https://thewire.in/business/byjustransferred533milliontoahedgefundthathousesuspancakeshopreport

Welcome to Indian Startups's Private Community

https://thewire.in/business/byjus-transferred-533-million-to-a-hedge-fund-that-houses-us-pancake-shop-report

Byjuice 🥤

Digital Accessibility Technologist

Byjuice 🥤- Grapevine

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

Byju’s Hid $533 Million in Fund Run out of an IHOP outlet 🤯

The games that the rich and wealthy play. We're way to far away from it. And we'll probably never get it? 

Fuck it

Product Manager

Analyst

Byju’s

Consultant

Byju’s manages to raise more capital… yet again 👀

Corporate Strategist

Welcome to News Discussion's Private Community

- BYJU'S founder and CEO Byju Raveendran claims the company is on the brink of reversing its negative business cycle and launching BYJU'S 3.0, an AI-driven educational platform.
- Raveendran stated that the founders have infused approximately INR 7,500 Cr into the company over the past 29 months to meet operational needs.
- The company has failed to clear July 2024 salaries, with Raveendran blaming lenders and promising prompt payment once control is regained.
- Despite financial challenges, BYJU'S remains the largest edtech platform globally with 150 Mn monthly users, transitioning to a sustainable business model.
- Raveendran addressed ongoing legal battles with US-based lenders and denied any personal investigation by the Directorate of Enforcement. 

 Source: [Inc42](https://inc42.com/buzz/byjus-on-the-verge-of-a-turnaround-investors-ready-to-back-the-company-byju-raveendran/)

BYJU'S On The Verge Of A Turnaround, Investors Ready To Back The Company: Byju Raveendran

Journalist

Case registered earlier this month appears to involve a dispute on sponsorship payments for the Indian cricket team.

BCCI drags Byju’s to NCLT

Byjus turning profitable

Growth Manager

The Morning Vine 🍇

Name of company
Months left according to you
Reason

For me:

Byjus
7-8 months max
Selling tabs and doing fraud with poor parents 
In name of edtech doesn't work

Which indian startup do you believe will die soon and why do you believe it

Welcome to Office Gossip's Private Community

I'll go first. 

Narcissistic AF, named a whole product after his name!

Awkward things about Byju's. Let's do a thread!

Product Owner

If founders care more about customer then they don't have to bow infront of VCs.

Customer Obsession >> Funding Obsession

Byjus debacle $ 22B to $ 1B.

Senior Consultant

So after dodging many bullets Byju's finally goes to Insolvency Trial. 

Does anyone have any news of what's happening inside the company?

Byju's & Insolvency ❌

Program Manager

A media report revealed that $700 million of the $1 billion will be raised through equity and one of the three Middle East-based sovereign funds is in talks to lead the round.

BYJU’S is raising $1 billion through a mix of equity & structured instruments, claims report  

Byju’s on their way to raise $ 1 billion through Middle East-based sovereign funds.

Senior Product Designer

First the audit report got delayed. Now they’ve reported a loss of over 4.5k cr. And I believe they’re like a mothership of edtech, if they gone down then the entire category goes down from an investment perspective

What’s happening with byjus?

Software Developer

Most of us are curious of how decisions are made in major VC funds, as these funds are private and only share this information with their Limited Partners (LPs).

For the unknown, there are VC funds known as Corporate Venture Capital funds, which are the venture arms of corporate firms; they are required to disclose the performance of their CVC funds to the general public.

Prosus, one of the largest funds in this category, has just released its 2024 Annual Report, so thought it would be helpful to share the key takeaways with you all. So, here we go:

1/ Swiggy: On the Launchpad
Swiggy continues to impress with a 26% surge in its gross order value and a robust user base that's grown to 104 million. The food delivery giant isn't just expanding—it's preparing to soar with a confidential IPO filing. Swiggy's blend of core deliveries and quick-commerce ventures positions it as a frontrunner in the food-tech race.

2/ Byju's: A Reality Check
The tides have turned for Byju’s, once a darling of the edtech world, now facing a stark reality with a $493 million valuation write-down by Prosus. This significant markdown is a wake-up call to the high-flying valuations in the edtech sector, spotlighting the need for sustainable financial health over speculative growth.

3/ PayU: Quietly Confident
While specific updates on PayU were sparse, its role in Prosus’s fintech ambitions remains pivotal. PayU continues to weave through Prosus's strategy, likely focusing on enlarging its digital payment solutions and tapping into burgeoning financial service opportunities in emerging markets.

4/ PharmEasy: Unsung Potential
PharmEasy's story remains under the radar in this year’s dispatch. However, as a component of Prosus's health tech ventures, it’s poised to play a crucial role in expanding accessible digital healthcare solutions, streamlining services from prescriptions to doorstep delivery.

The Bigger Picture? Prosus's strategy paints a vivid portrait of India's evolving startup ecosystem. It's no longer just about rapid growth and sky-high valuations. The game has changed:

1/ Sustainability is king: Byju's fall from grace is a stark reminder that financial health trumps speculative growth.
2/ IPO readiness matters: Swiggy's preparations show the market's appetite for well-prepared tech giants.
3/ Quiet expansion: PayU and PharmEasy's low-key presence suggests strategic focus on steady growth over flashy headlines.
4/ Diversification is key: Prosus's varied portfolio highlights the importance of spreading bets across sectors.

Checkout their annual report at https://www.prosus.com/~/media/Files/P/Prosus-CORP/AR2024/1latestfinancialresults/04annualreport/fy2024annualreport.pdf - happy reading!

Would you like more breakdowns of such reports and documents? Let us know in comments below 👇🏽

Key takeaways from Prosus 2024 Annual Report

Byju's

Remember the time when we were surrounded by 5-6 startups making waves every day? They were the talk of the town, with incredible growth, innovative offerings, massive hirings, and funding galore. We couldn't stop discussing their latest feats!

But lately, it feels like a different era, with a cloud of negativity casting a shadow. 

Dear Indian startup ecosystem, you have a history of miracles and game-changing moments. We believe in your potential to inspire, innovate, and motivate the youth. Let's bring back that magic and remind everyone why we're at the forefront of global innovation. 🇮🇳💡

It's time for something great, something remarkable. Let's reignite the spark and make headlines for all the right reasons!

Kuch machao yaar, it's getting boring :)

Byju's now valued at $0 🙈

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

Byjuice 🥤

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Byju’s has faced consolidated losses of nearly Rs 8,300 crore ($1 billion) in FY22... Reminds me of "जितने का बबुआ नहीं उतने का झुनझुना"