Byju – The News Desk

Prosus Cuts India’s Byju’s Valuation to Under $3 Billion

29Nov

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Prosus Cuts India’s Byju’s Valuation to Under $3 Billion

Published By: Mohammad HarisLast Updated: November 29, 2023, 19:21 ISTOver the past year, shareholders including Prosus and Blackrock have successively cut Byju's valuation to $11 billion in March, $8 billion in May and $5 billion in June.The disclosure is the latest cut to Byju's valuation after several executives and board members quit and it delayed filing its 2021/22 financial results by a yearTech investor Prosus NV said on Wednesday it was valuing Indian education firm Byju’s at under $3 billion, 86% less than its peak valuation of $22 billion last year, after the company struggled with governance and cash-flow problems.The disclosure, made by interim CEO Ervin Tu during Prosus earnings call, is the latest cut to Byju’s valuation after several executives and board members quit and ...

Fresh setback for Byju’s; US court rules in favour of lenders, placing them in control of a unit

NEW DELHI: In a fresh setback for Byju’s, a US court has ruled in favour of the firm’s lenders stating, their move to remove Riju Raveendran (brother of Byju Raveendran) as the sole director and officer of Byju’s Alphaand replacing him with their representative Timothy R. Pohl is valid. The ruling issued on November 2 effectively places the lenders at the helm of Byju’s Alpha, the US-based subsidiary of Byju’s which was set up to receive the term loan B.“I conclude that Pohl is, indeed, Byju’s Alpha’s sole director and officer. GLAS (Glas Trust Company, the trustee representing lenders) and Pohl effectively seated Pohl as Byju’s Alpha’s director and officer. There is no dispute as to the mechanics of the removal of Byju’s Alpha’s former director and officer and Pohl’s appointment,” judge ...

Mohandas Pai, former SBI chair, to join Byju’s advisory council

BENGALURU: Early Byju's investor Mohandas Pai and former State Bank of India chairman Rajnish Kumar will join a council aimed at addressing corporate governance issues at the edtech startup roiled by government scrutiny and a spate of high-profile resignations.The council will mentor Byju's board and its CEO Byju Raveendran on crucial matters, the company said in a statement on Thursday.The move comes weeks after board members representing investors Peak XV, Prosus and the Chan Zuckerberg Initiative stepped down. Byju's auditor Deloitte also resigned saying the startup had not submitted its financial papers for fiscal 2022."As part of the advisory council, I look forward to advising the leadership in evolving the systems of governance and financial reporting," Pai, who first invested in t...