Page 8 - Learn Pvt News Today

Byju Raveendran, founder of ed-tech startup Byjus, reportedly broke down in tears after a probe agency raided the companys offices, linking it to possible foreign exchange violations. The company has faced a series of crises including allegations of financial irregularities and legal battles.

In late April, Indian officials in plainclothes raided the Bengaluru offices of Byju's, seizing laptops and publicly linking the world's most valuable education-technology startup with possible foreign exchange violations.

With a planned $1 billion equity fundraise from Middle Eastern investors still in limbo, Raveendran broke down in tears defending his company, according to people who attended the calls.

Indian firm has struggled to overcome issues with liquidity

Raveendran had been in crisis mode for months. Apart from the ED raids, his once high-flying tutoring startup failed to file its financial accounts on time.

∙ANTHE, Aakash Institute’s national scholarship exam, meant for students of Class VII-XII, will be held between October 7—15, 2023 in both online and offline mode 

Byju's, the Indian education-technology business that previously held the title of most valued startup in the nation, has recently found itself treading a difficult path of financial difficulties.

Byju’s has named former SBI chairperson Rajnish Kumar and ex-Infosys chief financial officer and board member TV Mohandas Lai to its advisory council.

We are committed to supporting the company for bringing on board an independent director in order to strengthen business processes and internal control mechanisms, says spokesperson of Peak XV Partners

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