Tag: Byjus

  • Byju’s reveals $1 bn loss at its virtual Annual General Meeting

    In the ever-evolving landscape of the education-technology sector, Byju’s, a major player in the industry finds itself grappling with a challenge. The facts concerning this challenge were disclosed during the virtual annual general meeting on Wednesday i.e. December 20th where consolidated losses of nearly Rs 8,300 crore ($1 billion) and a cash loss estimated between…

  • BYJU’S Owned Gradeup Mints Profits, But Auditors Have Concerns

    In a significant turn of events, Gradeup, an edtech startup under the BYJU’S umbrella, has reported commendable financial performance, turning profitable in the fiscal year ending March 31, 2023. However, a deeper analysis of the financial data reveals a complex picture, shedding light on the challenges faced by the company and its dependence on the…

  • After BYJU’S Denial, ED Says Issued Show Cause Notice For FEMA Violation Of INR 9,362 Cr

    In a recent development, the well-known edtech behemoth BYJU’S in India is now being investigated by the Enforcement Directorate (ED) for possible violations of the Foreign Exchange Management Act (FEMA), 1999. The parent firm of BYJU’S, Think & Learn Private Limited, and its founder, Byju Raveendran, have received show cause notifications from the ED. This…

  • BYJU’S FACES ED SCRUTINY OVER ALLEGED RS 9,000 CR FEMA VIOLATION

    The Education Technology behemoth, Byju’s, and its creator, Byju Raveendran, have unexpectedly found themselves under investigation by the Enforcement Directorate (ED) for suspected FEMA (Foreign Exchange Management Act) violations totaling an astounding Rs 9,000 crore. With regulatory organizations keeping a close eye on the corporation in recent months, this financial rollercoaster adds even more drama…

  • BYJU’S Again Misses Deadline To Clear Dues Of Laid-Off Employees

    In recent times, BYJU’S, a prominent player in the edtech sector, has been grappling with a series of challenges, ranging from employee layoffs to financial restructuring. The company, once hailed for its innovative approach to education, is now under scrutiny for its handling of employee-related issues and financial management. Credits: Inc42 Employee Layoffs and Settlement…

  • Byju’s Loses One Of Its Units To Lenders After $1.2 Billion Loan Default

    In a recent legal development, Byju’s, once hailed as one of India’s hottest tech startups in the education technology sector, is facing a significant challenge as lenders, including Redwood Investments LLC and Silver Point Capital LP, have seized control of a unit of the company due to a reported default on a $1.2 billion loan.…

  • BYJU’S Sacks 600 Employees From Content, Marketing Teams In Ongoing Restructuring Exercise

    The well-known edtech decacorn BYJU’S is presently going through a number of turbulent changes led by Arjun Mohan, the company’s new India CEO. The corporation is navigating through a number of difficulties that have attracted the attention of the industry, including plans to sell subsidiaries, layoffs, and leadership departures. Credits: Inc42 Layoffs and Restructuring under…

  • Byju’s in talks to sell US unit Epic for $400 million to Joffre

    The US-based children’s digital reading platform Epic! Creations, owned by the Indian education technology firm Byju’s, is reportedly in advanced talks to be sold for about $400 million. Byju’s hopes to use this calculated action to give itself the financial cushion it needs to deal with its current financial issues, which include a controversial $1.2…

  • Byju’s CFO Ajay Goel Quits Amid Financial Results Delay; To Return To Vedanta

    The Indian edtech giant Byju’s has been making headlines recently, but not for the right reasons. Amid growing challenges, the company’s Chief Financial Officer (CFO), Ajay Goel, who joined in April, has already announced his resignation. The departure of a high-ranking executive within such a short time reflects the mounting issues that Byju’s is grappling…