byjus

Alakh Pandey, a teacher from Prayagraj, transformed his YouTube channel into the edtech giant PhysicsWallah, making quality education accessible and affordable for millions. His journey from free online lessons to a billion-dollar valuation highlights a unique path to success in the competitive Indian education market.

Byju's Alpha Inc, a unit of Byju's, filed for bankruptcy in the US due to its $1.2 billion debt. The company lacks funds to continue fighting with its parent company. Parent company Byju’s, an online-education pioneer, continues to run its business in India and beyond even as the fight with creditors threatens its prospects.

Byju’s which has come under the scanner for severe corporate governance lapses is planning to set up a board advisory committee (BAC) which will be tasked with advising the CEO on matters pertaining to the company’s governance structure and composition of the board, sources said. “The BAC will serve as a working group consisting of independent directors with credible backgrounds and relevant experience from diverse corporate fields,” the startup’s founder and CEO Byju Raveendran told shareholders at the firm’s EGM (extraordinary general meeting) held earlier this week.

Lenders to one of India’s hottest tech startups, Byju’s, created bogus default claims tied to a $1.2 billion loan as part of a scheme to gain control of the education-technology provider, the firm’s lawyer told a judge. The distressed-debt lenders are “playing hardball” to create leverage in negotiations to restructure the loan and causing problems for Byju’s executives, Sheron Korpus, a lawyer for the Bengaluru-base company, said at a hearing in state-court in Delaware Friday.

Trouble continues to mount for Byju’s. A month after the firm’s investor Prosus confirmed the resignation of its representative Russell Dreisenstock from the board of the startup, the Netherlands-based technology investor on Tuesday said that the executive leadership at Byju’s regularly “disregarded” Dreisenstock’s advice and recommendations relating to strategic, operational, legal and corporate governance matters, compelling him to resign.

Education technology unicorn Byju’s reported an increase of 174% in revenues on a standalone basis to Rs 1,341 crore in the financial year ending March 31, 2019. The company also turned in a profit of a little over Rs 20 crore as compared to a loss of Rs 28.7 crore in the previous fiscal.

Even as a group of Byju’s major investors are seeking removal of the troubled startup’s founder and group CEO Byju Raveendran from leadership position and reconstitution of the company’s board which now has been pretty much reduced to a family-run entity, Raveendran has given a clear indication that he is not going to step down from the top post.

Byju’s, India’s most valued private company, has raised $250 million in debt funding from US-based investment firm Davidson Kempner. This funding is part of a larger $1 billion round that the education technology company is trying to raise, sources told TOI.

Edtech major Byju’s has reportedly sued its lender Redwood, an American investment management company and its related entities in the New York Supreme Court for accelerating the repayment of a $1.2 billion Term Loan B (TLB). According to a report in Economic Times, this marks a new twist in the long-drawn saga playing out between Byju’s and its lenders. This comes after Byju’s missed its quarterly interest payment of about $40 million for the TLB that was due on June 5. Byju's offshore lenders were scheduled to receive their interest payments on May 25, as per the contract, with grace period until June 5.

Byju's, the once highly valued Indian startup, is facing more challenges as three senior executives have left the company as part of a restructuring. This comes after Deloitte and three board members resigned in June, citing concerns within the company. Byju's is currently reassessing its agreements with lenders and investors as it tries to secure fresh financing and regain investor confidence.

National Eligibility cum Entrance Test (Undergraduate) NEET, and Joint Entrance Examination (JEE Advanced) are considered challenging and demand extreme hard work from students taking the test. Though the exams were back-breaking this year, Aakash BYJU’S caps off one of its best-ever performances in both NEET-UG and JEE Advanced 2022.

Netherlands-based investment firm Prosus said in its half yearly financial statement that it has recorded the fair value of its 9.7% stake in Byju’s at $578 million. That would mean Prosus values the education platform at about $6 billion.

Byju’s managed to avoid insolvency by securing time to repay $19 million owed to India's cricket board. A court halted insolvency proceedings after a partial payment. However, Byju’s still faces several bankruptcy cases and legal troubles, with its valuation dropping significantly. Investor confidence is dwindling, leading to delayed staff salaries. Venture investments in India’s young firms have dwindled, depriving the country of capital needed to diversify and grow the world’s fifth-largest economy.

The Delaware Supreme Court has confirmed that Byju’s is in default on a $1.2 billion loan, allowing US lenders to take control of its unit, Byju’s Alpha. The court validated the lenders' move to appoint Timothy Pohl as sole director, emphasizing that Byju’s must be accountable for its defaults.

Byju’s, the popular ed-tech company in India, is to face a government inspection into its account books following the resignation of an auditor and three board members. The ministry of corporate affairs has ordered an internal assessment of the company’s situation, and a report is expected in six weeks.

Byju’s on Wednesday announced the launch of Byju’s Wiz, a suite of three cutting-edge artificial intelligence (AI) transformer models—Badri, MathGPT, and TeacherGPT. The new suite, the firm said, will provide students with personalised learning experiences.

Byju’s, previously India’s most valuable startup valued at $22 billion less than two years ago, has faced multiple challenges. These include financial issues, legal conflicts, reduced valuation, and calls from investors for leadership changes. As a result, there has been an increase in employee turnover due to layoffs and salary delays.

Byju's Alpha is accused of hiding $500 million from creditors. The dispute is the latest setback for the high-flying startup founded by Byju Raveendran. Byju's had already been working to appease creditors trying to restructure a $1.2 billion term loan when government investigators searched company offices in April.