Byjus news

The Board of Control for Cricket in India (BCCI) has filed a corporate insolvency plea against Byju's for allegedly defaulting on the payment of Rs 158 crore.The case is related to the edtech firm terminating its title sponsorship rights deal.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteNorthwestern UniversityKellogg Post Graduate Certificate in Product ManagementVisitIIM KozhikodeIIMK Advanced Data Science For ManagersVisitIIM LucknowIIML Executive Programme in FinTech, Banking…

A US court has rejected a lawsuit filed against Byju’s by a group of lenders, who had sought an investigation into a $500 million fund transfer made by a subsidiary of the Bengaluru-based edtech firm to other entities.These lenders who had participated in a syndicated term loan B taken by Byju’s had accused the company of hiding the money. They claimed that because Byju’s defaulted on its loan repayment, they had the right to put their representative, Timothy R Pohl, in charge of Byju’s Alpha, the US subsidiary that made…

This is Digbijay in Bengaluru. On Thursday, soon after ETtech broke the story that three of Byju’s’ board members had quit, it became clear that the latest developments would have an impact not just on the edtech major’s fate, but on the Indian startup ecosystem as well. Late on Friday night, all three investors in Byju's (Peak XV Partners, Prosus, and the Chan Zuckerberg Initiative), confirmed the resignations of their representatives — GV Ravishankar, Russell Dreisenstock, and Vivian Wu — from the Byju's board, in…

In the backdrop of an investigation by India's federal financial probe agency Directorate of Enforcement (ED), edtech startup Byju's founder and chief executive Byju Raveendran wrote to the company's employees saying all of its cross-border transactions have been duly vetted by professional advisors and counsels.ET has reviewed a copy of the email sent to Byju's employees late Saturday.The ED has conducted search and seizure actions on several premises linked to the company in Bengaluru. ED had conducted these searches as…

The Directorate of Enforcement (ED) on Saturday said that it had conducted searches on premises linked to edtech startup Byju’s over alleged foreign exchange violations.In all, three premises - two official and one residential - linked to the founder Byju Raveendran, and his company ‘Think & Learn Private Limited’ were searched under the provisions of the Foreign Exchange Management Act (FEMA).The company runs online education platform Byju’s, India’s most-valued startup at $22 billion, and counts several marquee…

Happy Monday. Byju’s has held discussions to pay higher interest rates to its lenders for the $1.2 billion loan the company picked up in November 2021, per sources in the know. This and more in today’s ETtech Morning Dispatch. Also in this letter:■ Livspace fires nearly 50% tech, product staff■ Generative AI – an unfolding opportunity and challenge■ Microsoft’s big AI pushExclusive: Byju’s offers to pay higher interest rate on $1.2 billion loan Hi Digbijay here in Bengaluru. Byju's picked up a TLB (term loan B) of $1.2…