Byju’s Pays Part March Salary After CEO Takes on New debt
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Byju’s Pays Part March Salary After CEO Takes on New debt

Major Byju’s has only paid a part of March salaries to its employees as of April 20 in yet another delay of these payouts as it battles a severe cash crunch. On April 8, the company had said that it had started paying salaries for March and expected to complete the exercise by April 18….

Report on Audit at Byju’s Soon: ICAI Chief
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Report on Audit at Byju’s Soon: ICAI Chief

The Financial Report Review Board (FRRB) of the Institute of Chartered Accountants of India (ICAI) will soon submit its report on the standards and processes followed by the auditor of edtech major Byju’s, ICAI’s new president Ranjeet Kumar Agarwal told ET on Wednesday. The report by the FRRB, which looks at misreporting in financial reporting,…

ED Seeks Look Out Circular Against Byju Raveendran
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ED Seeks Look Out Circular Against Byju Raveendran

The Directorate of Enforcement (ED) has asked the Bureau of Immigration (BOI) to issue a look out circular (LOC) against Byju Raveendran, founder and CEO of the eponymous, embattled edtech company Byju’s, people with knowledge of the matter told ET. The central agency approached BOI earlier this month to issue a fresh LOC to ensure…

Investors Flag Byju’s Failure to Recover 1.4k cr from Reseller
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Investors Flag Byju’s Failure to Recover 1.4k cr from Reseller

Byju’s investors have raised red flags over the management’s failure to recover about ₹1,400crore from a Dubai based reseller, More Ideas General Trading LLC, while paying out ₹300crore in sales commissions at a time when the debt laden edtech firm is battling a severe fund crunch. Byju’s has, however, disputed the investors’ claim. In an…

Once India’s Most Valued, Byju’s is Worth Little Now

Once India’s Most Valued, Byju’s is Worth Little Now

Once pegged as India’s most-valued startup, at $22 billion, edtech firm Byju’s is bracing itself for a 99% cut in its valuation as part of a potential rights issue. Think & Learn, which runs Byju’s, has approached its existing shareholders to secure an immediate cash infusion of up to $200 million, the company said on…

Byju’s FY22 Maths: ₹8kcr Loss on ₹5kcr Op Revenue

Byju’s FY22 Maths: ₹8kcr Loss on ₹5kcr Op Revenue

Edtech firm Byju’s parent, Think & Learn Pvt Ltd, has reported a consolidated loss of ₹8,245 crore on operating revenue of ₹5,014 crore for the fiscal year ended March 31,2022, in a regulatory filing of the results that it made after multiple missed deadlines over the past year. Meanwhile, the company, which was once storied…

Byju’s-owned Aakash’s FY22 Profits Climb 82% to ₹79cr

Byju’s-owned Aakash’s FY22 Profits Climb 82% to ₹79cr

In its first full year of operations as a Byju’s-owned company, test-prep business Aakash Institute reported an 82% rise in total profit to ₹79.5 crore during the financial year ended March 2022. Operating revenues in the reported period grew 45% to ₹1,421 crore, as per the company’s filings with the Ministry of Corporate Affairs on…

Byju’s Valuation Below $3b, says Prosus’ Ervin Tu

Byju’s Valuation Below $3b, says Prosus’ Ervin Tu

Ervin Tu, interim CEO of technology investor Prosus, said the company has marked down Byju’s valuation further, to below $3 billion. “We are not disclosing the (exact) valuation, but it is sub-$3 billion,” Tu, who took over the reins from Bob van Dijk in September, said in Prosus’ earnings call after disclosing half-yearly results up…

BCCI Hauls Byju’s to NCLT Over Sponsorship Dues

BCCI Hauls Byju’s to NCLT Over Sponsorship Dues

The Board of Control for Cricket in India (BCCI) has initiated insolvency proceedings against Byju’s for defaulting on sponsorship dues worth Rs 150 crore even as the troubled edtech major said it’s in talks with the cricket board to settle the matter. The Indian cricket board has filed the application against Byju’s parent company, Think…

For More Capital, Byju’s Must Pass a Tough Test

For More Capital, Byju’s Must Pass a Tough Test

Top shareholders at Byju’s have demanded the company meet certain conditions before they consider any future capital infusion into the beleaguered edtech firm that is battling a deepening fund crunch, people in the know of the matter said. These investors have asked the company to file its audited financials for the year ended March 31,…