Moneycontrol reported earlier this week that the edtech firm was looking to raise $1 billion in a mix of equity and structured instruments via US-based asset management companies and Middle East-based sovereign funds. Of the $1 billion, about $300 million would be raised through structured instruments, with the rest coming as equity at a flat $22 billion valuation
Since the ED has not filed any direct allegation against the company, shareholders may not be immediately worried. “But the fact that founder and CEO Byju Raveendran is evasive is worrying. That raises questions. Is he hiding something? This might be concerning them,” said an investor
Byju’s founder said that the company is funded by over 70 investors, who have done due diligence on their operations, which includes FEMA compliance. “We are confident that the authorities will also come to the same conclusion,” he said.
ED said that the investigation against the platform was initiated on the basis of various complaints received from various private persons. During the investigation conducted by the ED, several summonses were issued to Raveendaran, however, he always remained evasive and never appeared during the investigation
Here are 10 points that cover everything you need to know about Ajay Goel, who is taking over Byju's’ long-vacant CFO position
Byju's previous CFO PV Rao quit in December 2021 and Goel's appointment comes 16 months later, people aware of the matter told Moneycontrol. Goel was the Group Deputy CFO of Anil Agarwal's Vedanta Resources.
The deal, if it happens, will be a mix of cash and stock, with the merged entity exploring an IPO instead of Aakash alone seeking a public listing
Byju Raveendran and his family are ranked 994th on the global list of Indian billionaires, having risen 1,005 positions in the past three years and amassing a fortune of $3.3 billion, according to the report.
Byju's founder Byju Raveendran has been married to Divya Gokulnath for over a decade and couple are parents to two sons.
Byju’s founder Byju Raveendran addressed the Messi controversy while speaking at the India Today Conclave 2023.
Byju Raveendran said, 'She (Divya Gokulnath) used to stay back and ask a lot of questions so she got noticed and I don’t know when it changed and we became life partners.'
Byju's has laid off employees from the engineering, sales, logistics, marketing and communications teams, at least three people familiar with the matter told Moneycontrol.
Byju's has laid off another 1,000-1,200 employees, as the world's most-valued edtech company seeks to bring down costs amid slower revenue growth and a worsening funding winter.
None of the employees were told about the layoffs over mail, as emails tend to get leaked, sources said. Byju's rather told employees over normal and WhatsaApp calls to join a call over Google Meet and were informed about the layoffs there, sources said
Byju Raveendran said that the company is experiencing continued momentum in demand for its core business, which is online K-12 learning, even as some of the company's closest competitors are witnessing slower growth following the pandemic.
In a chat with Moneycontrol, Bjyu’s founder Byju Raveendran and co-founder Divya Gokulnath exuded confidence about turning profitable on a company level over the next quarter. They also spoke about exiting some branding contracts to optimise costs.
Byju's currently has three large branding partnerships with the BCCI (Board of Control for Cricket in India), ICC (International Cricket Council), and FIFA (Federation Internationale de Football Association) that will be up for renewal, but the company will not renew any of them, according to co-founder and CEO Byju Raveendran.
Raveendran also claimed that by the end of this quarter or by the next quarter FY24, Byju's will turn profitable on a company level
The change in sales strategy for Byju's follows the company's meetings with the National Commission for Protection of Child Rights (NCPCR) in December, where the company was asked by the child rights' body to make necessary changes to its sales tactics amid complaints of mis-selling and over-selling.
The former teacher is seeking funding to finance the stake repurchases — which could amount to as much as 15% of the firm — by using his shares as collateral, according to the people.
Byju Raveendran's comments on how users like Byju's courses come at a time when the company has been heavily criticised in the media about allegedly mis-selling and over-selling its courses, even to poor families in the country.
The startup superstar has gone from hero to zero rather rapidly. Will the picture be somewhat different in 2023? Coming soon to a screen near you
Byju Raveendran has been asked to appear in person before the NCPCR at 2 pm on December 23.
Although Prosus' accounting entry implies that it values Byju's at $5.9 billion, experts say that different shareholders may value a private company differently in their books.
Addressing the layoffs, the Divya Gokulnath said: “Sometimes what Byju and Divya want is not what BYJU’s as a company wants.”