Mumbai: Edtech startup Byju’s has given up all office spaces except its Bengaluru headquarters as the company struggles with a cash crunch. The move is part of the firm’s business restructuring that has been mandated by India CEO Arjun Mohan, company sources said. To be sure, Byju’s has been vacating offices since the past few … Read more
MUMBAI: Troubled edtech startup Byju’s on Tuesday said that the $533 million it received from foreign lenders as part of a $1.2-billion term loan B has been parked with a non-US subsidiary of the firm and not “siphoned off“.Four of Byju’s investors had recently argued in a court that the company has siphoned off $533 … 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: Troubled edtech startup Byju’s has launched a rights issue to raise $200 million from existing investors at a valuation of $225-230 million, a 99% drop from its peak valuation of $22 billion (October 2022) as it struggles with a funding crunch. In a statement, the company said that the funds will be used to … Read more
MUMBAI: More than 100 Indian startups are estimated to have laid off over 24,000 employees in 2023, data shared by market research firm TheKredible showed. Troubled edtech startup Byju’s, ShareChat, Swiggy and Unacademy are among unicorn firms which have fired the highest number of employees, the data shared with TOI showed. Amid scarce funding and … Read more
NEW DELHI: Cash-starved Byju’s expects the liquidity crisisat the firm to ease in about 45-60 days and the firm is also working to close the audit of its FY23 accounts soon, founder and group CEO Byju Raveendran assured senior executives in a meeting on Tuesday as the company grapples with a series of crises. “The … Read more