Latest news with #Byju
New Indian Express
2 days ago
- Business
- New Indian Express
Byju's insolvency: SC admits cases filed by company's promoters
BENGALURU: The Supreme Court on Thursday admitted the cases filed by the promoters of edtech firm Byju's in connection with the ongoing insolvency proceedings. The apex court has scheduled the next hearing on July 21. Byju's lawyers challenged the National Company Law Appellate Tribunal (NCLAT) Chennai Bench decision that denied withdrawal of insolvency proceedings initiated by the BCCI. Senior Counsel KK Venugopal said, 'A Rs 158 crore settlement between Byju's and BCCI was fully agreed upon, paid, and formally communicated to the IRP (The resolution professional) well before the CoC (Committee of Creditors) was constituted.' Senior Counsel Guru Krishna Kumar sought relief from the Supreme Court, 'The Resolution Professional (IRP) handling Think & Learn's (Byju's) insolvency in India, has withdrawn legal proceedings in the US initiated by Think and Learn against the lenders. This is leading to substantial assets of the company in the US being disposed off."
The Hindu
3 days ago
- Business
- The Hindu
Byju's Learning app delisted from Google Play Store
Beleaguered edtech firm Byju's learning app has been delisted from Google Play Store due to non-payment of dues to its vendor Amazon Web Services, according to sources. AWS has been trying to resolve payment issues with Think and Learn, which operates under the Byju's brand, since April last year. "BYJU's Learning app has been delisted from Playstore because of non-payment to Amazon Web Services (AWS), which provides support to the app. Byju's business is now being managed by an Insolvency Resolution Professional who has to manage all payment-related issues as well," a source told PTI. An email sent to Think and Learn's Insolvency Resolution Professional (IRP) Shailendra Ajmera did not elicit any reply. "Apps, which are being handled by other vendors, are functional as of now," sources aware of the development said. Byju's Premium Learning app and Byju's Exam Prep app continue to be available on Google Play Store. When contacted, an AWS spokesperson said, "AWS has been working with Think and Learn Private Limited since April 2024 to resolve its outstanding AWS account balance. We remain hopeful that this matter can be resolved. Separately, we are unable to comment on any actions taken by other technology providers with respect to the BYJU'S app". Byju's Learning App covered mathematics, physics, chemistry and biology for classes 4-12 and social studies for classes 6–8 as well. The app also provides preparation support for competitive exams like JEE, NEET, and IAS. The app continues to be available on Apple's App Store. The National Company Law Appellate Tribunal has started insolvency proceedings against Byju's on appeal by various investors, including lender-authorised agency Glas Trust.
India.com
4 days ago
- Business
- India.com
From Rs 1880000000000 to Rs 0: A teacher who became a billionaire, one wrong decision made him bankrupt, his name is...
New Delhi: No one ever thought that the coaching institute for which Bollywood actor Shah Rukh Khan would advertise on TV for admissions would reach such a state. The situation got so dire that Google Play Store delisted them from their platform. This means you will no longer see this app on Google Play Store. The company that touched a valuation of 22 billion dollars, around Rs 1.88 lakh crore rupees in 2022, saw such a change in circumstances in the next two years that it reached zero. Today's story is about Byju Raveendran's fall from grace. When the TV was turned on or a page of the newspaper was flipped, there was a time when Byju's advertisements were everywhere. The company was sponsoring Team India's jersey and tournaments like IPL, but a mistake turned them from hero to zero. The company's wealth plummeted to zero in two years. The company took on more debt than it needed. They didn't have enough money to pay their employees' salaries. The situation became so critical that they had to mortgage their homes. Byju Raveendran was born in 1980 in a simple family in Kerala. His mother was a math teacher and his father a physics teacher. Byju was outstanding in studies since childhood. After completing his B. Tech, he took a job at a shipping company. When he came home during the holidays, his friends who were preparing for CAT asked him for help. Since Byju had scored 100 percent in CAT, he began to prepare his friends for the exam. Their results improved, so he left the job and started teaching. Byju's started coaching classes at home. They used to hold tuition classes in their room. Soon, their popularity began to grow. As the room became too small for teaching, they started teaching in a stadium. In 2007, they launched Byju's Classes. During this time, he fell in love with one of his students, and they got married. Together with his wife Divya Gokulnath, they started an edtech company and launched Think and Learn Private Limited. Byju's soon began offline classes. In 2013, Ranjan Pai, chairman of the Manipal Group, and Mohandas Pai, CFO of Infosys, invested in Byju's. In 2015, the company launched its app. In 2016, the company received an investment of Rs 1200 crores. In 2017, it received an investment of Rs 600 crores. In 2018, the company's valuation reached 1 billion dollars, making it the first edtech company in the country to join the unicorn club. In 2020, during the COVID pandemic, the company's growth accelerated. From 2017 to 2021, Byju's acquired 17 companies. Byju's has spent money on its advertisements like water. Celebrities like Shahrukh Khan and Sourav Ganguly have been seen endorsing it. The company secured the main sponsorship for the IPL. An advertising deal was signed for the jersey with the BCCI. In 2022, it sponsored the FIFA World Cup. The company made a deal worth crores with Lionel Messi. In its pursuit of speed, the company made several mistakes, and its downfall began. The company acquired WhiteHat Jr for 300 million dollars, which proved to be a loss-making deal. It continued to fall short of meeting its targets. The company's losses reached up to 456.4 billion rupees. The burden of debt was increasing on the company, and with schools and colleges reopening after COVID, the losses faced by Byju's also accelerated. The number of students in online classes decreased, along with the company's profits. The company did not file its financial results for 2021-22 for a year, due to which members of the China board and auditors distanced themselves from it. In 2023, tech investor Prosus reduced the funding for Byju's, resulting in significant losses for the company and necessitating major layoffs. Despite the losses, the company spent money on marketing like water. Parents and students began to question the quality of Byju's courses. Investors started to leave. By 2023, the company made it clear that its valuation had fallen to zero. The valuation of Byju, which was $22 billion in 2022, now stands at zero. To pay salaries, Byju Raveendran had to mortgage his own house. Wrong decisions and acquisitions without proper assessment weighed heavily on Byju. Overall, mismanagement has sunk Byju. By 2023, the situation worsened, and the ED began investigating the violation of FEMA. American creditors demanded bankruptcy. Employees started to leave. By 2024, Byju's valuation had dropped to zero. The company reached the brink of bankruptcy due to legal battles, a mountain of debt, and mismanagement.
Time of India
4 days ago
- Business
- Time of India
Byju's Learning app delisted from Google Playstore due to non-payment to vendor
HighlightsThe beleaguered educational technology firm Byju's has had its learning application removed from the Google Play Store due to non-payment of dues to Amazon Web Services. Byju's business is currently under the management of an Insolvency Resolution Professional who is responsible for addressing all payment-related issues. Insolvency proceedings against Byju's have been initiated by the National Company Law Appellate Tribunal following appeals from various investors, including the lender-authorised agency Glas Trust. Beleaguered edtech firm Byju's learning app has been delisted from Google Playstore due to non-payment of dues to its vendor Amazon Web Services , according to sources. While some of the other apps of Think and Learn , which operate under the Byju's brand, continue to be functional on Google Playstore. "BYJU's Learning app has been delisted from Playstore because of non-payment to Amazon Web Services, which provides support to the app. Byju's business is now being managed by an Insolvency Resolution Professional who has to manage all payment-related issues as well," a source told PTI. An email sent to Think and Learn's Insolvency Resolution Professional (IRP) Shailendra Ajmera did not elicit any reply. Byju's Leaning App covered mathematics, physics, chemistry and biology for classes 4-12 and social studies for classes 6-8 as well. The app also provides preparation support for competitive exams like JEE, NEET, and IAS. The app continues to be available on Apple's App Store. Byju's Premium Leaning app and Byju's Exam Prep app continue to be available on Google Playstore. The National Company Law Appellate Tribunal has started insolvency proceedings against Byju's on appeal by various investors, including lender-authorised agency Glas Trust.
Mint
4 days ago
- Business
- Mint
Here's why Byju's learning app was delisted from Google's Playstore…
Trouble edutech unicorn Byju's learning app has been delisted from the Google Playstore for non-payment of vendor dues, according to a PTI report, citing sources. The matter has been under works between Think and Learn Pvt Ltd, the parent company of Byju's, and vendor Amazon Web Services (AWS), since April 2024, it added. Till time of writing PTI did not recieve a reply to their emailed queries from Shailendra Ajmera, Think and Learn's Insolvency Resolution Professional (IRP), it added. 'BYJU's Learning app has been delisted from Playstore because of non-payment to Amazon Web Services (AWS), which provides support to the app. Byju's business is now being managed by an Insolvency Resolution Professional who has to manage all payment-related issues as well,' a source told PTI. A spokesperson for AWS told PTI that the company has been working with Think and Learn since April 2024, 'to resolve its outstanding AWS account balance. We remain hopeful that this matter can be resolved. Separately, we are unable to comment on any actions taken by other technology providers with respect to the BYJU'S app'. Yes. Till time of writing, the Byju's Learning app continues to be available on Apple's App Store. Byju's Leaning App covered mathematics, physics, chemistry and biology for classes 4-12 and social studies for classes 6–8 as well. The app also provides preparation support for competitive exams such as JEE, NEET, and IAS. According to the sources, Byju's apps which are handled by other vendors (not AWS), are functional 'as of now'. At time of writing, the Byju's Premium Leaning app and Byju's Exam Prep app were both available on Google Playstore. The National Company Law Appellate Tribunal (NCLT) has started insolvency proceedings against Byju's on appeal by various investors, including lender-authorised agency Glas Trust.
