Indian Startups18mo
by BubblyBagelDigital Accessibility ...
ZippyDumpling
Byjuโs Hid $533 Million in Fund Run out of an IHOP outlet ๐คฏ
Absolutely crazy stuff. To summarize what I read:
- 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.
- 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
- This fund typically accepts only upto $50Mn. How come Byju's transferred $533Mn to them?
- 2023 Ferrari Roma, a 2020 Lamborghini Huracรกn EVO, and a 2014 Rolls-Royce Wraith -> All registered on this fund's papers
- 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
18mo ago
Talking product sense with Ridhi
9 min AI interview5 questions
GroovyBoba
Swiggy18mo
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
CosmicDumpling
InMobi18mo
Bruh, you sound like a farmer not someone in a corporate who could themself be the CXO of a company 20 years down the line
GroovyBoba
Swiggy18mo
I agree, that sentence was written a little bit in a hurry You actually sound like somebody who will be a CXO in <3 years unless youโre already one ๐ฏ๐
CosmicLlama
Freelancer18mo
everyday some negative news comes about this company. When will the positive news of its shutdown come?
WigglyBanana
Stealth18mo
What is wrong with Byjus? Everything.
CosmicDumpling
InMobi18mo
Absolutely shameful
BouncyMarshmallow
Stealth18mo
Why is it assumed that Lenders are correct and Byjus is wrong ? Last time when the same allegations were made US court examined all proofs and told that Lenders were making a wrong allegation.
Typical Indian mentality of hatred
SparklyNarwhal
Stealth18mo
If this is true, this is going to snowball into an avalanche.
FloatingMuffin
Google18mo
This Byju guy must be up there with Elizabeth Holmes and Sam Bankman-Fried as the shadiest founder ever. Being a B2C company , they likely won't survive in long-term given their bad reputation among general public
Discover more
Curated from across
by CosmicTacoGrapevine
The Morning Vine ๐
Good morning! Too much has happened in the last 24 hours, weโre going double the size of our 5 news a day quota - here we go:
๐๐ง๐๐ข๐ ๐๐๐๐ก ๐ฎ๐ณ
๐. ๐๐ซ๐จ๐ฐ๐ฐโ๐ฌ ๐๐๐ญ๐ข๐ฏ๐ ๐๐ง๐ฏ๐๐ฌ๐ญ๐จ๐ซ ๐๐๐ฌ๐ ๐๐ฅ๐ข๐ฆ๐๐ฌ ๐๐ฏ๐๐ซ ๏ฟฝ...
Top comment
Whoever is curating this, kudos. Job well done!
by GoofyPenguinAmdocs
BYJUโS: An Empire That Was
Ever wonder how a teacher became a billionaire? That's the BYJU'S story, as told by Inc42's Bismah Malik. Buckle up, it's quite a ride.
Back in 2010, Byju Raveendran was teaching in stadiums. Yes, stadiums. He was that good. Fast forw...
Indian Startups20mo
by MagicalHamsterInvestment Associate
This is major - Prosus just publically said that BYJU's had improper governance and failed to improve despite their recommendations
"BYJUโS grew considerably since our first investment in 2018, but, over time, its reporting and governance structures did not evolve sufficiently for a company of that scale. Despite repeated efforts from our Director, executive leadersh...
Top comments
Largest shareholder saying this publicly, I wonder if there is any way of recovering from this point
Byjus going down is karma for all the unethical shit they did to kids, parents, employees and critics. I will enjoy e...
This is going to be the most insane goof up. Byjus really did a number on themselves. I wonder if they can recov...