Byju's about to close $250 million funding
Just heard that Byjus is about to close $250 million funding. Can someone confirm if this is true?
WryExile38
At Byju’s, a loan crisis and no sign of funding
20mo ago
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Curated from across
Oh no! Anyway!
Here’s how these loans work. When a product is sold to a customer via a third-party loan provider, a loan is created by the third party for the customer. As soon as the loan is processed, the customer gets the product and Byju’s gets money from the financer, net of the interest cost. EMIs start. If the customer cancels the product or defaults on EMIs, Byju’s is supposed to close the loan by paying the balance amount to the financier because of the 100% default guarantee it provides its lending partners. “Byju’s used to process and close these loans within 30-40 days of default, but now the company is delaying it as there is no money. So instead of closing the loan, the company is paying EMIs on the customer’s behalf,” says the person quoted above. “Refunds are being processed in batches after a delay of 90-120 days [and even more in some cases], as and when they get money from new sales.
^from Morning context
Countdown for Byju bankruptcy is on
Just heard that Byjus is about to close $250 million funding. Can someone confirm if this is true?
So after dodging many bullets Byju's finally goes to Insolvency Trial.
Does anyone have any news of what's happening inside the company?
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 🇮🇳
𝟏. 𝐆𝐫𝐨𝐰𝐰’𝐬 𝐀𝐜𝐭𝐢𝐯𝐞 𝐈𝐧𝐯𝐞𝐬𝐭𝐨𝐫 𝐁𝐚𝐬𝐞 𝐂𝐥𝐢𝐦𝐛𝐬 𝐎𝐯𝐞𝐫 �...
What is even happening there? As per newspaper article from today
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.