News says BYJUs US unit files for bankruptcy

Software Developer

The lives they ruined with their loans are countless !!!

Not much context on the whole byjus debacle 
 Can you elaborate ??  
 Which loans??

Software Engineer

Team Lead

Program Manager

Consultant

Heard from a friend that Byju’s has filed for bankruptcy. Can someone from Byju’s confirm this?

Welcome to News Discussion's Private Community

Byju’s files for bankrupcy?

Product Designer

Byju’s files for bankrupcy?- Grapevine

Welcome to Indian Startups's Private Community

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 ❌

Just heard that Byjus is about to close $250 million funding. Can someone confirm if this is true?

Byju's about to close $250 million funding

Engineering Manager

Wtf is happening at Byjus?

Analyst

NCLT has frozen Byju's bank accounts. A big blow not to Byju's, but to those waiting for salaries and payouts. This process usually takes petitions in court to resolve and isn't straightforward.


 https://timesofindia.indiatimes.com/business/india-business/fresh-trouble-for-byjus-as-nclt-blocks-rights-issue/articleshow/110979870.cms

Byju's bank accounts frozen

Product Owner

Welcome to Office Gossip's Private Community

What is even happening there? As per newspaper article from today

https://www.thehindubusinessline.com/companies/byjus-hasnt-paid-pf-money-for-months-show-epfo-data/article67008329.ece/amp/

Byju’s hasn’t paid PF in months apparently?

The Morning Vine 🍇

Journalist

Feedback letter from employee to Founders, CEO & CTO

Heartwarming message from ex-Byjus employee to founders.

For details just reply to this email. I will email an excel sheet of all of your failures 
 😂Lmao, that was🔥

Product Manager

Hearing about a big scale down of Byjus offline business. Is this true?

Investor

- The National Company Law Tribunal (NCLT) in Bengaluru has admitted BCCI's petition for insolvency proceedings against Byju's over unpaid dues of Rs 158 crore.
- Byju's had a sponsorship contract with BCCI for the Indian cricket team, and the petition was filed last year against its parent company, Think & Learn Pvt Ltd.
- The matter is set for further hearing on November 15, with Byju's previously stating it was in talks with BCCI to settle the issue.
- Tech investor Prosus wrote off its 9.6% stake in Byju's during the financial year 2024, citing a significant decrease in value for equity investors.
- A year-long probe by the Ministry of Corporate Affairs found lapses in corporate governance at Byju's but cleared it of financial fraud, attributing mounting losses to weak governance and compliance practices. 

 Source: Business Today, Moneycontrol

NCLT Admits BCCI Petition for Insolvency Proceedings Against Byju's

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

Byju’s on the verge of shutdown

Chartered Accountant

How is Byju’s doing?

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

Any Byju's employees still around? What's happening there?

Growth Manager

Byjuites here, how are the things at the organisation? With Byju's disqualifying its lenders and filing counter-suit,  I expect things may not have improved as many of us would have hoped for the largest ed-tech. Are silent lay-offs still happening?? Any other worrying signs??

Byju's disqualifies lender

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?

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

Byjuice 🥤

Digital Accessibility Technologist

- Byju's auditor BDO (MSKA & Associates) has resigned, citing lack of transparency and pending legal issues.
- The resignation letter highlighted inadequate support from Byju's management in providing necessary audit information.
- Byju's co-founder Byju Raveendran called the resignation a blackmail tactic, claiming compliance with all auditor requests.
- BDO requested a forensic audit after Byju's admitted insolvency in July and mentioned loss of control over some subsidiaries.
- This marks the second auditor resignation in 15 months, following Deloitte's exit last year over delayed financial statements. 

 Source: [Entrackr](https://entrackr.com/2024/09/byjus-auditor-resigns-over-lack-of-transparency-founder-cries-foul/)

Byju's Auditor Resigns Amid Transparency Concerns; Founder Alleges Blackmail

- Byju's, once valued at $22 billion, faces insolvency, causing panic among employees.
- U.S. lenders seek $1 billion in unpaid dues, leading to a court battle and asset freeze.
- Employees, unpaid for months, consider protests and lawsuits to recover dues.
- India's Supreme Court declined Byju's request to halt the insolvency process.
- Founder Byju Raveendran assures staff of prompt salary payments once control is regained. 

 Source: [Reuters](https://www.reuters.com/world/india/indian-ed-tech-giant-byjus-insolvency-case-fans-fears-employees-2024-08-22/)

Byju's Insolvency Sparks Employee Fears Amid Legal Battles

- Byju's founder, Raveendran, declared the company's worth as zero after key investors resigned from the board.
- The resignations made it impossible for the edtech firm to raise further funds.
- Raveendran expressed regret over taking the Term Loan B, which he described as the most expensive capital.
- The company is currently undergoing bankruptcy proceedings, with the National Company Law Tribunal initiating insolvency proceedings against Byju's.
- Despite the crisis, Raveendran remains optimistic about a turnaround and insists there has been no fraud within the company.

Source: [Economic Times](https://economictimes.indiatimes.com/tech/technology/investors-leaving-board-was-biggest-setback-byjus-now-worth-zero-founder-raveendran-our-bureau/articleshow/114320123.cms)

Byju's Founder Declares Company Worth Zero After Investor Exodus

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

Byju’s files for bankrupcy?

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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"