Page 5 - Byju's

Karnataka HC reserves order on edtech firm Byju's second rights issue

Byju's is currently restricted from issuing shares and using funds raised from a $200 million rights issue until the tribunal decides the matter

Oppo claims Byju's owes Rs 13 crore, NCLT designates July 3 as 'Byju Day'

The tribunal, meanwhile, has designated July 3 as 'Byju Day' as nearly 10 petitions are expected to be heard that day against the edtech firm

Proceedings initiated against Byju's under companies law still ongoing: MCA

The Ministry of Corporate Affairs on Wednesday said proceedings initiated against edtech player BYJU'S under the companies law are "still ongoing" and a final conclusion cannot be drawn in the matter at this stage. Last year, the ministry ordered the inspection of the books of BYJU'S in the wake of various developments at the edtech company, including its inability to finalise the statements and the resignation of an auditor. In a statement on Wednesday, the Ministry of Corporate Affairs (MCA) said reports claiming that BYJU'S has been cleared of financial fraud in an ongoing investigation by it are "factually incorrect and misleading". "The proceedings initiated by MCA under the Companies Act, 2013, are still on going and no final conclusion should be drawn in this matter at this stage," it added. In July 2023, MCA asked the office of the Regional Director in Hyderabad to conduct an inspection of the company Think & Learn Pvt Ltd, which is registered in Bengaluru. Think & ...

Report indicates no fraud at Byju's, Govt says probe is still underway

The Ministry of Corporate Affairs' investigation offers some relief to Byju's, as it temporarily halts any new scrutiny by Indian officials on already investigated issues

Prosus writes off investment in Byju's, records $493 million loss

This would be perhaps the first such large write-off announced by a large institutional investor in India

Prosus writes off 9.6% stake in Byju's, marking $493 million in loss

Prosus has invested around $500 million in Byju's over the years. Other Indian startups in Prosus' portfolio include Swiggy, Meesho, and Eruditus

Byju's moves Karnataka HC against NCLT order barring second rights issue

The National Company Law Tribunal (NCLT) Bengaluru on June 12 told Byju's to maintain the status quo with regard to existing shareholders and their shareholding

NCLT directs edtech major Byju's to keep status quo on shareholding

This means that Byju's is restricted from issuing shares and using funds raised from a $200 million rights issue until the tribunal decides the matter

Byju's hedge fund ally can avoid arrest if he helps locate $533 million

The missing money is at the heart of a dispute between lenders owed $1.2 billion and the startup founded by entrepreneur Byju Raveendran

'Byju's now worth zero': HSBC warns Prosus amid legal, financial troubles

Worsening legal challenges and severe cash crunch attributed as reasons by HSBC for Prosus' $500 million investment going to zero value in Byju's

NCLAT dismisses plea filed by foreign investors against edtech giant Byju's

NCLAT dismissed an appeal filed by the four investors - MIH EdTech Investments, a subsidiary of Prosus NV, General Atlantic Singapore, Peak XV Partners Operations LLC, and Sofina

Byju's lenders start bankruptcy proceedings against its US assets

Byju's founders unlawfully diverted $533 million in loan proceeds, the whereabouts of which are still unknown, alleged the lenders

Byju's processes employees' salaries for May from business collections

Edtech firm BYJU'S has processed employees' May salaries from the month's business collections, sources close to the company said on Monday. Last year, the founders of the edtech firm had to pledge their house to raise debt for paying employees' salaries. "The salaries for the month of May have been processed for BYJU'S employees and will be credited today. This milestone is particularly significant for BYJU'S as the salaries have been paid from the company's collections for the month," a source said. The company in the past month also raised various debts to bear the salary expenses as it has not been able to use the USD 200 million fund raised through rights in February. "Over recent months, BYJU'S has implemented a series of strategic initiatives aimed at optimising operations and strengthening its financial health. The ability to cover salary expenses from the monthly collections underscores the positive impact of these measures," the source said. A group of four investors --

Delhi to Delaware: No end in sight for edtech giant Byju's problems

Ex-employees planning to take firm to NCLT next week to demand their dues

Byju's Director Riju Raveendran 'not truthful' on missing $533 mn: US judge

The decision was a symbolic victory for lenders, represented by their agent, Glas Trust, and likely puts only limited pressure on Ravindran to cooperate in order to avoid financial penalties

Edtech company Byju's starts new batches in 240 centres across India

On May 19, Byju Raveendran, founder and CEO of Byju's, addressed all Byju's Tuition Centres (BTC) heads and shared a new business model, based on intrapreneurship.

Rajnish Kumar, Mohandas Pai to leave edtech major Byju's advisory council

The company said that characterising a routine move as 'a setback' is exaggerated and attention-seeking

Byju's sales team misses target despite 30% subscription fee reduction

Majority of the sales team, who shifted to a revenue-linked payout model last week, have yet to secure a sale for any course, despite Byju's reducing prices of educational products by 30%

Byju's slashes course fees by 30-40%, ups sales incentives by 50-100%

Edtech firm Think and Learn -- owner of Byju's brand -- has slashed course subscription fees by 30-40 per cent and hiked sales incentives by 50-100 per cent, according to sources. Byju's Founder and CEO Byju Raveendran, who has started handling the company's daily operations, in a meeting with 1,500 sales associates and managers, has announced change in sales strategy inclined towards scalability and flexibility. "The annual subscription for the Byju's Learning App is now available at a yearly early price of Rs 12,000 (inclusive of taxes), while Byju's classes and Byju's Tuition Centres (BTC) are priced at Rs 24,000 and Rs 36,000, respectively, for a complete year of classes," sources privy to the development said. This is almost a 30-40 per cent reduction in rates, they said. Byju Raveendran has also promised to settle all dues of the sales team with higher incentives. "The average sales salary is Rs 40,000 per month. So, close a couple of sales, and you can get not just your sal

Cash-strapped Byju's pays April salaries to all employees except sales ones

Last month, Byju Raveendran, the founder and chief executive officer of Byju's, secured a private debt of about Rs 30 crore to pay the March salaries of employees