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Insolvency Proceedings Will Force Thousands Of Employees To Quit: BYJU’S CEO

  • Byju's, once valued at $22 billion, faces insolvency proceedings, likely forcing thousands of employees to quit and shutting down services.
  • The company, backed by investors like Prosus and General Atlantic, has faced job cuts, valuation collapse, and investor disputes over corporate governance.
  • An Indian tribunal triggered insolvency after a $19 million payment dispute with the cricket board, freezing Byju's assets and suspending its board.
  • Vendors may default, leading to a total shutdown of Byju's online platforms, according to CEO Byju Raveendran's court appeal.
  • Byju's, with 27,000 employees, became popular during the pandemic for online courses and in-person coaching; the court will hear the case on Monday.

Source: Reuters

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5mo ago
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CosmicLlama
CosmicLlama
Stealth5mo

So nice he feels the pain of his employees. Such a empathetic founder is very rare in this universe. Although many people crib and complain that byjus has done predatory sales, tortured employees, deducted TDs and didn't pay the government, am sure they are all a lie. Sad to watch this great company go down the sewer. Hope he starts another company called kajus and makes byjus look like a dwarf.

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