Financial firm HSBC has cast serious doubt on the future of Indian edtech giant Byju’s, assigning zero value to Prosus’ nearly 10% stake in the company. This harsh assessment comes amidst Byju’s ongoing legal battles and deepening financial woes. Prosus is a Dutch-listed technology investment company. In a note to investors, HSBC highlighted multiple factors … Read more
Byju Raveendran, founder and CEO at troubled edtech startup Byju’s hit out at a group of investors, stating that their move to disable the company from using the funds raised through the rights issue has hindered disbursement of salaries to employees. “….I regret to inform you that we will still be unable to process your … Read more
The Enforcement Directorate (ED) on Tuesday issued showcause notices to troubled edtech startup Byju’s and its founder and group CEO Byju Raveendran over alleged violation of the provisions of the Foreign Exchange Management Act (Fema) amounting to over Rs 9,362 crore. The ED, which had initiated investigation against the startup earlier this year, has accused … Read more
Troubled education provider Byju’s is in advanced talks to sell its US-based kids’ digital reading platform for about $400 million to Joffre Capital Ltd., seeking funds to ease its financial pressures. The potential sale of Epic! Creations Inc. would help Byju’s raise funds to pay down a disputed $1.2 billion term loan, people familiar with … Read more
A group of ad hoc term loan lenders, who collectively own more than 85% of BYJU’S $1.2 billion term loan, has issued the following statement in response to a recent lawsuit filed by BYJU’S in the Supreme Court of the State of New York County of New York. “BYJU’S’ meritless lawsuit against its term loan … Read more
India’s most valuable startup Byju’s has just gotten bigger, with the online education platform doubling its revenue to nearly ₹10,000 crore in FY22. Based on the latest revenue figures, Byju’s is valuing itself at $22.6 billion, almost $6 billion more than its October valuation. View Full Image Self evaluation The higher revenue and valuation are … Read more
Byju’s has raised $800 million from Sumeru Ventures, Vitruvian Partners, and BlackRock, as the world’s most valuable edtech company focuses on expanding its business in global markets and explores to do more acquisitions. Byju Raveendran, founder and CEO of Byju’s, which has 150 million learners globally, is also part of this fund-raise and has made … Read more
Tiger Global-backed Byju’s is in talks for a U.S. listing through a deal with veteran dealmaker Michael Klein’s blank-check firm that could value the Indian edtech firm at $48 billion, a source told Reuters on Thursday. Byju’s, which offers online education and caters to all age groups, has benefited from a boom in online education … Read more