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Byju’s US unit files for bankruptcy
Edtech major reportedly delays salaries for Jan, mulls over rights issue at $250-mn valuation as against its all-time high of $22 bn in 2022
Embattling edtech company Byju’s has reportedly delayed salaries of its employees for the month of January, as the firm aims to raise funds through a rights issue.The company had earlier listed February 1 for the January salary pay-out for its employees, which has now been delayed and there is no communication, according to sources.
In December, the company had assured its employees their salaries would be credited on the first day of every month.The company was yet to comment on the salary delay. The news was first reported by a news website.
The salary delay comes as the Byju’s Alpha unit in the US has filed for Chapter 11 bankruptcy proceedings in the US court of Delaware, listing liabilities in the range of $1 billion to $10 billion.
Reports also surfaced that Byju’s investors are seeking to oust the top bosses of the company led by Byju Raveendran, saying they are 'deeply concerned’ about future stability under the current leadership.
The investors are seeking an extraordinary general meeting (EGM) to adopt resolutions on outstanding governance, financial mismanagement and compliance issues, according to earlier reports.
The board consists of founder and CEO Byju Raveendran himself, his co-founder and wife DivyaGokulnath, and his brother Riju Ravindran.
Think and Learn Private Limited (TLPL), the parent company of Byju’s, earlier this week announced to raise $200 million by way of a rights issue to all its equity shareholders, in its bid to achieve operational sustainability.
