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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
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 …
Big AI moves in the Middle East this week, Saudi Arabia-backed LIV Golf files for bankruptcy and other updates.
Co-founders Alakh Pandey and Prateek Maheshwari made Physics Wallah the company it is today by keeping their focus on the digital media, test-prep business. With fresh funds at its disposal after the IPO, it is making the mistake of believing it is an education company.
In the making for many months now, the final outcome at the edtech startup is an instructive episode for both founders and venture investors on when they must let go.
