Indian Startups18mo
by BubblyBagelDigital Accessibility ...
ZippyDumpling
Byju’s Hid $533 Million in Fund Run out of an IHOP outlet 🤯
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 Huracán 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
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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 you’re already one 💯👌
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
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The Morning Vine 🍇
Good morning! Too much has happened in the last 24 hours, we’re going double the size of our 5 news a day quota - here we go:
𝐈𝐧𝐝𝐢𝐚 𝐓𝐞𝐜𝐡 🇮🇳
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Whoever is curating this, kudos. Job well done!
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Largest shareholder saying this publicly, I wonder if there is any way of recovering from this point
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