Byjus
Byju’s founder accused of trying to regain firm with hidden cash
Byju Raveendran has been trying to regain control of his capsizing education technology empire, which is under court supervision in both India and the US, where some of its valuable units are located.
PhysicsWallah eyes over Rs 1,000 crore offline revenue in FY25
PhysicsWallah, an online coaching platform, aims to generate a net revenue of Rs 1,050 crore in FY25 from its offline operations as it plans to open 75 more centres in both existing and new cities. The edtech firm currently has 124 offline centres across 94 cities.
Byju’s affiliate drained cash from US units in violation of bankruptcy rules: lawsuit
A lawsuit in Delaware claims that Byju Raveendran's company illegally transferred nearly $700,000 from US affiliates amid bankruptcy proceedings. Lenders seek to recover $533 million allegedly hidden by Byju's, involving complex legal battles in both the US and India.
Byju’s used $1.2 billion term loan for legitimate business operations, asserts Byju Raveendran in court filing
On the day a judge was set to consider the lenders’ fraudulent transfer claims against his company, Byju Raveendran outlined for the first time in court his explanation for what happened to the money, which lenders have been trying to track down for more than a year.
ETtech Explainer: What's next for Byju's after SC stays settlement deal with BCCI
Byju's founder Byju Raveendran is dealing with several legal disputes, including a Rs 158 crore payment issue with the Indian cricket board and a $1.2 billion term loan conflict with US lenders. Adding to their woes, India's Enforcement Directorate is investigating alleged violations of the Foreign Exchange Management Act involving Rs 9,362.35 crore.
Byju’s bankruptcy ruling in US catches Indian official off guard
The decision, made at a Tuesday hearing in Delaware, will lead to involuntary Chapter 11 bankruptcy of units including Neuron Fuel Inc., Epic! Creations Inc. and Tangible Play Inc., court papers showed. The order was made as a default judgment after the units failed to share requested information with creditors.
Byju Raveendran vows to pay staff salaries once he regains control over accounts
According to the founder of the troubled edtech firm, loss of control over the company’s accounts following SC staying NCLAT’s decision has stopped the founders from infusing more capital to pay the salaries. On August 14, the Supreme Court stayed the National Company Law Appellate Tribunal’s (NCLAT) order that approved the settlement deal between Think & Learn Pvt Ltd, the parent company of Byju's, and the Board of Control for Cricket in India (BCCI).
SC to hear Glas Trust's plea over insolvency proceedings against Byju's on September 17
The Supreme Court will hear an appeal by US-based Glas Trust Company LLC against a judgment that stayed insolvency proceedings against BYJU's and approved its Rs 158.9 crore settlement with the BCCI. The hearing is set for September 17, following urgent requests from lawyers representing both BYJU's and the BCCI.
SC halts CoC meetings at Byju’s; tells resolution professional to maintain status quo
Reserving its verdict on an appeal by US lender GLAS Trust Co LLC against the NCLAT’s order approving a settlement deal between Think & Learn Pvt Ltd, the parent of Byju’s, and the BCCI, the apex court questioned Byju's decision to settle the Rs 158 crore debt owed to the BCCI while leaving unpaid Rs 15,000 crore dues of other creditors, including Glas Trust.
Byju’s under scrutiny again; Infosys’ bonus bonanza
Indian authorities have started a fresh investigation into Byju’s financing and accounting practices. This and more in today’s ETtech Top 5.
Zomato and Zerodha founders back Aakash Chaudhry’s edtech comeback
Aakash Chaudhry, founder of Aakash Educational Services, has launched Sparkl Edventure, an online tutoring platform for students in grades 6-12. The new venture has secured $4 million in seed funding from Zomato's Deepinder Goyal and Zerodha's Nithin Kamath, targeting the growing international curriculum market. Sparkl offers personalised tutoring and well-being coaching, differentiating it from Chaudhry's previous offline-focused venture.
Byju’s content manager, business partner face US court sanctions
Lenders owed more than $1.2 billion are fighting to liquidate US education software companies that Byju’s purchased a few years ago for $820 million. Byju’s, founded by controversial entrepreneur Byju Raveendran and his family, is in bankruptcy in India after defaulting on the debt it owes US lenders.
Byju’s faces new probe over financial, accounting practices
Indian authorities have launched an investigation into Byju's financial practices, including potential misreporting and fund diversion. This follows a previous probe that revealed corporate governance issues at the struggling edtech giant, currently battling insolvency proceedings and facing significant investor losses.
NCLT questions Byju’s RP over CoC reconstitution and governance issues amid insolvency
The NCLT Bengaluru bench questioned Byju’s insolvency resolution professional (RP) Pankaj Srivastava over the reconstitution of its creditors' committee and Aakash Institute's board meeting. The counsel representing the RP argued that the CoC was formed on a provisional basis owing to the pressure to establish the CoC after the Supreme Court passed the order.
7 at 7: Adani’s fall, warrant on Netanyahu, Bitcoin nears 100K, more
From Bitcoin nearing the $100,000 mark amid institutional interest to Byju’s founder facing allegations of loan misuse to reclaim control of his firm; from the Adani Group’s stock crash following U.S. bribery charges and market repercussions to Zepto’s Aadit Palicha defending a $35 million monthly cash burn amidst growth; and from Ola Electric laying off 500 employees to boost profitability to the ICC issuing arrest warrants for Israel’s Netanyahu and Hamas leaders over war crimes, here’s your roundup of major financial, corporate, and geopolitical headlines shaping the world today.7 at 7: Adani’s fall, warrant on Netanyahu, Bitcoin nears 100K, more
Byju’s US lenders ask NCLT to reject BCCI plea to withdraw insolvency petition
Glas Trust challenges the maintainability of Byju's insolvency withdrawal application, arguing it should be submitted by the IRP before CoC formation. They assert the correct procedure was not followed, as the CoC's decision is non-binding and the application should have been placed before the tribunal.
Byju’s founder close to settling dues with BCCI, lawyer tells NCLAT
The BCCI requested a one-day adjournment at the NCLAT due to ongoing settlement discussions with Byju's regarding insolvency proceedings. The case involves a Rs 158.9 crore default by Think & Learn Pvt Ltd. Byju's founder challenged the NCLT's order initiating insolvency proceedings and has also sought intervention from the Karnataka High Court.
US court nixed lenders’ plea opposing settlement with BCCI, claims Byju’s
The Delaware Bankruptcy Court dismissed Glas Trust Company’s request to halt Byju's settlement deal with BCCI. Byju’s regained control after NCLAT’s approval. The settlement was funded by Riju Ravindran’s personal funds, not US lenders’ money. Glas Trust is expected to appeal the NCLAT order in India's Supreme Court.
NCLAT judge recuses from hearing Byju Raveendran’s plea against edtech’s bankruptcy order
Justice Sharad Kumar Sharma recused from hearing Byju Raveendran’s appeal as he had appeared as the senior counsel for the Board of Control for Cricket in India. A new bench will now be constituted to hear the appeal.
ET Explainer: Byju's steps on the insolvency tripwire. What happens next?
For more than a year now, the Bengaluru-based edtech company has been in turbulent waters with issues ranging from payment defaults, staff layoffs, boardroom battles and alleged lapses in corporate governance. NCLT’s decision triggered the corporate insolvency resolution process (CIRP) for the company.
Byju's founder Byju Raveendran faces reckoning as startup implodes
Potential insolvency is a dramatic turn of events for an entrepreneur described by one person who has worked with him as an extremely passionate and goal-oriented person who might adopt "an abrasive approach" in a crisis.
Karnataka HC rejects Byju’s plea in BCCI case; edtech firm to move NCLAT on Monday
The case relates to unpaid dues of Rs 158 crore payable to BCCI for sponsorship rights. The troubled edtech firm will knock on the doors of NCLAT on Monday.
Byju's faces total shutdown if insolvency proceeds: CEO Byju Raveendran
Byju's, valued at $22 billion, may shut down due to insolvency, stated CEO Raveendran. Byju's, backed by investors like Prosus and General Atlantic, has suffered numerous setbacks in recent months, including job cuts, a collapse in its valuation and a tussle with investors who accused CEO Byju Raveendran of corporate governance lapses. Byju's has denied any wrongdoing..
Byju's moves NCLAT against NCLT's insolvency order; seeks urgent hearing
Edtech firm Byju's has moved the National Company Law Appellate Tribunal against the recent order of NCLT. The company is seeking an urgent hearing on the matter. Earlier this week, Byju's had said it is hopeful of reaching "an amicable settlement" with the Board of Control for Cricket in India.
Explainer: How Byju's went from startup star to facing insolvency
Byju’s faces insolvency following a $19 million dispute with the Indian cricket board. Shareholders allege mismanagement. Prosus wrote off its stake. Deloitte and board members from Peak XV Partners, Prosus, and Chan Zuckerberg Initiative resigned. Founders Raveendran and Gokulnath lead since the app's 2015 launch. Tribunal ruling installed a resolution professional.
Indian startups can thrive despite speed bumps, Lightspeed’s Bejul Somaia says
Earlier this year, Paytm faced a regulatory directive that severely impacted its payments bank subsidiary. Meanwhile, Byju’s has been grappling with issues related to corporate governance and legal. Despite the challenges India's capital market is thriving said Lightspeed Venture Partners’ Bejul Somaia in an interview.
BCCI withdraws petition against Byju’s at NCLT for insolvency, says counsel for resolution professional
Glas Trust and Aditya Birla Finance, lenders to Byju's, have opposed the withdrawal application. They have sought the removal of the resolution professional and the reconstitution of the committee of creditors.
Probe finds Byju’s failed investors but didn’t commit fraud
Byju's governance lapses led to financial troubles, legal battles, and Raveendran's efforts to innovate and manage debts for the ed-tech company's survival.
Prosus stake in Byju’s worth zero: HSBC
This comes at the time of Byju's controversial $200 million right issue at 99% discount to its peak valuation of $22 billion, meaning any investor not investing in the rights issue will see its holding wiped off.
NCLAT dismisses appeal by investors against Byju’s
The National Company Law Appellate Tribunal has rejected an appeal filed by a group of investors of Byju’s seeking intervention in the case between the two parties in the National Company Law Tribunal (NCLT). These investors had requested an order to halt the ongoing proceedings at the NCLT’s Bengaluru bench.
7 at 7: Gold highs, Iranian hacking group, GMR-ADIA, more
From gold highs to US stocks volatility; from a new Iranian hacking group to Modi-Xi camaraderie; from the GMR-ADIA deal to Twitter losses, here’s your news capsule for the day.7 at 7: Gold highs, Iranian hacking group, GMR-ADIA, more
NPCI flags misuse of virtual IDs; q-comm’s festive play
Happy Thursday! The NPCI is taking strict action against unauthorised use of virtual IDs. This and more in today’s ETtech Morning Dispatch.
SC setback for Byju's: Zomato, Swiggy hike platform fee
The Supreme Court has set aside the NCLAT order that approved a settlement deal between Byju’s and the BCCI. This and more in today’s ETtech Top 5.
Byju’s challenges NCLT order restricting fund use in Karnataka High Court
Byju’s faces protests from investors over $200 million rights issue conducted at 99% discount. Lenders within consortium loaned $1.2 billion to Byju’s file bankruptcy petition in US court.
Zepto taps domestic family offices; Infosys, Wipro Q2 results
Zepto is in talks with domestic investors for another fundraise which may value the company at $4.6 billion. This and more in today’s ETtech Top 5.
NCLAT adjourns Byju’s case hearing to November 6
On September 26, the Supreme Court temporarily halted all meetings concerning Byju's insolvency proceedings, as Glas Trust, the trustee for lenders to which Byju's owes $1.2 billion, moved the apex court challenging its removal from the committee of creditors (CoC) by interim resolution professional (IRP) Pankaj Srivastava.
Byju’s lays off about 500 staffers, nearly half from tuition centre business
Layoff at Byju's has hit 500 staffers, affecting Tuition Centre operations, amidst a funding crisis. Staff face delayed salaries amid NCLT hurdles and upcoming $200-million rights issue, with assurances of arrears settlement by April 8.
Byju’s vacates offices to cut costs, may give up Bengaluru HQ partially
Byju's is undergoing cost-cutting and restructuring by downsizing assets like offices and tuition centers. It aims to focus on top cities, generate revenue, and has identified assets overlapping with Aakash centres. Despite challenges, it initiated a rights issue to address issues.
Byju’s pays part of March salaries to employees, yet to clear Feb payouts
Byju's CEO covers March salaries with personal debt. Blocked rights issue, $200 million raised earlier. Investors like Prosus, General Atlantic, Sofina involved in NCLT case. Partial payouts made on April 20.
NCLAT adjourns Byju’s case hearing to Oct 1
On August 14, the Supreme Court revived the insolvency case against Byju's, overturning National Company Law Appellate Tribunal (NCLAT) decision that had quashed the bankruptcy proceedings and approved the settlement agreement with the BCCI.
Byju’s founders tell NCLAT they settled BCCI arrears
Embattled edtech startup Byju's and the Board of Control for Cricket in India (BCCI) have arrived at a settlement, a lawyer said on Wednesday. The payment to BCCI will be made by founder Byju Ravindran's brother Riju Ravindran, the lawyer added. On July 30, Byju Raveendran’s counsel had said the amount would be paid in three installments over the next 10 days.
Byju’s-BCCI settlement: SC sets aside NCLAT order on Rs 158-crore dispute
The apex court also overturned the order that closed the insolvency proceedings against Byju’s parent Think & Learn Pvt Ltd, following the settlement with BCCI. This provides relief to US lender Glas Trust Co. LLC, the trustee for lenders owed $1.2 billion, which had opposed the settlement and a halt to insolvency proceedings.
Byju’s investors vote to oust CEO Raveendran
Investors in Byju's led by Prosus filed a petition at NCLT alleging oppression and mismanagement by the present management of Byju’s. They seek to remove Raveendran as CEO, overhaul the board, conduct a forensic audit, and declare the rights issue invalid.
Sebi nod for Swiggy IPO; US court holds Byju’s in default
The top court in Delaware has held that Byju’s defaulted on a $1.5-billion loan from US lenders. This and more in today’s ETtech Top 5.
Byju's investors call for EGM on Friday to oust founder, his family members
Investors at Byju's are calling for an extraordinary general meeting to oust founder CEO Byju Raveendran and his family members over alleged mismanagement and failures. The shareholders listed financial mismanagement, erosion of value, and concealment of material information as reasons for seeking ouster.
Face-off likely at EGM over plan to oust Byju’s CEO
Investors demand ouster of Byju Raveendran and family, accuse management of non-compliance, misinformation, and withholding information. They seek details on AESL acquisition, loan terms, investigations, audits, and board restructuring for improved oversight and governance.
Byju’s secures stay on EGM resolutions from Karnataka HC
In a statement Wednesday evening, Byju’s said the court has passed an order saying any resolutions proposed during the EGM by investors will be considered invalid until the final hearing and disposition of the petition.
Read the full text of Byju Raveendran's letter to shareholders on rights issue, board restructuring
Byju Raveendran informs shareholders that the $200 million rights issue is fully subscribed, emphasizes the importance of all shareholders participating, and assures transparency in fund usage. He expresses faith in the company's resilience and commitment to creating shareholder value.
Byju’s arranges for alternative credit, begins March salary payouts
ET had reported on April 1 that Bengaluru-based Byju's delayed salaries for workers again as amid a severe cash crunch.
Eruditus raises $150 million led by TPG Rise, company to flip domicile to India from Singapore
Eruditus has emerged as the largest Indian edtech firm by revenue with Rs 3,800 crore in FY24. It is on track to clock over Rs 5,000 crore in revenue this fiscal, its founder Ashwin Damera told ET. He said the firm will now start the flipping process to move its domicile from Singapore to India.
WazirX’s legal woes mount; NPCI’s big profit
Two large users of WazirX have raised questions about the legal proceedings over the $230-million cyberhack. This and more in today’s ETtech Top 5.
Byju Raveendran, Divya Gokulnath and Riju Ravindran to skip company's EGM
Byju’s in a statement said, “This EGM is procedurally invalid, contractually in contravention of our AOA (article of association) and SHA (shareholding agreement), legally on the wrong side of the Companies Act, 2013.”
Livspace’s reverse flip; Byju’s US lenders move SC
Home decor startup Livspace is preparing to move its domicile back to India from Singapore. More on this and other updates in today’s ETtech Morning Dispatch.
Upgrad MD Mayank Kumar steps down as firm eyes $50-60 million raise
Edtech unicorn Upgrad will see its cofounder and managing director Mayank Kumar depart, while founder and chairman Ronnie Screwvala will take on a more active role at the firm, as per sources. Kumar has significantly reduced his operating role at the Mumbai-based firm starting this month, wooing investors for his new startup.
Read the full text of Byju Raveendran's letter to employees after EGM by investors
On Friday, a group of investors unanimously voted to oust Raveendran as the CEO of Byju's and revamp the board, which includes wife and cofounder Divya Gokulnath and brother Riju Ravindran.
Byju's US unit files for bankruptcy in Delaware
Byju's Alpha unit listed its assets in the range of $500 million to $1 billion, according to a court filing, which showed estimated creditors in the range of 100 to 199.
IPO-bound Ola Electric hires former Byju’s senior executive Jitesh Shah to lead after-sales
As part of his new responsibilities at the public markets-bound firm, Shah is spearheading an expansion of Ola’s service centres and fast-charging network, as well as an extension of warranty on all new scooter sales announced by the firm in February, they added.
Byju’s obligated to repay $1.2 billion with interest, says US lenders
The lenders say the troubled edtech company has not made any contractually due payments in over 17 months and neither founder Byju Raveendran nor the Insolvency Resolution Professional has the authority to disqualify any term loan lender.
NCLT refuses to stay Byju’s EGM over $200 million rights issue
The stay was sought by investors of Byju’s parent Think & Learn, led by Prosus, to block the rights issue.
Court relief for Byju’s in TLB lenders’ suit
The lenders of Byju’s $1.2 billion term loan had moved the city court last Thursday seeking an ex-parte injunction on the transaction allowing Ranjan Pai to convert a loan of about $250-$300 million he had advanced to the brick-and-mortar coaching network into equity in Aakash Institute. Thursday’s legal challenge by the TLB lenders caught both Byju’s and Pai “by surprise”.
Exclusive: Byju’s India CEO Arjun Mohan resigns, founder Raveendran to comeback at helm of daily ops
Byju Raveendran's return to the top of daily affairs after nearly four years is of significance as as a group of Byju’s investors voted in February to oust him as CEO of the company in an extraordinary general meeting.
Byju’s US term-loan lenders get no seat in creditors’ committee
Insolvency resolution professional Pankaj Srivastava took this decision after concluding that Glas Trust does not represent the minimum 51% of lenders required to be part of the CoC. Glas has moved court for Srivastava’s removal. According to a report by The Times of India, the US lenders today moved the Bengaluru bench of the National Company Law Tribunal (NCLT) to seek the removal of Srivastava as the IRP. The matter will be heard on September 4.
Unable to process salaries because of investor dispute: Byju Raveendran to staff
In an internal memo, he blamed a select few investors, and added that the amount raised through the rights issue is locked in a separate account.
Byju’s seeks $200 million in rights issue at 99% valuation cut
Byju’s, which is facing multiple crises and is in urgent need of a fresh cash infusion, is likely to price the share offering at as low as $5 per share, which would ascribe it a post-money valuation of around $220-250 million, people aware of the matter said. The rights issue will be open for subscription for 30 days.
Byju’s rights issue gets $300 million commitment
Byju's floated a rights issue in January to raise $200 million through equity rights issue at an enterprise valuation in the range of $220-250 million which is a 99 per cent reduction in its peak valuation of $22 billion.
I continue to remain CEO: Byju Raveendran to staff
Byju Raveendran's note comes a day after a group of investors unanimously voted to oust him as the CEO of the online education platform.
Macquarie slashes Byju’s valuation by 98% after Julius Baer protest
The unit of Australia’s Macquarie Group Ltd. is cutting the value of its stake in the beleaguered education provider by about 98%, the people said, asking not to be identified because the matter is private. Macquarie Capital invested a few hundred millions of dollars in Byju’s in 2021, said the people.
SC questions NCLAT verdict approving settlement of BCCI claim of Rs 158.9 crore by Byju's
The bench, which will resume the hearing on Thursday, hinted that it send the case back to the insolvency appellate tribunal for fresh adjudication by applying its mind to the source of money.
Investors move NCLT against Byju’s; file oppression, mismanagement lawsuit
A group of four investors of Byju's – led by Prosus – has sought the present management to be declared as unfit to run the company and appoint a new chief executive and change the board.
Delaware Supreme Court holds Byju's in default of $1.5 billion loan
This means the lenders can demand a full repayment from the troubled edtech firm and take control of Byju's US entity, Byju's Alpha. This is the second public statement from the lenders reinforcing that Byju’s and Raveendran must repay the outstanding loan.
Exclusive: Prosus CEO on Byju’s & more; Zepto's valuation pop
Happy Monday! The newly appointed CEO of tech investor Prosus and parent company Naspers, Fabricio Bloisi spoke to us about its Byju’s write-off and more. We have all the details from that conversation in today’s ETtech Morning Dispatch.
ETtech Exclusive | Closing new deals in India despite Byju's debacle: Prosus CEO Fabricio Bloisi
Fabricio Bloisi, CEO of Prosus and Naspers, affirmed continued investment in Indian startups despite a $500 million loss from Byju's. Highlighting Prosus's commitment to technology and innovation, he said Prosus is scouting for deals in the buzzy generative AI space along with picking bets in online marketplaces and backing startups targeting the country’s next 300 million users.
Byju’s clears February salary in parts for some, rest get full payment after delay
Embattled edtech company Byju's on Sunday announced that it has disbursed a portion of the pending salaries for over 20,000 employees for the month of February.
US lenders drag Byju’s to bankruptcy court in India
The lenders have been in negotiation with the company over prepayment of a $1.2 billion term loan taken by its US subsidiary, Byju's Alpha, even as the two sides also continued to fight a legal battle in US courts.
Byju’s credits January salaries; CEO says moving mountains
On Friday, Byju's said an “artificially induced crisis” by a select group of investors for a delay in paying the January salaries. Raveendran also said the support from employees helped strengthen the fight against the odds.
Byju’s asset sale hangs fire amid investor flare-ups
Unlike Epic — which is also on the block — the sale of Great Learning is being overseen directly by its founder Mohan Lakhamraju, along with the TLB investors. Byju’s is seeking around $600 million from sale of the higher education asset but is yet to find a buyer with a binding term sheet.
SC denies relief to Byju’s; China back in India’s electronics play
In another blow to Byju’s, the Supreme Court has once again refused to halt the insolvency proceedings against the embattled edtech startup. This and more in today’s ETtech Top 5.
Ranjan Pai turns white knight for Byju’s with 40% stake in Aakash
The Aakash board has approved the conversion into equity of the $300 million Pai invested during 2023, they added. This values the company — one of the remaining valuable assets for Byju Raveendran’s troubled edtech group — at around $700 million and renders it debt-free.
NCLT reserves orders on Byju’s rights issue; gives three days to file written submissions
Four key Byju’s investors, led by Dutch investment firm Prosus, told the NCLT that the company was allowed to issue capital of Rs 6 crore through the rights issue, but it was instead issuing Rs 40 crore, as mentioned in the offer letter. This violated the Companies Act, they said.
Byju’s founder Byju Raveendran pledges homes to raise funds for staff salaries
Two homes owned by the former billionaire’s family in Bengaluru, in southern India, and his under-construction villa in Epsilon — a plush gated community in the city — were offered as collateral to borrow $12 million
BCCI initiates insolvency plea against Byju's over unpaid dues
The complaint has been registered with the Bengaluru bench of the National Company Law Tribunal (NCLT). Justices K Biswal and Manoj Dubey have scheduled the next hearing for December 22.
About 13,500 employees from Byju’s, Paytm get on job-hunting mission
The job market currently has over 6,500 active and accessible professionals from Paytm and another 7,000 from Byju’s, showed data from popular job boards and portals put together for ET by specialist staffing co Xpheno. Amid a hiring slowdown in the startup ecosystem, the going isn’t likely to be easy for jobseekers despite many of them being willing to take substantial salary cuts, recruiters said.
Post Byju’s, investors worried about governance at startups: GSV Ventures' Deborah Quazzo
GSV Ventures has backed Indian edtech unicorns including Eruditus, Lead, PhysicsWallah as well as startups like Classplus. Deborah Quazzo also spoke about the lack of equilibrium between edtech founders and investors on valuations, which is delaying fundraises in the sector.
Byju’s wants BCCI dispute in arbitration; NCLT defers matter to February 7
Byju's has referred its dispute with the Board of Control for Cricket in India (BCCI) to an arbitrator and is trying to settle the matter. The company has filed objections to the insolvency petition filed by BCCI and has applied for reference of the dispute to arbitration.
RBI ups UPI limit; US court on Byju’s vs BCCI
The central bank has increased the limit for tax payments through UPI. This and more in today’s ETtech Top 5.
Rapido's GST hurdle; Byju’s-BCCI settlement
Ride-hailing app Rapido has been held liable to pay goods and services tax (GST) for its cab service. This and more in today’s ETtech Top 5.
Udaan valuation dives to $1.8 billion in down round
Bengaluru-based Udaan was last valued at $3.2 billion following a funding round in January 2021. It closed a $340 million financing last December by largely converting debt notes into equity. The round also included a fresh equity infusion. It did not disclose the valuation.
Byju’s-owned Aakash Institute reports 82% rise in FY22 profit to Rs 79.5 crore
Operating revenue during the period grew 45% to Rs 1,421 crore, as per the company’s filings with the Ministry of Corporate Affairs on Saturday. It has not yet filed its FY23 numbers.
Ola Electric IPO; Rapido turns unicorn
E-scooter maker Ola Electric’s long-awaited IPO, one of the country’s biggest this year, is set to hit the markets on Friday.
Byju’s shareholder group calls for EGM, to vote for ouster of Byju Raveendran, board
While investors of Byju's have been asking Raveendran to step aside from an operating role, this is the first instance of shareholders banding together to issue a statement seeking a change of guard at the company. The current board of Think & Learn comprises Raveendran, his wife and brother Riju Ravindran and Divya Gokulnath, cofounder of Byju’s.
ED issues show cause notice of Rs 9,362 crore to Byju’s for forex violation
Earlier in the day, ET reported that ED had found alleged forex violations to the tune of Rs 9,000 crore by edtech giant Byju’s, citing sources. In response to ET’s request for comment on the matter, a spokesperson said the company “unequivocally denies media reports that insinuate it has received any notice from the Enforcement Directorate.”
Byju’s may have to dip into Epic sale funds to keep lights on
Troubled edtech reduces notice period to 15-30 days across staff level to cut costs
Byju’s lenders win fight over loan default, control of unit
Lenders have been pushing hard for the repayment of the $1.2 billion loan amid the company’s mounting distress after a pandemic-era boom in online learning fizzled out. Byju’s had been working to sell assets and deal with the loan issue when government investigators searched company offices this year.
Byju’s says fully compliant with Fema regulations amid ED probe
The APRs were with respect to duly compliant overseas direct investment (ODI) of about Rs 8,000 crore that arose from the delayed statutory audit of the financial year ended March 2022 (FY22), it added in the statement.
For more capital, Byju’s must pass a tough test
These investors have asked the company to file its audited financials for the year ended March 31, 2023, at the earliest. In addition, they want founder Byju Raveendran to loosen his day-to-day control over operations at the firm, the sources added.
Byju’s elevates Jiny Thattil to CTO replacing Anil Goel
Jiny Thattil, had been serving as a senior vice president of engineering of Epic, an acquired business of the Bengaluru-headquartered major.
Byju’s EGM: Sharp noises, ‘phishing’ attack delay cloud investor-led meeting to oust CEO Raveendran
The EGM has been called by a group of investors who are seeking to remove founder Byju Raveendran, his wife and brother from the board. The investors have flagged concerns about the management's failure to enforce the company’s rights related to the acquisition of Aakash Institute.
Ranjan Pai’s stake buy in Byju's Aakash Educational Services gets CCI green signal
The board of Byju’s-owned Aakash Institute earlier approved the conversion into equity of the $300 million Ranjan Pai, chairman of Manipal Education and Medical Group, invested in January 2024. ET had earlier reported that Pai had started distancing himself from thetroubled edtech firm Byju's.
A reset is on cards at Byju’s cap table post rights issue value cut
Depending on the final set of investors subscribing to the share sale, Byju’s founder Byju Raveendran may also end up owning more in the co if he manages to arrange capital for the financing.
Byju’s general counsel Roshan Thomas resigns from crisis-hit edtech
In a post on LinkedIn, Thomas said the decision to move on came after “careful consideration of various factors”
