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In today’s newsletter:

• Byju's' headache with lenders continues
• CEO Krithivasan's tech-driven vision for TCS
• India, a human rights hotspot: Alphabet shareholders

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In November 2021, Byju's reached new heights by raising an unrated term loan B (TLB) from overseas investors, setting a benchmark for Indian startups. 

However, within just 12 months, this benchmark started haunting the company.

The lenders of Byju's, India's most-valued startup, have pulled out of negotiations with the company to recast the $1.2 billion TLB, according to a Bloomberg report.

The development comes on the heels of creditors suing the edtech giant's US subsidiary for allegedly hiding $500 million of the funds it raised.

With renegotiation talks now off the table, lenders can sell the term loan B securities of Byju's.

• Earlier, as a part of the negotiations, lenders were restrained from selling these securities

Byju's and its creditors have been at loggerheads since December. Here's a quick recap of all that has happened:

• Byju's sought easier terms for its loan, such as a lower coupon and more time to repay. It also appointed an adviser to help with the process
  
  
• A week later, lenders asked for quicker part payment of the loan, according to a media report
  
  
• In the following two months, media reports suggested that Byju’s agreed to reprice the loan by increasing the interest rate by 200-300 basis points
  
  
• Then, earlier this month, creditors took the company to court in the US, accusing it of hiding about $500 million from them

Byju's claims to be in the middle of a ‘large fund infusion’ as it races against time to make an interest payment on the loan by June 5. Only time will tell how the world's most-valued edtech navigates this challenging situation.

K. Krithivasan assumed the role of CEO and MD of Tata Consultancy Services (TCS) today, becoming only the fifth person to hold this position in the company's over-five-decade-long history.

The new CEO wasted no time in setting his priorities for the future of the company.

In line with the company's recent narrative of seeing growing client interest in integrating technologies like generative AI and ChatGPT into both existing and newer deals, Krithivasan said:

• TCS will continue to invest in Cloud, Cyber Security, 5G, IoT, Generative AI, etc

He also stated that the company would maintain an unrelenting focus on customer relationships and impeccable delivery.

Krithivasan also reminisced about his early days, calling it a period of "continuous learning."

"I have had great opportunities to understand and appreciate our core values through various leadership roles across delivery, sales, client management and business management. During this time, I have had the opportunity to work with many of you and built long-lasting friendships, which I cherish the most," he said.

Krithivasan is a TCS lifer, having been with the company for 33 years. Prior to his elevation, he was the global head of the BFSI vertical, which accounts for 35-40% of the company's revenue.

Krithivasan has been meeting clients and understanding their demands even before he took over as the CEO of TCS. This is likely how his first year in office will be as he works to turn the company into a $50 billion firm by 2030.

“Krithi has already started to travel like crazy. He was in the US, EU, and London twice. He is very similar to Chandra (N Chandrasekaran, the chairman of Tata Sons). He will go as many times as a client asks him to for a deal,” an industry analyst tells us.

Go deeper

In the wake of last week's shareholder meeting at Meta where its operations in India came under scrutiny, attention has now shifted to Alphabet as its shareholders raise concerns over Google's plans in the country.

A section of Alphabet shareholders have proposed a resolution expressing concern about the company's plans to expand Google Cloud Centers in "human rights hotspots" such as India and other countries.

• This proposal will be voted on at Alphabet's upcoming annual general meeting. If passed, Alphabet's Board of Directors will commission a report to assess these concerns

In the case of India, the proposal highlights two significant concerns. First, it mentions the frequent internet shutdowns ordered by the government. Second, it points out a notable rise in government requests for user data.

• Alphabet's Board of Directors recommends voting against this proposal

It is important to note that the shareholder proposal for both Meta and Alphabet has been filed by SumofUs, a global non-profit advocacy organization and online community, which has now been renamed Eko.

Find out more

On June 1, 2011, space shuttle Endeavour made its final landing at NASA's Kennedy Space Center, concluding a successful 16-day mission to the International Space Station. The STS-134 mission marked the end of Endeavour's illustrious space exploration career. 

Throughout its 25 missions, it spent a total of 299 days in space, completing 4,671 orbits around Earth and covering a staggering distance of 122,883,151 miles. (Picture credit: NASA)

Watch the iconic moment when Endeavour made a touchdown.

• Europe's largest telecoms provider Deutsche Telekom joins Polygon as a validator, offering staking and validation services to enhance security, governance, and decentralisation.
  
  
• Binance, the world's largest cryptocurrency exchange, has laid off a portion of its workforce as its market share continues to decline.

Have you ever wondered how the internet has changed our lives? How it has affected our politics and our relationships? 

If so, then you need to check out Rabbit Hole!

The eight-part series by The New York Times is an exploration of how we arrived at our current digital landscape. The podcast captures moments that can be haunting, yet its narrative on our relationship with the internet is both deep and unforgettable. 

Check it out on Spotify or Apple Podcasts

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