SC Questions Byju’s: ‘Why Settle Only BCCI’s Rs. 15,000 Crore Due?’

26 Sep 2024

The Supreme Court has raised concerns over why troubled ed-tech giant Byju's opted to settle its debts exclusively with the BCCI while facing a total debt of Rs. 15,000 crore. The court criticized the National Company Law Appellate Tribunal (NCLAT) for not adequately reviewing the situation when it closed insolvency...

Byju’s Employees Struggle Amid Insolvency, Face Unpaid Salaries And Uncertainty

22 Aug 2024

Byju's, once a shining star in the edtech industry, now finds itself embroiled in a financial crisis that has left thousands of employees struggling to make ends meet. As the company faces insolvency, unpaid salaries and halted operations have sparked growing desperation among its workforce. Employees Left in Financial Limbo...

From Prominence To Bankruptcy: A Look At Five Major Corporate Failures In India

19 Jul 2024

After the tumultuous journey of past several months, edutech firm Byju’s seems to be nearing its endgame. On July 16, the National Company Law Tribunal’s (NCLT) Bengaluru bench admitted a petition by the Board of Control for Cricket in India (BCCI), seeking insolvency proceedings against the Byju Raveendran-promoted company. This...

BCCI Takes Byju’s To Bankruptcy Court Over ₹158 Crore Unpaid Sponsorship Dues

16 Jul 2024

The National Company Law Tribunal (NCLT) in Bengaluru has admitted the Board of Control for Cricket in India’s (BCCI) plea to initiate insolvency proceedings against Byju’s, the ed-tech giant, over unpaid dues of Rs 158 crore. This amount is part of a sponsorship contract for the Indian cricket team's jerseys....

Byju’s Faces Ongoing Fraud Investigation, Government Refutes Clean Chit Reports

26 Jun 2024

The Ministry of Corporate Affairs (MCA) has clarified that the investigation into allegations of financial misconduct against edtech giant Byju's is ongoing and has not concluded, contrary to recent media reports suggesting otherwise. In response to claims circulating in the media that Byju's had been cleared of financial fraud, the...

From Boom to Bust: The Journey of Indian Edtech Startups

10 Jun 2024

India's edtech sector experienced a meteoric rise post-2016 after the launching of Jio, fueled by increased internet penetration and substantial funding. The meteoric rise and subsequent decline of edtech startups in India serve as a compelling case study of the complexities inherent in revolutionizing education through technology. While these startups...

From Billion-Dollar Valuation To Zero: Byju’s Plunge Stuns Industry

08 Jun 2024

This could be a shock to many, edtech firm Byju's, which was once valued at $22 billion is now worth zero, according to a research note by financial firm HSBC. HSBC has assigned zero value to investment company Prosus' nearly 10 per cent stake (or about $500 million) in Byju's....

Layoffs In India’s Tech: Ola, Flipkart, Byju’s, Swiggy Among 20 Companies Cutting Jobs In 2024

06 Jun 2024

The layoffs in India’s tech market is experiencing significant layoffs, along with other global job market. Large new-age companies such as Swiggy, Ola, and Paytm have been cutting down their workforce since January 2024. Here is a compilation of Indian firms that have laid off their employees this year: Simpl...

Byju’s instructs 14,000 Employees To WFH; Closes All Offices Except HQ : Report

12 Mar 2024

Byju's has instructed its 14,000 employees to adopt a work-from-home arrangement, closing down all its offices except the headquarters in Bengaluru amid the ongoing crisis. According to sources, Byju's has vacated all office premises across the country, except the IBC Knowledge Park in Bengaluru, where over 1,000 employees are based....

Byju’s investors suit against CEO Raveendran; History, factors behind decline of the company

23 Feb 2024

Four shareholders took legal steps by submitting a mismanagement and oppression suit against Raveendran to the National Company Law Tribunal, aiming to oust him from the company on Friday. This action follows a Karnataka High Court ruling in favor of the CEO. This development aligns with an emergency meeting convened...