Edtech startup Byju’s was founded in 2011 by Byju Raveendran and Divya Gokulnath.
New Delhi: Byju Raveendran, the founder of the famous edtech startup Byju’s, which is struggling with a terrible financial crisis, is ready to return the money to the lenders. However, he has set a special condition for returning the money to the lenders. Byju Raveendran said on Thursday, October 17, that if the lenders are ready to work with him, then he is ready to return the full money to them.
Ravindran said that if the insolvency proceedings against the company continue, the lenders will not get any money.
Byju’s has paid $140 million
“If they are ready to work with me, I am ready to give them back before withdrawing a single rupee. We’ve paid $140 million, but they wanted the full $1.2 billion that we had already committed or invested. Most lenders wanted to settle with the company, but there were one or two people who wanted to make a lot more profit from it,” said Byju Raveendran.
“I only need to see a 1% chance to make it work. I’m not worried about what order will come. Whatever comes, I’ll find a way out,” said an optimistic Raveendran.
Company facing insolvency proceedings
Once a thriving company, Byju’s is currently facing insolvency proceedings. The Board of Control for Cricket in India (BCCI) had approached the National Company Law Appellate Tribunal (NCLAT) to recover dues of Rs 158.9 crore after which the NCLAT started insolvency proceedings against Byju’s.
Company in trouble again after relief in BCCI case
Byju’s settled the dispute with the BCCI after paying the entire dues, following which the NCLAT quashed the insolvency proceedings initiated against the company. However, the US lenders, through their agent Glass Trust, once again challenged the NCLAT order in court, which restored the insolvency proceedings against Byju’s. Once the country’s largest unicorn, Byju’s is now in a very serious financial crisis.
Edtech startup Byju’s was founded in 2011 by Byju Raveendran and Divya Gokulnath. Byju’s was once India’s biggest startup at a $22 billion valuation in 2022 and in April 2023, the company claimed it had over 150 million registered students.
Now, the highly celebrated startup is worth zero which was announced by Byju Raveendran himself.
“The edtech startup, which was once India’s biggest startup at $22 billion valuation, is now worth zero,” said Byju Raveendran.