Edtech giant Byju has managed to temporarily dodge the bullet by settling its payment dispute of Rs 158 crore with the Board of Control for Cricket in India (BCCI). The cricket board had initiated bankruptcy proceedings against Byju for defaulting on this amount.
Riju Raveendran, brother of Byju’s founder Byju Raveendran, stepped in to settle a payment plan. He has already paid Rs 50 crore, with the remaining balance due by August 9th.
This agreement is a relief for the troubled tech company, which is facing many challenges. The company’s valuation has fallen from a peak of $22 billion to just $225 million. Key executives, including India’s CFO and CEO, have resigned, and the company has experienced a massive brain drain.
The BCCI controversy was one of the many issues troubling Byju. The company has also faced investor concerns and a funding crisis. Despite raising $200 million in a recent rights issue, its largest investor, Prosus, has written off its entire stake.
Byju Raveendran’s wealth has also declined significantly, with Forbes listing his net worth at zero in its 2024 Billionaires Index.
Byju’s recovery is likely to be long and difficult. The company will need to resolve its financial challenges, regain investor confidence, and rebuild its reputation to survive this crisis.
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