The stay against the resolutions at the Extraordinary General Meeting (EGM), which the investors passed on February 23 continues, and “none of those resolutions can be given effect to”, Byju’s said in a statement. �� Byju’s Granted Time Till March 28 by Karnataka High Court to File Rejoinder to Investors’ Response.
Edtech firm Byju's is undergoing cost-cutting and restructuring efforts, downsizing smaller assets and consolidating its focus on the top four to five cities. The company has identified offices and tuition centers for closure across 17 cities, reducing the count to approximately 250. Byju's faces financial challenges, including disputes with landlords over rental payments and legal issues related to a $1.2 billion loan
This comes at a time when the company has been engaged in a dispute with its investors regarding the validity of the funds raised from a recently concluded rights issue offering.
Byju's is undergoing a cost-cutting initiative and restructuring drive, downsizing assets and tuition centers. The edtech firm has identified assets that overlap with its Aakash centres.
Cash-strapped edtech firm Byjus is vacating multiple offices and tuition centres countrywide as part of a cost-cutting drive. This and more in todays ETtech Top 5.
Embattled edtech company Byju’s on Sunday announced that it has disbursed a portion of the pending salaries for over 20,000 employees for the month of February. �� Byju’s Manages To Pay Some Portion of Salaries for 20,000 Employees.
Byju's, once the poster boy of Indian ed tech, stands on the precipice of collapse. Byju Raveendran, the educator turned entrepreneur pushed it to wild limits of growth, with 28 rounds of fundraising that ultimately valued it at $22 billion and a debt-fuelled spree of acquisitions. Now many of the moves have backfired. The company’s cash reserves are razed; it faces legal wrangles; has antagonised investors and is struggling to raise money. With angry investors calling for Raveendran’s ouster, is it the final chapter for this unicorn? Host Anirban Chowdhury talks to Nirgunan Tiruchelvam, head of consumer and internet at Aletheia Capital, ET’s Samidha Sharma, Manu Toms, and Rashmi Rajput. Tune in to the latest episode of The Morning Brief podcast!