Indian tech firm Think & Learn Pvt must freeze $533 million to protect the money for disgruntled lenders who claim the cash should only be used to pay them, a US judge said Thursday.The decision by US Bankruptcy Judge John Dorsey was a mixed victory for lenders. They earlier demanded the money be placed under … Read more
MUMBAI: Byju’s has given up all office spaces except its Bengaluru headquarters as the troubled startup struggles with cash crunch. Sources at the company said that the move is part of the firm’s business restructuring that has been mandated by India CEO Arjun Mohan. To be sure, Byju’s has been vacating offices since the past … Read more
Home Business Byjus Delays Salaries For Its 20,000 Employees; CEO Gives This Reason Raveendran has said that a select few (four out of its 150+ investors) have “stooped to a heartless level, ensuring that we are unable to utilise the funds raised to pay your hard-earned salaries.”. Published: March 2, 2024 3:26 PM IST By … Read more
MUMBAI: A day after a majority of Byju’s investors voted to remove founder Byju Raveendran as CEO and restructure the board that includes his wife Divya Gokulnath and brother Riju Ravindran, the founder wrote a letter to employees stating that the extraordinary general meeting (EGM) was a “farce” and only 35 of 170 shareholders, representing … Read more
MUMBAI: A day ahead of the extraordinary general meeting (EGM) which a group of Byju’s major investors have called to seek removal of Byju Raveendran from position of CEO as well as a reconstitution of the firm’s board, Byju’s said that Raveendran and the board members will not attend the EGM which it said is … Read more
The Enforcement Directorate (ED) has requested the Bureau of Immigration (BOI) to issue a look out circular (LOC) against Byju Raveendran, the founder and CEO of Byju’s, an embattled edtech company, according to sources. The ED approached BOI this month to ensure Raveendran does not depart from the country.An LOC ‘on intimation’ was previously issued … Read more
MUMBAI: Come Friday, shareholders of Byju’s parent company Think & Learn are expected to gather for a special meeting called by a group of investors to oust the edtech startup‘s board led by founder Byju Raveendran.To oust the three-member board comprising Raveendran, his wife Divya Gokulnath and his brother Riju Ravindran, majority (50% plus one … Read more
MUMBAI: Even as major investors seek removal of Byju’s founder and group CEO Byju Raveendran from leadership position and reconstitution of the company’s board — which has pretty much been reduced to a family-run entity — Raveendran has given a clear indication that he is not going to step down from the top post. The … Read more
A unit of Byju’s, once one of India’s hottest tech startups, was put into bankruptcy in the US by a court-appointed agent who took over the shell company after it defaulted on $1.2 billion in debt.Byju’s Alpha Inc doesn’t have enough money to keep fighting with its parent company about the debt, according to court … Read more
Setback for Byju’s: BlackRock, the world’s largest asset manager, has significantly reduced the estimated value of edtech firm Byju’s to around $1 billion. This marks a decline of over 95% from its valuation of $22 billion during its last fundraising round in October 2022.In a regulatory filing with the US Securities and Exchange Commission on … Read more