US-based lenders initiated bankruptcy proceedings against Byju's to recover outstanding loans, and back home, the ministry of corporate affairs launched investigations into its financial practices. Shareholders, including prominent investors like Prosus NV, voted to remove Raveendran as CEO—a decision he legally contested. The Institute of Chartered Accountants of India found Byju's auditors guilty of gross negligence, recommending punitive measures.
These crises forced the company to scale down, laying off thousands of employees and shuttering multiple offices and tuition centers. BlackRock, one of its key investors, slashed the company's valuation from $22 billion in 2022 to a mere $1 billion, exposing the inflated metrics upon which its growth was predicated.
This story is from the December 28, 2024 edition of Financial Express Chandigarh.
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This story is from the December 28, 2024 edition of Financial Express Chandigarh.
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