Byju’s formerly known as ‘Think and Learn Pvt. Ltd has been in the startup world headlines for the last 6 months because of the ongoing financial crisis in the company. Now after the happening of several things in this Edtech startup Byju’s, there is another news going into the headlines. As per the details, Byju’s shareholders asks co-founder Byju Raveendran to step down from the company. Here we will discuss what happening in Think and Learn Pvt. Ltd. and why the shareholders are asking for the step down of Byju’s CEO.
Byju’s is one of the well-known Indian startups that gained massive valuation with rapid growth. The company marked a $22 billion valuation in late 2021. This Edtech startup got an amazing response and rise in active users amid the pandemic when everyone shifted to online classes instead of offline coaching.
There is a notice for the EGM for the right issue which was launched by the company last week to raise nearly $200 million from their existing shareholders. After the fundraising, the valuation will be $225 million to $250 million. The funds from this right issue will be used to clear liabilities and currently company’s liabilities are estimated at $125-$150 million.
This news about the step down of Byju’s CEO Raveendran Byju is getting viral on the Internet. However, the company may bring on a solution to bring everything on track perfectly. Currently, the company and board members are trying to pay all the liabilities and clear the debts of Byju’s.
After a delay of more than 22 months, the company filed its consolidated financials for the period between April 2021 and March 2022 last month. Its losses ballooned to ₹ ₹8,245 crore from ₹4,564 crore in the year prior. Consolidated income rose to ₹5,298.43 crore in FY22, up from ₹2,428.39 crore a year ago, the results show. Stay tuned to read the latest business news on our website.