The NCLT proceedings or the ED investigation, what will be the final straw that will break the beleaguered edtech giant’s back? We ask the question that is on everyone’s mind.
The walls are closing in on Byju’s. Here’s a quick recap of everything that happened to the edtech company just last week:
— The Board of Control for Cricket in India initiated insolvency proceedings against Byju’s
— Tech investor Prosus cut Byju’s valuation to under $3 billion, a remarkable 85% drop from the company’s $22 billion valuation until last year
— The Enforcement Directorate issued a notice, accusing Byju’s of FEMA violations of upwards of Rs 9,000 crore
— Byju’s delayed paying the November salaries of a large number of employees, blaming a “technical glitch”
This is an unprecedented flurry …
Pradip is a co-founder at The Morning Context and leads our newsletters vertical. He has previously worked at The Ken as a staff writer, at Mint as an assistant features editor and the Deccan Chronicle as a copy editor. He works with a slew of expert newsletter writers across subjects and domains. His own writing spans the gig economy, farmers caught in the crossfire of technology, global warming and parents trapped in the edtech wave. Some of his best stories have come at the intersection of technology and human endeavour.
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Delhi