Byjus- A Unicorpse From Unicorn to

While there are lot of VCs coming out with their ‘expert’ outlook on 2024, let’s be real to share our own predictions. Idea is to share and learn and not just mudsling. Let me go first with few of my own 1. Neobanking will go belly up - it’s really hard to make money in just Savings account led neobanking I believe. With lending increasingly difficult, I think we will see likes of Jupiter going belly up 2. Gold mine of climate tech - climate tech will become more mainstream stream (similar to content and community in 2021, D2C in 2022 and SaaS in 2023) What are yours?

First, they had a layoff. Lot of good people quit including great people Then, they had a second lay off Some great people in the leadership quit. Middle management people are quitting every day. Only engineers and other people who are not able to get jobs are remaining They shut down majority of US acquisitions They are trying to sell some of them like Tynkr and Epic Not able to raise funding till now even though trying since December Sales is down 90% New Inside Sales process is not working They are out of runway.

https://www.ndtv.com/business-news/byjus-faces-total-shutdown-if-insolvency-proceeds-says-ceo-byju-raveendran-6141875

https://thearcweb.com/article/byju-raveendran-1-billion-agm-8SWZHKi0REGjA6g4

Absolutely crazy stuff. To summarize what I read: 1) Byju's apparently transferred $533Mn to Camshaft Capital - a random hedge fund in Miami that was started by a 23 year old, with barely any investing experience. 2) This hedge fund is run out of a building that has an iHOP (yes the food chain). When asked about the whereabouts, nobody even recognizes if the fund actually exists there 3) This fund typically accepts only upto $50Mn. How come Byju's transferred $533Mn to them? 4) 2023 Ferrari Roma, a 2020 Lamborghini Huracán EVO, and a 2014 Rolls-Royce Wraith -> All registered on this fund's papers 5) Now, Byju's lenders have filed a case against Camshaft in the US. Link to original article: https://www.bloomberg.com/news/articles/2023-09-12/byju-s-hid-533-million-in-hedge-fund-camshaft-run-from-miami-ihop-lenders-say#xj4y7vzkg

Earlier used to see a lot of stuff Byju's on GV. Seems like either everyone has left, or they've asked employees to not say anything

Just last week he was giving gyan on why BYJUs failed. Welcome BYJUs 2.0..

As per internal company sources: This is big like 500+, lots of folks cut in platform teams, brand teams, marketing teams, business teams, product and tech. Wish everyone there all the best. This shall too pass!