The coding platform Tynker and the children’s learning platform Epic, two American assets of the struggling edtech company Byju’s, were sold for a small portion of what the company had spent for them.
According to a media report, both sales were allowed by a US bankruptcy court at a hearing on May 20.
Tynker was purchased by computer science education startup CodeHS for $2.2 million in cash, which is a substantial decrease from the $200 million Byju’s paid in 2021 in a cash-and-stock transaction to acquire it.
China’s TAL Education Group has purchased Epic for $95 million. Byju’s purchased Epic in 2022 for $500 million in cash and stock.
Lenders Initiated Bankruptcy Proceedings Against Epic, Tynker and Osmo
Some members of the consortium who borrowed $1.2 billion to Byju’s reportedly petitioned a US court to begin bankruptcy proceedings against Epic, Tynker, and Osmo in June 2024, according to a media house report.
The lenders sued Raveendran, his wife Divya Gokulnath, and former business executive Anita Kishore in the United States on April 10. The three were accused in the case of conspiring to conceal and embezzle $533 million from the funds they had given to Byju’s Alpha, a special purpose financing vehicle the edtech business set up in the US to accept the loan.
Before this, a Delaware Bankruptcy Court decision found that there had been several thefts and fraudulent transfers. The lenders claim that the court also determined that Riju Raveendran, a suspended director of Byju’s Alpha Inc., had breached his fiduciary duties as a director of the US company.
Raveendran Brothers Moved to NCLT and NCLAT in India
In India, the Raveendran brothers have petitioned the NCLT and the NCLAT for the removal of the resolution professional and a stay on the committee of creditors (CoC).
This action follows actions taken by Think & Learn’s resolution professional to halt several court cases in a New York court. Concerns have also been voiced regarding the company’s continuous asset sales.
After the coaching centre operator changed its articles of association (AoA) to eliminate the reserved rights of minority investors by implementing the resolutions passed at an extraordinary general meeting (EGM) last November, Think & Learn, represented by the RP, has further claimed that its ownership stake in Aakash is being diluted.
According to court documents examined by a media group, the conflict between Aakash Educational Services (AESL) and edtech company Byju’s has intensified.
Aakash filed a strongly worded petition before the National Company Law Tribunal (NCLT) in Bengaluru, accusing international consulting firm Ernst & Young (EY) of professional misconduct and conflict of interest.
In a June 1 implementation application, AESL has sought the tribunal to either declare EY LLP and its partner Ajay Shah respondents in the case or dismiss Byju’s company petition, which was filed under Sections 241 and 242 of the Companies Act and claimed oppression and mismanagement.
AESL Allegations Against EY
Through Shailendra Ajmera, Byju’s Resolution Professional (RP) and a senior EY employee, AESL claims that EY, which has provided the company with a wide range of strategic, financial, and compliance-related advice services, is now working against it.
According to the application, this is a typical instance of conflict of interest and procedural abuse. EY designed and managed the very transactions that are currently under attack in the petition, including the issuance and conversion of non-convertible debentures (NCDs), equity restructuring, and internal governance issues.
The petition states that EY provided advice to Davidson Kempner about the structuring and valuation of NCDs. Additionally, it offered tax and regulatory advice with the transfer of shares to the Manipal group.
Furthermore, as recently as October 2024, EY participated in corporate strategy and internal board-level decisions at AESL.
AESL Showcased Evidences to Validate its Claims
In order to demonstrate EY’s purported participation in financial forecasts, liquidity management, and decision-making processes, AESL is displaying internal emails and advisory documents.
According to AESL’s submission, the RP has concealed important information, is going outside his authority under the Insolvency and Bankruptcy Code (IBC), and lacks standing to submit this petition under the Companies Act.
Ajmera’s status as RP is “severely compromised”, according to AESL, which has also threatened to take the issue to authorities, such as the Ministry of Corporate Affairs and the Insolvency and Bankruptcy Board of India (IBBI).
The action signals a larger governance challenge in the continuing battle, as the RP wrote to the AESL board a few days ago to ask for clarification on the independence and nomination status of its directors.
One of the main points of contention in the edtech giant’s continuous financial and legal issues is the dispute over Aakash, which Byju’s purchased in 2021 for $1 billion.
The board of AESL is currently under the leadership of the Manipal company, which acquired a sizable interest by turning debt into equity.
This submission challenges Byju’s petition’s validity as well as the advisers’ professional neutrality, setting up AESL for a full-scale legal and reputational onslaught. The RP and EY have not yet submitted a formal response to the implementation request.
The edtech startup BYJU’S has removed its Android app from the Play Store due to continued rumblings and insolvency procedures. A preliminary search of the Play Store yields no results for BYJU’S main app.
Three additional apps, nevertheless, are still accessible: “Think and Learn Premium App”, “TL Pay”, and “TL Collect”, which are credit processing systems. Notably, the BYJU’S app is still accessible through the Apple App Store, but it has backend problems that prevent it from using some of its essential functions on other platforms.
According to sources who spoke to a media outlet, the majority of the SEO-optimised pages on the BYJU’S website have disappeared, and current users can no longer access premium subscriptions or video material.
Website Reduced to Basic Landing Page
With essential features including free sessions (for children in classes four through nine) and the BYJU’S Early Learn programme, the edtech platform’s website has been reduced to a simple landing page and is presently displaying server failures.
According to the article, the company’s cloud infrastructure is powered by Amazon Web Services (AWS), and the disruption was caused by unpaid invoices. According to various media reports, “disruptions in payments for its services” led to the app’s removal from the Play Store.
BYJU’S has been attempting to put out fires on several fronts at the moment. The edtech business has been embroiled in a number of scandals over the last three years, including numerous rounds of layoffs, increasing losses, late financial statement filings, legal disputes, regulatory scrutiny, and more.
The company’s founders have engaged in a verbal sparring match with its creditors and investors. The largest setback occurred when the business stopped paying on its $1.2 billion term loan B (TLB) in 2023, causing lenders to file lawsuits in several different countries.
Why BYJU’s Witnessing Massive Decline?
The Board of Control for Cricket in India (BCCI) filed a case with the National Company Law Tribunal (NCLT) last year to recover INR 158 Cr in unpaid debts related to a sponsorship agreement, putting the edtech giant, which was once valued at $22 billion, in the midst of insolvency proceedings.
As more lenders joined and attempted to liquidate the business in order to recoup their unpaid debts, the situation swiftly got out of hand. Pankaj Srivastava was appointed by the tribunal as an interim resolution professional (IRP) to supervise the proceedings in the aftermath.
Even that went wrong when the tribunal ordered Srivastava to face disciplinary action in January 2025 and overturned his decision to exclude Aditya Birla Finance and GLAS Trust, which represents a group of BYJU’S TLB creditors, from the committee of creditors (CoC).
Srivastava allegedly informed the NCLT that the law firm Khaitan & Co. intimidated and threatened him to designate EY as the process advisor for the edtech firm’s probe, even though Shailendra Ajmera was named the new IRP.
As part of its ongoing legal battle with Byju’s, Aakash Educational Services Ltd. (AESL) has accused EY of professional misconduct and conflict of interest.
The main focus of the case is AESL’s governance and control problems after Byju’s failed takeover. AESL’s legal team claimed in a strongly written letter dated May 17, 2025, that EY offered advisory services to both AESL and Byju’s in a dual capacity, even though EY was fully aware of their entangled relationship.
EY was ordered to stop all activity and keep all contact records for any legal procedures by AESL, which called EY’s actions “unethical and legally untenable”.
Manipal Group Also Not Happy with EY
The Manipal Group, a major AESL stakeholder, was represented by CrestLaw Partners, who also questioned EY’s involvement in providing the group with tax, accounting, and regulatory compliance advice.
As the majority shareholder in AESL, CrestLaw wrote in a letter dated May 21 that the company would also like to note that their client, the Manipal Group, has been informed that there are significant correspondences in AESL’s records that demonstrate that EY was a constant factor in both operations and advice given to Mr Byju Raveendran, Byju’s, AESL, Aakash Choudhry, Blackstone, and our clients, the Manipal Group.
“Your involvement in the Corporate Insolvency Resolution Process (CIRP) in any way, through anyone, is a matter of considerable concern, regret and amounts to misconduct,” the statement continued.
EY responded to a media outlet by saying that it denies all accusations and takes client confidentiality and security very seriously. EY is therefore unable to provide any additional commentary on this issue.
AESL Threatens to go Legal
Sanjay Garg, the legal head of AESL, emphasised the importance of the matter and said that the organisation has enough evidence to present to any adjudicating or regulatory body to imply that participation in the CIRP process would interfere with the independent professional duties that organisations like you are supposed to carry out.
He went on to say that if EY did not understand the gravity of our point—that EY was both an advisor and a participant in many of the decisions—AESL would be forced to take the necessary action.
This comes amid a lingering legal battle between AESL and Byju’s, which started when Byju’s purchased AESL in 2021 for around $950 million in a deal that involved 70% cash and 30% equity.
The deal called for shares in Think & Learn to be distributed to the Chaudhry family, Aakash’s promoters, and the massive private equity firm Blackstone.
However, the Chaudhry family’s refusal to exchange their remaining shareholding, citing governance concerns, caused difficulties for the share transfer.
The family eventually received a legal notification from Byju’s. Blackstone, the Chaudhary family, shareholders, Ranjan Pai’s Manipal Group, and Byju’s engaged in a bitter court war for control of Aakash, which has been enmeshed in insolvency procedures for more than two years.
The US-based financial arm of edtech giant Byju’s, called Byju’s Alpha, has filed a lawsuit against the company’s co-founders in an American court.
Byju’s Alpha claims that Raveendran, Divya Gokulnath, and one former top executive, Anita Kishore, directed or allowed the transfer of over $533 million, the “Alpha Funds”, to be transferred to other, seemingly unrelated group entities. According to the complaint, the Alpha Funds were sent off without any recourse back to Byju’s. The complaint claims that over half a billion dollars went missing with the co-founders’ and Kishore’s knowledge or direction.
Co-Founder Denies Accusations, Points to Conspiracy
In response to the lawsuit, Raveendran strongly denied the claims, calling them baseless and part of a broader strategy by Glas Trust, the lender’s trustee, to take control of the edtech firm. He said the allegations are just another instance in what he calls a larger, ongoing campaign of misinformation by Glas, whom he accuses of acting unlawfully.
“This lawsuit is a part of Glas’ conspiracy to wrestle control of Byju’s through all possible nefarious means. It is nothing but another cog in the wheel of lies that Glas, the illegal representative of disqualified lenders in the US, has been rotating for a long time now,” Raveendran said.
According to Raveendran, a court affidavit had already accounted for the full use of the loan funds, down to the last dollar, but this was allegedly ignored in favor of pushing litigation.
Criminal Allegations Against Lenders Surface
Raveendran, countering the accusations against him, raised serious allegations that could violate the U.S. Foreign Corrupt Practices Act (FCPA). He claimed that individuals associated with the lenders had engaged in bribing an Indian judicial official. Raveendran specifically named people from Redwood, HG Vora, and Glas in this accusation. If proven, these claims could lead to some severe international legal headaches for all the individuals and entities involved. Raveendran also noted that Glas is already facing a criminal investigation in India, which could make their role in all this even messier.
Key Transfer Under Scrutiny
This week, court filings were reviewed that pertain to the alleged diversion of funds that involve transferring a limited partnership interest worth over $540 million in Camshaft Capital Fund. The lawsuit claims that this transfer, done March 31, 2023, was made from the Alpha to a non-guarantor affiliate, Inspilearn, and that this was done without any compensation. The complaint portrays the action as simply the leadership team trying to pull off a “lawless scheme” since they’d just defaulted and were under pressure. Now that the case is in court, it seems there’s going to be even more visibility on just how precarious the edtech startup’s governance and finances are.
In a social media post, Byju Raveendran, the founder of the edtech business Byju’s, said that the company has filed a formal complaint against those participating in a criminal conspiracy against it. Resolution experts Pankaj Srivastava and Dinkar Venkatasubramanian of Ernst & Young LLP, Rahul Agarwal, executive director at Ernst & Young, Lokesh Gupta, partner at EY, and GLAS Trust, the administrative and collateral agent for a consortium of lenders, are all the targets of the FIR. In order to assist Byju’s goals for international expansion, GLAS Trust Company LLC, serving as the administrative and collateral agent for a consortium of lenders, gave Byju’s Alpha Inc., a US-based subsidiary, a $1.2 billion term loan in November 2021.
Allegations Made by GLAS Trust Against Byju’s
According to GLAS Trust, Byju’s Alpha Inc. allegedly transferred over $533 million to a US-based hedge fund through a series of wire transfers that took place in April and July 2022 at the corporate debtor’s request. GLAS Trust filed for bankruptcy against Byju’s in India under Section 7 of the Insolvency and Bankruptcy Code after the edtech company violated some loan covenants. GLAS Trust and Aditya Birla Finance Ltd were included as major financial creditors on the Committee of Creditors (CoC) that was first established by the National Company Law Tribunal (NCLT). But later on, the resolution professional (RP) eliminated both entities and reorganised the CoC. After this decision was contested, the NCLT reinstated them in January 2025, citing the RP’s wrongdoing and imposing disciplinary actions against him.
Raveendran’s Thumping Reply to GLAS
“FIR filed against those involved in a criminal conspiracy against BYJU’S: Pankaj, the RP who illegally handed over the insolvency process to Dinkar, Rahul & Lokesh from EY, who are the agents of GLAS, a collective of crooks,” Raveendran said, sharing a snapshot of the FIR filed in the X post. Raveendran posted a thumping response on social media, writing, “I am not a flower; I am the fire that will shatter GLAS.” “You have to suspend the offenders immediately if it’s the former. I will give a plethora of evidence. You have important questions to address. He shared a picture of himself from a previous event where he had won the award, writing, “It’s the least you can do to help the EY Entrepreneur of the Year 2018 & 2020.” An EY whistleblower stated on LinkedIn on February 27, 2025, that the company had backed Glas Trust and worked against Byju’s interests. Using the post as proof, Raveendran claimed that EY collaborated with Glas Trust and Srivastava to sway Byju’s bankruptcy proceedings. The firm made choices that favoured the lenders over the company’s reorganisation and had access to a document that suggested criminal wrongdoing that was distributed to specific staff members.
Byju’s Settlement with BCCI
A separate INR 158 crore debt was sought to be settled by Byju’s founders with the Board of Control for Cricket in India (BCCI). The purchase was contested by GLAS Trust, which claimed that the money utilised belonged to the lenders it represented. The Supreme Court of India declared in October 2024 that the settlement was invalid. The Apex court made this decision because the settlement did not follow the correct legal process, and it ordered that the money be placed with the CoC overseeing Byju’s bankruptcy.
The founder of the edtech company Byju’s, Byju Raveendran, has stated that failures will not determine the company’s destiny. He further noted that he pledges to revive his once-thriving business. “Broken, but not broken.” Along with an old photo of himself, Raveendran wrote on X, “We will rise again.” Due to financial crises, regulatory obstacles, and legal disputes with investors, the firm has seen a significant collapse. During its peak time, the firm was valued at an astounding $22 billion in 2022. But later BYJU’S started to falter due to investor disputes, growing debt, and a financial collapse. Byju Raveendran had been out of India since late 2023. Raveendran, who started working at X in March, talked about the company’s 20-year history. Nothing is ever as nice or horrible as they lead you to believe, the founder wrote. Usually, the reality is somewhere in the middle. He added that he is on the social media site to discuss the past 20 years, including the good 17, the bad 2, and the ugly 1. No filtering. Just the facts.
Recalling the Joyful Contributions
He further talked about Byju’s influence on the development of young professionals. He pointed out that over the course of nine years, the company had engaged 2,15,000 recent graduates. While speaking about the remuneration part, he further noted that the firm had paid them a minimum set wage of INR 6 lakh. He said that these 2 lakh new hires with no prior experience, extraordinary talent, and boundless drive created Byju’s. “They later become valuable contributors to our economy. Some started their own businesses and produced jobs. That first rare opportunity was all they needed,” he mentioned on X. “Once we relaunch our company — which I believe will happen sooner than expected — we will rehire exclusively from our incredible pool of former BYJUites,” Byju stated earlier in a post on X. Some people might think I’m insane for being so optimistic. On March 29, he wrote, “But remember, you have to be odd to be number one.”
From where the Trouble Started?
For school children, Byju’s provides online tutorials in areas like maths, physics, and chemistry. During the COVID-19 pandemic, when schools were forced to close, Byju’s business operations took off. The return of in-person classes started to hurt its fortunes, and the company’s earnings were insufficient to support its aggressive acquisitions and quick growth. The Board of Control for Cricket in India (BCCI) requested in 2023 that a tribunal begin insolvency proceedings against Byju’s. This step was taken as the firm failed to pay $19 million in unpaid debts related to sponsorship rights for the Indian cricket team’s uniforms. Byju’s and the Indian Cricket Board reached a settlement whereby the company agreed to pay the full amount, and the proceedings were quashed. As a result of the lawsuit, US lenders, who were represented by Glas Trust, petitioned the Supreme Court. The investors claimed that Byju had paid BCCI with money that was owed to them. Despite the company’s denial of mismanagement charges, the Supreme Court ordered Byju’s to go into insolvency and postponed the tribunal’s ruling.
According to media sources, the Board of Control for Cricket in India (BCCI) is expected to petition the National Company Law Tribunal (NCLT), located in Bengaluru, to have its bankruptcy claim against the ed-tech company Byju’s withdrawn.
It may follow the Supreme Court’s decision last month to overturn the National Company Law Appellate Tribunal’s (NCLAT) October 23 verdict authorising a INR 158 crore settlement between Byju’s (Think and Learn Pvt Ltd) and the BCCI.
The NCLAT’s previous decision, which had stopped Byju’s insolvency procedures after its agreement with the BCCI, is overturned by this ruling. The Supreme Court incorrectly approved the settlement after concluding that the NCLAT had not followed the procedural guidelines set down in the Insolvency and Bankruptcy Code (IBC). The INR 158 crore that the BCCI had placed in an escrow account will now be moved to an escrow account run by the Committee of Creditors (CoC) as a result of this ruling.
Supreme Court’s Further Instructions
According to reports, the court rebuked the NCLAT for ending the Corporate Insolvency Resolution Process (CIRP) too soon. The court further explained that any withdrawal request must be submitted via the Interim Resolution Professional (IRP) rather than by the parties themselves.
According to reports, Byju’s US lenders have demanded that the Committee of Creditors be reorganised and that the IRP assigned to Byju’s be removed. Arguments in this matter are anticipated to be heard by the NCLT on November 18.
Byju Raveendran, the founder of the struggling education technology business Byju’s, declared last month that the once-highest valued startup in India now has no value and that the former empire should be rebuilt from the ground up, brick by brick.
Downfall of Byju’s
Byju’s was valued at $22 billion in 2022, but its fortunes have declined because of a severe financial shortage, regulatory problems, and investor disagreements. One such dispute involved a fight with US bankers for $1 billion in outstanding debts, which ultimately led to the company’s insolvency.
“To be successful, I simply need to see a 1% likelihood. The outcome of the court order doesn’t worry me. No matter what, I’ll find a way out.” Raveendran recently informed the media from his home in Dubai that there is no problem in the world that cannot be solved.
Current Market Dynamics of Edtech Startups in India
In the last year, over a dozen Indian edtech startups have been bought out, highlighting a difficult funding environment for smaller businesses and causing a wave of consolidation throughout the troubled sector.
The list of recent deals includes the acquisition of test prep company Ekagrata Eduserv by Google-backed edtech startup Adda247, the acquisition of Housing.com cofounder Advitiya Sharma’s startup Genius Teacher by Noida-based Schoolnet, the acquisition of Doubtnut by Peak XV-backed Allen Career Institute, and the acquisition of Macmillan Learning India by mid-tier IT services company Happiest Minds. According to industry leaders, the fact that smaller businesses frequently provide distinctive offerings and specialise in specialised fields is what is driving the consolidation.
Byju Raveendran’s remarkable journey from a humble village in Kerala to the global arena stands as a testament to the transformative power of passion, perseverance, and innovation. Through his pioneering venture, BYJU’S, he has not only revolutionized the learning experience for millions of students but also ignited a spirit of ambition among aspiring entrepreneurs. BYJU’S serves as a beacon of possibility, illustrating the profound impact visionary leadership coupled with a sincere drive for positive change can achieve.
BYJU’S has redefined traditional education methods, inspiring a generation of educators and entrepreneurs to envision a future where learning is dynamic and inclusive. Byju Raveendran’s leadership continues to drive BYJU’S forward, pushing the boundaries of educational innovation and creating opportunities for learners on a global scale. His unwavering commitment to excellence fuels the company’s mission to provide accessible, high-quality education to all.
In the ever-evolving landscape of education, BYJU’S remains at the forefront, challenging conventional norms and embracing technology-driven solutions to address the diverse needs of learners worldwide. Byju Raveendran’s vision for BYJU’S extends beyond mere academic success, it encompasses the holistic development of individuals, empowering them to thrive in an increasingly complex world.
Learn about Byju Raveendran, his education, career, family, BYJU’S, and more from this article.
Byju Raveendran was born on January 5th, 1980, in Azhikode village, Kerala, India, to Raveendran and Shobhanavalli, both teachers in Physics and Mathematics. Growing up, he attended a Malayalam medium school where his parents taught. He later pursued Mechanical Engineering at Government Engineering College, Kannur, and subsequently worked as a service engineer in a multinational shipping company.
In 2009, Byju Raveendran married Divya Gokulnath, who was one of his early students. They have two sons together.
Apart from his entrepreneurial and teaching endeavors, Byju Raveendran is also a skilled athlete, participating in six different sports including football, cricket, table tennis, and badminton at the university level. Referred to fondly as “Byju sir” by his students, he achieved a perfect score twice in the CAT exam. However, he chose not to attend any IIM.
Byju Raveendran – Early Life
In 2003, during a break, Byju Raveendran lent a helping hand to his friends preparing for the CAT exam. His remarkable performance, scoring a perfect percentile, instilled confidence in his teaching abilities. Motivated by this success, he made a pivotal decision to leave his job two years later, committing himself to aiding others in their exam preparations. Byju Raveendran embarked on his entrepreneurial journey by establishing BYJU’S Classes in 2007, initially offering free mathematics workshops. As his reputation grew, so did the demand, leading him to transition to paid workshops. The popularity of his sessions soared, with attendance peaking at over 20,000 students at a single workshop. Recognizing the potential to reach a broader audience, Byju Raveendran began recording workshop sessions in 2009, laying the groundwork for future endeavors.
Divya Gokulnath and Byju Raveendran
In 2011, Byju Raveendran joined forces with his wife, Divya Gokulnath, whom he had met during his teaching ventures, to launch BYJU’S. Their collaboration marked the beginning of a new chapter, as they expanded their scope beyond test preparation to create educational content for school students. Encouragement from former students who had graduated from prestigious institutions like IIMs spurred them on this path, culminating in the formation of ‘Think and Learn Pvt Ltd’.
Byju Raveendran – Career
In 2015, BYJU’S introduced a mobile app designed by Byju Raveendran himself, tailored for student learning on handheld devices. The app’s reach expanded globally to the UK, US, and other English-speaking nations by October 2018. By July 2022, it garnered over 150 million downloads, with users spending an average of 71 minutes daily on the platform. The app caters to students preparing for various exams in India such as IIT-JEE, NEET, CAT, and IAS, as well as international exams like GRE and GMAT.
Byju Raveendran – Journey so Far
Since its inception, BYJU’S has undergone a phenomenal journey of growth and expansion, establishing itself as a frontrunner in the global educational technology landscape. Born out of humble beginnings in Bangalore, BYJU’S has transcended geographical boundaries to become a multinational powerhouse, operating in more than 50 countries worldwide.
At the heart of BYJU’S success lies a commitment to leveraging technology to transform the learning experience. Byju Raveendran, with his keen understanding of the educational landscape, recognized the immense potential of digital platforms in revolutionizing traditional teaching methods. With this vision, he embarked on a mission to democratize education, making quality learning accessible to students across diverse socio-economic backgrounds.
BYJU’S app, conceptualized and crafted by Byju Raveendran himself, marked a paradigm shift in the way students engage with educational content. As smartphone screen sizes expanded, BYJU’S seized the opportunity to provide a convenient, on-the-go learning experience tailored for handheld devices.
In 2015, BYJU’S secured funding from prominent investors like Sequoia Capital and the Chan Zuckerberg Initiative, validating its vision and fueling its expansion.
Byju’s relentless pursuit of innovation and user-centric design propelled its rapid expansion into international markets. By October 2018, BYJU’S app had made its mark in the United Kingdom, the United States, and other English-speaking countries, cementing its position as a global player in the edtech arena. The app’s intuitive interface, coupled with engaging content, resonated with learners worldwide.
Financial milestones further underscored BYJU’S remarkable growth, with its valuation surpassing the $5 billion mark in 2019. The organization’s robust financial performance was reflected in its revenue growth and profitability, with revenues soaring from INR 490 crore in the preceding fiscal year to INR 1341 crore in 2019.
In January 2021, Byju Raveendran’s appointment as a non-official member of the National Startup Advisory Council underscored his stature as a visionary leader driving India’s entrepreneurial ecosystem forward. This recognition not only validated BYJU’S impact on the education sector but also positioned the organization as a catalyst for innovation and economic growth.
The acquisition of Aakash Educational Services Ltd. in April 2021 marked a significant milestone in BYJU’S expansion strategy, signaling its foray into the test-prep segment. With a hefty investment of nearly $1 billion, BYJU’S demonstrated its commitment to diversifying its offerings and catering to a broader spectrum of learners. The strategic acquisition provided BYJU’S with access to Aakash’s extensive network of coaching centers and expertise in exam preparation, further enhancing its value proposition in the competitive education market.
In March 2022, BYJU’S successfully concluded the funding round, securing $800 million from investors like Sumeru Ventures, Vitruvian Partners, and BlackRock. However, challenges emerged during the closing of the funding round in July 2022, with some investors citing macroeconomic reasons for their inability to transfer the agreed-upon amount.
By July 2022, BYJU’S app had amassed a staggering 150 million downloads, a testament to its widespread popularity and impact.
In July 2022, BYJU’S secured a substantial investment of $400 million during a venture capital financing round, underscoring investor confidence in its long-term vision and potential.
The organization embarked on an acquisition spree, with notable purchases including GeoGebra, Toppr, Great Learning, and Tynker. These strategic acquisitions further bolstered BYJU’S market position and product offerings, enabling it to cater to a diverse range of educational needs and preferences.
Byju Raveendran – BYJU’s
Since its establishment, BYJU’S has experienced tremendous growth, emerging as a leading player in the global edtech sector. Originating as a coaching center in Bangalore, it has expanded into a global entity, serving millions of users in India and beyond. BYJU’S offers a comprehensive range of courses spanning from kindergarten to post-graduation, covering diverse subjects and competitive exams.
BYJU’S success is credited to Byju Raveendran’s dedication to innovation and excellence. Continuously seeking ways to enhance learning, he drives initiatives like school partnerships, business acquisitions, and product development.
BYJU’S continually innovates and adapts to meet learners’ needs. Whether through new learning tools, market expansions, or collaborations with schools, the company stays at the forefront of educational advancement.
At its core, BYJU’S provides personalized learning using technology. Through video lessons, quizzes, and adaptive algorithms, it caters to individual learning styles, ensuring effective comprehension and retention.
Raveendran has made one investment to date, the details of which are as below:
Announced Date
Organization
Funding Round
March 11, 2022
BYJU’S
Private Equity Round
Byju Raveendran – Philanthropy
In September 2020, BYJU’S introduced the “Education for All” Initiative, targeting children from marginalized backgrounds. One of the initiatives within this program is Byju’s Give, which commenced in November 2020. Through BYJU’S Give, the company collects old or unused smart devices, refurbishes them, and loads them with BYJU’S educational content. These devices are then distributed to children without internet access at no cost.
Byju Raveendran – Controversies
BYJU’S subsidiary, WhiteHat Jr., faced scrutiny from the Advertising Standards Council of India, resulting in the removal of five TV advertisements due to allegations of misleading content and aggressive sales tactics. Allegations surfaced regarding fabricated claims in social media advertisements involving a fictitious child named “Wolf Gupta.” Additionally, BYJU’S faced a defamation lawsuit in November 2020, which was later withdrawn, and experienced a data leak compromising the personal information of over 200,000 users.
Concerns were raised by the Department of Consumer Affairs in June 2022 regarding aggressive sales practices and deceptive marketing strategies employed by BYJU’S and its affiliated entities, prompting recommendations for closer collaboration with the ASCI to address complaints.
In April 2023, Indian authorities conducted a raid on Byju’s Bengaluru office over suspected violations of foreign exchange laws. The company faced further legal challenges, including a lawsuit from lenders in a US court alleging defaults on payments and breaches of loan agreements. BYJU’S refuted allegations of fund diversion through its US-based subsidiary, Alpha, and counter-sued the lenders for harassment following alleged non-payment of an interest installment. Layoffs ensued, and Deloitte Haskins and Sells resigned as auditors, citing delays in financial statement submissions. Three board members also resigned, leaving Byju Raveendran, Divya Gokulnath, and Riju Raveendran as the remaining members.
On February 1, 2024, multiple shareholders initiated a call for a general meeting to address various concerns at BYJU’S, including calls for changes in the board of directors and leadership. In the same month, India’s economic intelligence and law enforcement body, the Enforcement Directorate, issued a lookout notice against Byju Raveendran. On February 23, shareholders voted to remove Byju Raveendran as CEO, with Byju Raveendran later disputing the validity of the vote due to insufficient attendance.
Raveendran has been recognized with the following awards:
2017- The Indian Express IT Awards
2019- Manorama News Newsmaker Award
2020- Ernst & Young Finalist, Entrepreneur of the Year, India and Winner, Business Transformation Award
2020-Fortune Magazine’s ’40 under 40′ list
2021-Forbes India Leadership Award (FILA) Entrepreneur for the Year
In March 2017, Harvard Business School included a case study on Byju in its curriculum, marking a significant milestone for the company’s global recognition and prestige. This recognition is a testament to Byju’s impact and success beyond financial measures.
FAQs
Who is Byju Raveendran?
Byju Raveendran is an Indian businessman, investor, and teacher. He co-founded BYJU’s, an educational company, along with his wife, Divya Gokulnath.
Who is Byju Raveendran wife?
Divya Gokulnath is the wife of Byju Raveendran.
What happened to BYJU’S?
BYJU’S, once one of India’s most successful startups with a value of $22 billion, faced a financial crisis as its debts grew. The high demand for online education during the COVID-19 lockdowns dropped afterward, leading to the company’s troubles.
On 25 September 2024, the Supreme Court questioned Byju’s choice to pay off the Board of Control for Cricket in India (BCCI) for INR 158 crore, while leaving behind significant amounts owed to other creditors, such as US lender Glas Trust Co LLC, totaling INR 15,000 crore.
Chief Justice DY Chandrachud headed a bench that questioned why BCCI was the only organization chosen to pay off its debts. But what about other people? Can a creditor simply walk away and claim that a single promoter is prepared to pay them when the amount of the debt is so substantial? Was it derived from your assets? The CJI stated, “You have a debt of INR 15,000 crore today.”
The trustee for lenders owing $1.2 billion, GLAS Trust, is appealing the settlement reached between the Edutech company and BCCI, claiming that the funds paid by Byju Raveendran’s brother Riju Ravindran were tainted. The top court is currently considering these arguments.
The NCLAT’s order, which had authorized an INR 158.9 crore dues settlement deal between the BCCI and Think & Learn Pvt Ltd, the parent firm of BYJU’s, an Edutech major, was stayed by the bench last month.
BCCI Raising Concerns Over NCLAT’s Order
The National Company Law Appellate Tribunal’s ruling to set aside the July 16 judgment that started Think & Learn’s insolvency procedures was questioned by the top court as well, even though the decision was made in only one paragraph and without “applying its mind at all.” Examine the logic in the NCLAT sequence. It is merely a paragraph. This demonstrates absolutely no application of the mind. The CJI added, “Let the tribunal apply its mind once more and see where the money is coming from.”
Speaking on behalf of the BCCI, Solicitor General Tushar Mehta pleaded with the top court to take into account the ramifications if the appeal (of Glas Trust) is granted and to refrain from overturning the NCLAT’s decision. In support of Glas Trust, senior attorney Shyam Divan argued that the NCLAT had incorrectly approved the settlement despite clear objections that the settlement’s funding source was questionable. This was done by relying solely on a vague commitment provided by Riju Ravindran. NK Kaul and AM Singhvi, Byjus’ senior counsel, opposed the Glas Trust’s appeal and its actions, which included allegations that Byju and Riju Raveendran were absconding.
Byju’s Legal Trouble
Byju Raveendran, the founder of Byju’s, is involved in multiple legal proceedings. These include a payment dispute of INR 158 crore with the Indian cricket board and a dispute involving a $1.2 billion term loan with US lenders. Their problems are made worse by the fact that the Enforcement Directorate of India is looking into claims of INR 9,362.35 crore in Foreign Exchange Management Act violations.
