Byju's – The News Desk

Byju’s founder Raveendran to take over firm’s daily operations after CEO Mohan’s resignation

15Apr

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Business

Byju’s founder Raveendran to take over firm’s daily operations after CEO Mohan’s resignation

NEW DELHI: Byju Raveendran, the founder of Think and Learn, the edtech company that owns the Byju's brand, will assume control of the company's daily operations following the departure of CEO Arjun Mohan, as announced by the company on Monday. The company has revealed a significant restructuring of its business, consolidating its operations into three focused divisions: The learning app, online classes and tuition centres, and test-prep."The changes follow an extensive seven-month operational review and cost optimisation exercise led by outgoing BYJU'S India CEO Arjun Mohan.This new phase will also see Byju Raveendran taking a more hands-on approach in spearheading the daily operations of the company," the company said.Mohan will transition into an external advisory role, offering his ext...

Byju Raveendran’s big fall: From leading India’s most valuable startup to net worth plummeting to zero!

4Apr

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Business

Byju Raveendran’s big fall: From leading India’s most valuable startup to net worth plummeting to zero!

Byju Raveendran, the founder of Byju's, a leading edtech company in India, has faced a significant setback as his net worth has dropped to zero, according to the latest Forbes Billionaire Index 2024. The report states that his net worth has come down from Rs 17,545 crore ($2.1 billion) to zero! Once a top player in the business world, Raveendran's downfall mirrors the challenges encountered by his once-thriving startup.Established in 2011, Byju's quickly emerged as India's most valuable startup, peaking at a valuation of $22 billion in 2022, according to an ET report.The company's educational app transformed the learning landscape, serving students across various levels. However, recent financial disclosures and controversies have marred its image and diminished its value.The financial tu...

3Apr

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Business

Byju’s kicks off fresh layoffs

MUMBAI: After delaying employee salary payments for two months in a row, cash-starved Byju's has started fresh layoffs across departments. These are expected to impact about 500 company staff, sources aware of the development said. While the bulk of job cuts will be implemented across the sales department, employees working with the company's tuition centres including teachers have also been affected. Byju's has shut 30 of its 292 tuition centres over the past few months. "The layoffs started 15-20 days ago. Jobs of several employees in the lower-to-mid-senior level has been terminated to avoid duplication of roles," sources said. Byju's said in a statement that the downsizing is part of its business restructuring exercise effected by India CEO Arjun Mohan in Oct 2023 to simplify operatin...

BCCI takes edtech major Byju’s to NCLT over jersey sponsorship dispute

28Nov

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Business

BCCI takes edtech major Byju’s to NCLT over jersey sponsorship dispute

The Board of Control for Cricket in India (BCCI) has taken Think & Learn, the parent company of edtech giant Byju’s, to the National Company Law Tribunal (NCLT). The case was filed on September 8, but it was officially registered only on November 15. The case was scheduled for a hearing on November 28, according to the NCLT website. The NCLT website indicates that the case is set to be heard again on December 22. “We are in discussions with BCCI to settle the matter, and we hope to achieve that soon,” a Byju’s spokesperson told Business Standard. Law firm Argus Partners is advising BCCI in this matter. An email query to BCCI remained unanswered until press time. The Morning Context reported the development first. The details of the case are not known...

Byju’s Again Misses Deadline For Final Payments Of Sacked Employees: Report

20Nov

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Business

Byju’s Again Misses Deadline For Final Payments Of Sacked Employees: Report

Crisis-hit Byju’s has again missed the deadline For full-and-settlements of employees who were laid off by the edtech company, according to a Moneycontrol report. The company had earlier postponed the final payment day from September till November.According to the report, 60 employees who were sacked by Byju’s were contacted. Of the 48 who responded, 40 said they did not get the full-and-final settlements which was promised to reach them by November 17.Of the 8 employees who get their full-and-final settlements, about 2-3 did not receive their variable pay or incentives, it said.The report, citing a source close to the company, said Byju’s is making the payments in a phased manner on a weekly basis and has already settled the payments of those that were due in October.Mohammad HarisHaris ...

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

10Nov

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Business

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 ...

Edtech firm Byju’s targets to reach break-even by March, hive off Epic

1Oct

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Business

Edtech firm Byju’s targets to reach break-even by March, hive off Epic

Edtech major BYJU'S has set the target to become profitable by March 2024 on account of consolidation and restructuring of the organisation and settlement on USD 1.2 billion loan, sources aware of the development said. The company has undertaken exercise to reduce workforce by about 3,000-3,500 this month by ending duplication in roles across the organisation. "Think and Learn Private Ltd (TLPL) restructuring will see the current operations spread across several business units streamlined into four core areas of K-12, test prep, online and hybrid. The business restructuring, aimed at matching resources with cash flows, will see the company achieve break-even by coming March, in fourth quarter of current fiscal," a source said. BYJU'S declined to comment on a qu...

Byju’s to announce its FY22 results in the second week of October

30Sep

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Business

Byju’s to announce its FY22 results in the second week of October

NEW DELHI: Byju’s has postponed the release of its FY22 results to the second week of October from the earlier stated timeline of September end. “Think and Learn Pvt Ltd today has issued a notice for convening a Board meeting in the second week of October 2023 for approval and adoption of accounts for FY22. The Board of Directors along with the Advisory Council and certain invitees will meet to formally adopt the audited accounts,” the company said in a statement on Saturday. The delay in filing its financials for FY22 has invited strict scrutiny from regulators and has also triggered concerns among the firm’s stakeholders. Earlier this year, the troubled startup’s former auditor Deloitte had resigned citing a lack of communication by the company on the status of “audit readiness” of its ...

Market Research: Byju’s delays clearance of final dues of a batch of its laid off employees to November

18Sep

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Business

Market Research: Byju’s delays clearance of final dues of a batch of its laid off employees to November

NEW DELHI: Byju’s has deferred clearing the final dues of a batch of its laid off employees to November. “We regret and acknowledge the delays in settling dues of former employees. As we work through a difficult business restructuring, we are committed to meeting all our obligations as soon as possible,” the company said in a statement. In June this year, the troubled edtech firm had laid off some 500-1,000 employees in a bid to check costs, its second significant cost cutting exercise since October last year. The employees (those laid off in June) were earlier slated to get their final settlement by September, a company spokesperson said. The development comes at a time when the troubled firm has put its units Great Learning and Epic on the block in a bid to repay the $1.2 billion term l...

Byju’s hid $533 mn in hedge fund once run from Miami IHOP, allege lenders

13Sep

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Business

Byju’s hid $533 mn in hedge fund once run from Miami IHOP, allege lenders

By Steven Church, Reshmi Basu and Anna Jean Kaiser One of India’s hottest tech companies, Byju’s, allegedly hid $533 million in an obscure three-year-old hedge fund that once said its principal place of business was an IHOP pancake restaurant in Miami, according to lenders trying to recover the cash. Byju’s last year transferred more than half a billion dollars to Camshaft Capital Fund, the investment firm founded by William C. Morton when he was just 23 years old, some Byju’s lenders claim in a lawsuit. Morton’s fund received the money despite an apparent lack of formal training in investing, according to the lenders. What’s more, luxury cars — a 2023 Ferrari Roma, a 2020 Lamborghini Huracán EVO, and a 2014 Rolls-Royce Wraith — have been registered in...