dues to the Indian cricket board. This marks a significant blow to the company, which has seen its valuation plummet from $22 billion to less than $2 billion. In addition to this financial crisis, Byju's is also dealing with shareholder disputes, with investors alleging financial mismanagement and compliance issues. Deloitte, the company's auditor, has resigned, and several board members have also stepped down. Byju's, founded by Byju Raveendran, offers online educational tutorials for school students and experienced a surge in popularity during the pandemic.