Byju Raveendran
Founder and CEO, Byju'sBirth Details1980 | Azhikode, Kerala, India
NationalityIndian
LeagueEntrepreneur
EducationEngineering graduate
Net Worth$1.91 billion (as of September 10, 2019)
Byju Raveendran's Assets:
Byju Raveendran's Journey so far ...
Before you go ...
- Think and Learn Private Limited (Byju's)
Byju Raveendran's Journey so far ...
- Byju Raveendran is an engineering graduate from Kerala and attended a Malayalam medium school where both his parents were teachers
- Before starting his company, he was an engineer with a Britain-shipping company Pan Ocean Shipping Limited
- Being adept at mathematics, the Math helped his friends prepare for the Common Admission Test (CAT). He also attempted the examination with them and scored 100 percentile but decided not to join any of the IIMs
- Raveendran started teaching from his friend's terraces and slowly graduated to taking classes in large auditoriums and via V-SAT
- Headquartered in Bengaluru, he founded the education tech company Think & Learn Private Limited, doing business as Byju's, in 2011 to change the way India learns
- He launched Byju's - The Learning App for classes 4-12 in 2015. In 2019, he launched Disney BYJU'S Early Learn App for students of class 1-3
- In 2016, Byju's was funded by Facebook founder Mark Zuckerberg and his wife Priscilla Chan's foundation, The Chan-Zuckerberg Initiative. It was their first funding to a start-up in Asia.
- In 2017, Byju’s acquired TutorVista and Edurite from the UK-based Pearson and in early 2019, the company acquired Osmo, a Silicon Valley start-up, for $120 million to build on areas like artificial intelligence and computer vision
- With the mantra of 'lifelong love for learning', Byju’s has become one of the world's most valuable education technology companies and is backed by some of the best venture capital firms like Sequoia Capital, Tencent, Naspers Ventures, General Atlantic and Tiger Global
Before you go ...
- To ensure that his 100 percentile in CAT was not a fluke, he attempted the examination once again and maxed it
- An avid sports fan, he believes that football and cricket build team spirit and sharpen employee instincts
- He draws inspiration from great sportsmen like Lionel Messi, Brian Lara and Roger Federer. In July 2019, Byju’s took over as the official sponsor of the Indian cricket team
- Harvard University in 2017 included Byju's - The Learning App as one of its case studies
Last Updated: 15/02/2021
Byju Raveendran News
- Byju gets jail term; SC backs 28% gaming GSTLegal troubles compounded for Byju Raveendran as a Singapore court sentenced him to six months in jail. This and more in today’s ETtech Top 5.
- From $22 billion to zero: Success, not failure, brought Byju downByju's, once a $22 billion edtech giant, has collapsed. Founder Byju Raveendran faces jail for contempt. The company's downfall stems from unchecked ambition and excessive spending during a period of abundant capital. Aggressive expansion and a reliance on pandemic-era growth proved unsustainable. Investors now fight over assets and loans as the once-celebrated startup lies in ruins.
- From billionaire to jail: Why Byju Raveendran is facing prison and how $22B startup with SRK & Messi as ambassadors crashedByju's founder Byju Raveendran has been sentenced to six months in jail by a Singapore court for contempt of court. The court cited his disobedience of multiple orders concerning his assets. Raveendran must also pay S$90,000 in costs and provide proof of ownership for Beeaar Investco Pte.
- Byju Raveendran says settlement near after Singapore court contempt orderByju's founder Byju Raveendran announced a settlement in principle with lenders like GLAS Trust and Qatar Investment Authority, following a Singapore court's contempt ruling. He stated the court proceedings created a misleading impression, as parties were nearing a comprehensive settlement and no wrongdoing was found on his part or other founders'.
- US Bankruptcy court reverses order which directed Byju Raveendran to pay over $1 billionOn November 22, the court issued the default ruling after holding that Raveendran consistently ignored its orders and failed to participate in the proceedings, after a group of lenders who had given a $1.2 billion term loan to the subsidiary, Byju’s Alpha, filed a motion for default against him on August 11.
- SC dismisses Byju Raveendran's plea against NCLAT orderThe Supreme Court on Friday dismissed a plea of Byju Raveendran, the promoter of Think and Learn Private Limited that operates ed-Tech firm Byju, challenging an NCLAT order which has mandated that the settlement of the BCCI's claim be placed before the Committee of Creditors.
- Byju Raveendran plans to challenge US court order with new evidenceEdtech firm Byju’s founder Byju Raveendran is preparing to appeal a US bankruptcy court order that directed him to pay more than $1 billion, ruling that he obstructed efforts to trace the $533 million that the edtech’s lenders alleged he had diverted from an American subsidiary. He has claimed that Glas Trust, which represents the US lenders, and Think & Learn’s resolution professional (RP), have misled the courts by alleging that the funds were diverted.
- US court orders Byju Raveendran to pay over $1 billion in default judgementA US bankruptcy court has found Byju Raveendran in default for blocking the discovery process and ordered him to pay over $1 billion. The ruling cites ignored orders, missing Alpha Funds and alleged fund diversion. He must also account for the money’s use, despite previously accruing unpaid contempt sanctions.
- ETtech Explainer: Inside the alleged $533 million heist at Byju’sOliver Chapman, founder and chief executive of the UK-based OCI, claims that Byju’s Alpha diverted $533 million using his firm to another entity belonging to the edtech’s founder, Byju Raveendran.
- US court filing alleges $533 million was roundtripped for personal use, Byju’s deniesUK-based OCI Limited claims Byju's founder Byju Raveendran "roundtripped" $533 million loaned to a US SPV for personal use. OCI's founder stated Raveendran intended to divert funds to a Singapore entity. This emerges as Byju's Alpha, now creditor-controlled, seeks court approval for a settlement with OCI.
- Urban Company's Rs 1,900-crore IPO; Google's Chrome winUrban Company is set to ride to Dalal Street, with its Rs 1,900-crore issue next week. This and more in today’s ETtech Top 5.
- Karnataka HC restrains Byju Raveendran from alienating property assetsThe court’s order followed a petition by Qatar Holding, a subsidiary of the sovereign wealth fund of Qatar, which is seeking to enforce a $235 million arbitral award against Raveendran and his investment firm. The claim also has an interest component of 4% per annum, compounded daily, from February 28 last year until the payment is made, the counsel representing Qatar Holding said during the hearing. The accrued interest on the $235 million arbitral award now amounts to $14 million.
- Qatar Investment Authority moves Karnataka HC to enforce $235 million award against Byju RaveendranThe Qatar fund has also claimed interest at 4% per annum on $235 million, compounded daily, from February 28 last year until the date of payment. The accrued interest amounts to $14 million. In 2022, Qatar Holding had provided $150 million to BIPL, a loan personally guaranteed by Raveendran. This money was partly used to acquire 1.78 crore shares in Aakash Educational Services. However, despite a restriction on transferring those shares, Raveendran moved these to another Singapore-based entity controlled by him.
- Byju's founders' threat of defamation case an attempt to distract from facts: Glas TrustGlas Trust alleges Byju's founders are attempting to deflect attention from legal setbacks with a defamation suit threat. This follows court orders against them regarding a $ 1.2 billion debt. Byju's counsel refutes these claims, stating that the legal proceedings are ongoing and the contempt order is being contested, while accusing Glas Trust of misrepresentation.
- Byju Raveendran denies making secret payments to government officials to resolve FEMA casesByju Raveendran, founder of Byju's, refuted allegations in a Delaware court by Glas Trust's counsel, who accused him of negotiating unofficial payments with Indian officials. Raveendran denies these claims, calling them baseless and aimed at influencing court orders. He highlights that he wasn't a party to the case and couldn't defend himself against these accusations.
- EY-backed RP sues Byju’s Dubai-based marketing agent for Rs 1,597 croreThink and Learn, facing insolvency, is suing Dubai-based More Ideas General Trading for Rs 1,597 crore over alleged unpaid dues. The lawsuit also implicates Byju Raveendran and other former directors. Byju's founders dispute the claims, alleging the resolution professional is trying to divert attention from their challenges to the insolvency proceedings and GLAS Trust's authority.
- US court holds Byju in contempt; Apple’s new India-born COOA US bankruptcy court has held Byju Raveendran in civil contempt for ignoring multiple court orders tied to Byju’s US unit. This and more in today’s ETtech Top 5.
- Byju’s RP’s suit claims directors owe compensation to company under IBC lawsAn EY-backed resolution professional, Shailendra Ajmera, has sued former Byju's directors. The lawsuits claim fraudulent asset transfers. These transfers allegedly deprived Think and Learn of funds. The transactions involve $533 million and Rs 130 crore. Riju Ravindran previously filed a petition. He sought Ajmera's removal citing conflict of interest. A Delaware court also ruled against Byju's Alpha's asset transfer.
- Byju’s app removed from Google Play Store due to non-paymentBut the other apps of the embattled edtech company, including Byju’s Exam Prep, which supports students preparing for competitive exams like the IAS, MBA, and UGC NET, and the Think and Learn Premium app, continue to remain available on the platform.
- 'We shouldn’t have taken that loan': Byju’s CEO Raveendran on ED probe, loan default, and Byju’s 3.0In his first extensive public comments since Byju's downfall, founder Byju Raveendran outlined a comeback strategy he calls “Byju’s 3.0”, stressing his resolve to rebuild the edtech giant. In a wide-ranging interview with ANI, he reflected on toxic work culture, investor pressure, and allegations of financial misconduct.
- Byju Raveendran, Divya Gokulnath outline future plans, deny wrongdoing amid legal troublesRaveendran, founder and CEO of embattled edtech giant Byju’s, along with cofounder Gokulnath, has spoken out about the company’s turbulent journey, acknowledging past mistakes while outlining a vision for the future in a conversation with ANI.
- Byju Raveendran calls $1.2 billion term loan a mistakeIn an interview with ANI, Raveendran revealed that the decision, made collectively with board members including investor and founder directors, was not driven by desperation, as the company had raised $5 billion earlier.
- 'Don't belong in courtrooms, we belong in classrooms': Byju Raveendran on plans for Byju's 3.0Raveendran dispelled notions of personal gain. "I never saw the money come. I never saw it go. We invested everything we had in one mission--Byju's. We've invested only in one place in only one mission. We have no other investments. My entire investment is in Byju's."
- Broke, not broken: Byju Raveendran reveals all on company's rise, decline and hope for redemptionIn an interview with ANI, Raveendran said, "Two years back, we were sitting on thousands of crores. Today, we have nothing. After finishing that, we have raised a few hundred more crores from, because many good people have supported us in the last two years, and they have all been targeted."
- Byju's insolvency: NCLAT sets aside BCCI and Riju Raveendran's plea for settlementAppellate tribunal NCLAT has dismissed appeals from BCCI and Riju Raveendran over Byju's settlement, upholding the NCLT's order to consider the edtech platform's settlement offer with the Committee of Creditors. The core issue revolved around the timing of the settlement proposal relative to the CoC's formation.
- US lenders’ consortium files lawsuit against Byju’s founder, othersMembers of a lending consortium have sued Byju Raveendran, his wife Divya Gokulnath, and Anita Kishore, alleging they misappropriated $533 million from a $1.2 billion loan. The lawsuit follows a Delaware court ruling on fraudulent transfers, seeking damages and an accounting of funds, with additional legal actions in India underway.
- “I am not a flower; I am the fire”: Byju Raveendran replies Pushpa Raj style after filing FIR against resolution professional, EY partnersByju Raveendran has filed a First Information Report. The FIR names Pankaj Srivastava, Glas Trust, and some EY employees. Raveendran alleges criminal conspiracy against BYJU'S. He accuses them of illegally influencing insolvency proceedings. This follows a whistleblower's claims against EY. Byju's faces financial issues after failing to repay a loan. Lenders are seeking to recover funds.
- PhysicsWallah goes UPSC shopping; Tech giants eye GPUsHappy Wednesday! Edtech firm PhysicsWallah is eyeing acquisitions to shore up its UPSC test prep presence. This and more in today’s ETtech Morning Dispatch.
- 'Broke, but not broken': Byju Raveendran, founder of once India's most valuable startup, vows to rebuild empire and 'rise again'Byju Raveendran, the founder of Byju's, vows to rebuild his edtech company after financial and legal setbacks. He promises to rehire former employees, highlighting his optimistic vision for the future. Despite a significant valuation drop and ongoing disputes, Raveendran remains committed to restoring trust and success.
- Byju Raveendran joins X: 'Here to talk about the past 20 years'Byju's cofounder Divya Gokulnath announced the controversial entrepreneur's entry into the world of social media in a post on LinkedIn.
- Byju's founder challenges NCLT order to appoint new creditor committeeRepresenting Raveendran, senior advocate S Guru Krishna Kumar, argued that the tribunal, which found lapses in the former RP's conduct, selectively accepted the constitution of the CoC while disregarding subsequent developments. Glas Trust and Aditya Birla Finance were included in the CoC for Think & Learn. However, they were later removed when the former RP reconstituted the committee.
- Byju Raveendran seeks probe into alleged EY-Glas Trust collusionByju Raveendran, CEO of Byju's, has called for an investigation into claims of collusion and fraud by Glas Trust, EY, and former resolution professional Pankaj Srivastava. This follows viral whistleblower allegations and the National Company Law Tribunal's approval of Shailendra Ajmera as the new resolution professional.
- US court finds Byju Raveendran, Think & Learn, company directors guilty of fraudAs per the lenders' statement, the court confirmed that several fund transfers from Byju’s Alpha were fraudulent and constituted theft. It also ruled that Riju Ravindran breached his fiduciary duties as a director of Byju’s Alpha.
- Byju Raveendran seeks probe into alleged EY-Glas Trust collusionAccording to Raveendran, he and several employees of the bankrupt edtech firm received a document with conclusive evidence of criminal collusion between EY India, Glas Trust and the interim resolution professional Pankaj Srivastava. All of this comes after the National Company Law Tribunal (NCLT) on Monday approved the appointment of Shailendra Ajmera—another EY employee—as the new RP.
- The downfall of India’s hot startup is wiping out US debtholdersByju's, India’s most valuable startup, faced a corporate collapse after borrowing $1.2 billion in the US. Legal issues arose when $533 million was moved, leading to investigations and court battles. Creditors now grapple with the potential recovery from distressed assets amid fraud allegations against the founder.
- Byju’s faces new probe over financial, accounting practicesIndian 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.
- Binny Bansal exits PhonePe board; Blackbuck's mixed market debutBinny Bansal has stepped down from PhonePe's board, following his earlier departure from Flipkart. This and more in today’s ETtech Top 5.
- Byju Raveendran accused of urging businessman to leave US to avoid testifyingNebraska businessman William Hailer said Byju's founder Byju Raveendran gave him a plane ticket to Dubai, to leave the country before his testimony, relating to suspicious activities by the founder.
- Byju’s founder accused of trying to regain firm with hidden cashByju 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.
- Byju’s used $1.2 billion term loan for legitimate business operations, asserts Byju Raveendran in court filingOn 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.
- Byju’s affiliate drained cash from US units in violation of bankruptcy rules: lawsuitA 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.
- New BCCI secretary appointment not on Apex Council agenda as Jay Shah prepares for ICC chairThe BCCI Apex Council will meet to discuss various issues, excluding the appointment of a new secretary. The current secretary, Jay Shah, will assume his new role as ICC Chairman from December 1. Key topics include the Byju's payment settlement issue and the inauguration of the National Cricket Academy in Bengaluru.
- Byju’s obligated to repay $1.2 billion with interest, says US lendersThe 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.
- Byju’s bankruptcy ruling in US catches Indian official off guardThe 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.
- Ather Energy’s IPO plans; The Economic Times Startup Awards 2024EV scooter maker Ather Energy is preparing to file draft papers next week for a Rs 4,000-crore public issue. This and more in today’s ETtech Top 5.
- Byju's insolvency case: NCLT rejects US lenders' plea to stop CoC proceedingsThe Bengaluru bench of NCLT said it cannot stop the Committee of Creditors (CoC) meetings, as the apex court has allowed its constitution. It has deferred the matter between the US lenders and the troubled edtech's insolvency resolution professional.
- Online merchants under GST scanner; Infosys bonus payoutHappy Wednesday! The rapid growth of digital payments has also increased the scrutiny of online merchants due to surge in cases of tax evasion. Details on this and more in today’s ETtech Morning Dispatch.
- Byju Raveendran vows to pay staff salaries once he regains control over accountsAccording 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).
- Byju Raveendran files caveat before Supreme Court against creditor Glas Trust CompanyByju Raveendran submitted a caveat to the Supreme Court after an NCLAT decision restored the edtech firm’s board, despite Glas Trust’s opposition to a Rs 158.9 crore settlement with BCCI. The tribunal dismissed allegations from US creditors about fund mismanagement and approved the settlement, stating it met regulatory requirements.
- Karnataka HC to hear Byju’s plea against NCLT’s insolvency order on July 31The NCLAT has listed Byju’s petition for hearing on Monday. Earlier, Raveendran had filed a writ petition in the HC to suspend the NCLT order until the appellate body reviewed his appeal.
- Byju Raveendran moves Karnataka HC for stay on insolvency order; NCLAT hearing on MondayRaveendran has filed a writ petition in the Karnataka High Court for suspending the National Company Law Tribunal (NCLT) order until the NCLAT considers his appeal, according to the case information available on the high court’s website. The NCLT earlier this month admitted the embattled edtech firm for insolvency proceedings under the Insolvency and Bankruptcy Code, 2016.
- NCLAT dismisses appeal by investors against Byju’sThe 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.
- US court says Riju Ravindran’s testimony “lacks credibility”, imposes penalty: Byju’s lender groupAn Indian tech firm, Think & Learn Pvt, faces penalties for concealing $533 million from lenders. Riju Ravindran, a director, failed to locate the funds, prompting US Bankruptcy Judge Dorsey to call his testimony dishonest. Despite no extradition treaty, fines loom. The dispute centers on creditors versus Think & Learn, embroiled in US courts.
- Byju’s unveils key changes in sales pay structures, product pricingByju's reduced course fees by 30-40%, raised incentives by 50-100%, shifted to a pull-based sales model, and lowered annual subscription costs for the Learning App, emphasizing flexibility and support for the sales team.
- Investor group accuses Byju’s of violating NCLT orderA group of Byju’s investors led by Dutch investor Prosus is seeking to block a $200 million rights issue and the removal of founder Byju Raveendran as CEO of the edtech firm.
- Byju’s pays part of March salaries to employees, yet to clear Feb payoutsByju'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.
- Byju’s arranges for alternative credit, begins March salary payoutsET had reported on April 1 that Bengaluru-based Byju's delayed salaries for workers again as amid a severe cash crunch.
- Byju Raveendran's net worth plummets to zero, as per Forbes Billionaire Index 2024; Here're others who fell off the listForbes' Billionaire Index 2024 highlights a drastic decline in Byju Raveendran's net worth, plummeting from ₹17,545 crore ($2.1 billion) to zero. This sharp downfall follows crises within his startup, Byju's, once valued at $22 billion. The company's financial woes, including a staggering net loss exceeding $1 billion, led to a significant devaluation, with BlackRock marking its worth at just $1 billion. Shareholders recently voted to remove Raveendran as CEO amidst ongoing challenges.
- Byju's offers warring investors to participate in funding, secures 50% votes on rights issueByju Raveendran, founder and CEO of Byju's, said in a letter to shareholders that despite the “animosity shown by some of the investors in pursuing uncalled for legal actions”, the company continues to show ‘good faith’ towards all the shareholders and would like them to be part of the turnaround story.
- Byju’s lender group says US court ordered freezing $533 millionThe court, according to the lender statement, also found that founders Byju Raveendran and Divya Gokulnath are working in concert with Byju's Alpha and ordered them to comply with its ruling.
- Decoding the digital competition law; Perfios turns unicornIndia’s consumer internet firms have expressed reservations about the ex-ante framework in the proposed digital competition law. This and more in today’s ETtech Top 5.
- Byju’s vacates offices to cut costs, may give up Bengaluru HQ partiallyByju'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.
- Macquarie slashes Byju’s valuation by 98% after Julius Baer protestThe 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.
- Unable to process salaries because of investor dispute: Byju Raveendran to staffIn 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.
- NCLT reserves orders on Byju’s rights issue; gives three days to file written submissionsFour 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.
- What Byju's teaches usByju's, an Indian edtech company, faced misgovernance and allegations of unethical practices. Governance is crucial in unlisted startups providing public services. Business models that work in other markets may not create long-term value in India's price-sensitive market.
- ETtech Explainer: What to know about Byju’s boardroom battle and shareholder resolutionsA majority of investors in Byju’s parent Think & Learn unanimously voted to remove founder Byju Raveendran as CEO and revamp the board, which includes wife and cofounder Divya Gokulnath and brother Riju Ravindran. Here's a look inside the boardroom battle, the shareholder resolutions at the meeting and what comes next.
- White knight in control? Ranjan Pai seen setting course at AakashByju’s investors are reconciled to his acquisition of 40% in Aakash, the people said, adding that the Manipal Education and Medical Group chairman has also invested an additional Rs 250 crore as working capital and to pay salaries.
- Read the full text of Byju Raveendran's letter to employees after EGM by investorsOn 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.
- I continue to remain CEO: Byju Raveendran to staffByju Raveendran's note comes a day after a group of investors unanimously voted to oust him as the CEO of the online education platform.
- Byju's investors vote to oust founder; RBI nod for Paytm UPI migrationAt the extraordinary general meeting on Friday, Byju’s investors voted to remove founder and CEO Byju Raveendran. This and more in today’s ETtech Top 5.
- Face-off likely at EGM over plan to oust Byju’s CEOInvestors 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 Raveendran, Divya Gokulnath and Riju Ravindran to skip company's EGMByju’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.”
- Byju's shareholders to vote on resolution to ouster CEO, family on FridayHowever, the outcome of the vote at the extraordinary general meeting (EGM) will not be applicable until March 13, when the Karnataka High Court will next hear Raveendran's plea challenging the move by certain investors.
- Viral video: Frustrated parent takes TV from Byju's office over refund disputeIn an unconventional attempt to recover money from Byju’s after facing difficulties obtaining a refund for an unused tablet and learning program, a family resorted to removing a TV installed in the edtech giant’s office. The incident, captured in a video posted on Instagram, revealed the family's frustration with the refund process, initiating discussions about customer service practices in the edtech industry.
- ED seeks look out circular against Byju RaveendranAn LOC 'on intimation' has already been issued against Raveendran. It was opened more than one and a half years ago at the request of the ED's Kochi office. However, the investigation was later transferred to the Bengaluru office of the agency. The LOC 'on intimation' results in immigration authorities informing a probe agency about the individual going overseas but the person is not stopped from leaving the country.
- Byju on rights issue, board changes; PhonePe launches Indus AppstoreDays ahead of a decisive extraordinary general meeting, Byju Raveendran wrote a letter to shareholders informing them that the edtech firm’s rights issue has been fully subscribed. Details of this and more in today’s ETtech Top 5.
- Read the full text of Byju Raveendran's letter to shareholders on rights issue, board restructuringByju 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.
- Read the full text of Byju Raveendran's letter to shareholders on rights issue, board restructuringRaveendran reiterated in his note that a few vested interests are acting against the company at a time when it is facing a severe cash crunch. “ I refuse to let the self-serving actions of a few individuals cloud my judgment and pollute our relationship,” he said.
- Rights issue of $200 million fully subscribed, will restructure board: Byju RaveendranCEO Byju Raveendran said he is taking steps to ensure transparency on the usage of the funds. He also reiterated in his note that a few vested interests are acting against the edtech at a time when it faces a major cash crunch.
- The Netflix model may just save India’s online learning appsByju’s rapid decline has put a big dampener on that excitement. Yet, online education is still a viable proposition in the world’s most-populous nation, though it’s the test-prep market that has real demand, not K-12 or coding.
- Byju’s asset sale hangs fire amid investor flare-upsUnlike 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.
- Time for a reset: Paytm’s opportunity to get back to basics; and other top stories this weekThe stringent action by the Reserve Bank of India (RBI) against Paytm Payments Bank could have a positive fallout. It can actually push One 97 Communications, which runs Paytm, to focus on what it does best — build distribution. It can also focus on technology and product development like it did with Soundbox — a desi way of reducing fraud and confirming merchant payments.
- View: Kissa Kursi Ka, when guard rails don't workA court nullifying Elon Musk's $56 billion compensation reignites governance concerns over top management's omnipotence, as boards and shareholders seemingly rubber-stamp decisions. CEOs wield significant power, influencing vital choices and governance structures, often with limited shareholder oversight. Shareholder discontent occasionally emerges, yet challenging entrenched leadership proves arduous. Guardrails against power abuses falter, leaving governance in limbo.
- Court relief for Byju’s in TLB lenders’ suitThe 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”.
- Paytm crisis deepens; taming of the alpha founderPaytm’s peers and users have gone back to re-strategise as the fintech firm untangles the regulatory knots. The latest on this and more in today’s ETtech Top 5.
- Byju’s credits January salaries; CEO says moving mountainsOn 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 alleges investor conspiracy; Delhivery turns profitableFacing calls for a management overhaul at the troubled edtech firm, a combative Byju’s has asserted that investors lack the authority to remove its CEO. More on this in today’s ETtech Top 5.
- Decoding Paytm’s compliance lapses; Temasek exits PolicybazaarThe leadership of fintech firm Patym on Thursday acknowledged that it may have fallen short on compliance issues, triggering punitive action by the central bank. Neither the central bank nor Paytm founder Vijay Shekhar Sharma disclosed the exact reason for which the bank faced such stringent penal action. This and more in today's ETtech Morning Dispatch.
- Paytm admits compliance issues; Byju Raveendran faces potential ousterPaytm founder Vijay Shekhar Sharma addressed shareholders and analysts on Thursday, a day after the Reserve Bank of India barred Paytm Payments Bank from offering basic banking services after February. This and more in today's ETtech Top 5.
- Byju’s shareholder group calls for EGM, to vote for ouster of Byju Raveendran, boardWhile 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.
- A reset is on cards at Byju’s cap table post rights issue value cutDepending 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 seeks lifeline, valuation crashes 99%Edtech major Byju’s beset with internal and external challenges rolled out a rights issue to raise up to $200 million. In its desperate attempt to raise much-needed capital, it's ready to take a 99% cut in valuation. This and more in today’s ETtech Top 5.
- Byju’s seeks $200 million in rights issue at 99% valuation cutByju’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.
- Ranjan Pai turns white knight for Byju’s with 40% stake in AakashThe 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.
- ETtech Explainer: Why Byju’s pushed for arbitration in BCCI disputeTroubled edtech firm Byju’s told the National Company Law Tribunal on Wednesday that it had referred its dispute with the Board of Control for Cricket in India (BCCI) to an arbitrator.
- Byju’s-owned Aakash Institute reports 82% rise in FY22 profit to Rs 79.5 croreOperating 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.
- Byju’s big valuation cut by BlackRock; HCLTech, Wipro earnings a mixed bagHappy Friday! Beleaguered edtech company Byju’s valuation has been slashed again – this time to $1 billion – by BlackRock, the world’s largest asset manager. This and more in today’s ETtech Top 5.
- The downfall of Byju's: How the world’s most valuable learning app became a trapThe group is facing an acute liquidity crunch. Amid mass layoffs and deep losses, the former billionaire founder has sold his homes to pay salaries. Still, Raveendran is not entirely out of options. Byju’s could raise funds by selling Epic!, its US-based kids’ digital reading platform. At home, its physical test-prep business has seen interest from a wealthy Indian investor. In a sale or initial public offering of the unit, the crown jewel of the shrinking empire could fetch more than the nearly $1 billion Byju’s had paid for it in 2021.
- FY23 earnings for Unacademy, Myntra; Union Bank staff spurn digital currency perksFY23 results for Myntra, ZestMoney, Curefoods, Unacademy, Sugar Cosmetics, and Kapiva presented a mixed picture on Wednesday, with surging revenues being mostly offset by wider losses. This and more in today's ETtech Top 5.
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