Byju's spectacular meltdown

The edtech major promised a learning revolution, offering hope to millions of under-educated youth. Now, those dreams are shattered

The latest shenanigan at edtech giant Byju’s is an extraordinary general meeting (EGM) where sundry shareholders try to oust founder chief executive officer Byju Raveendran and his family. That power struggle is hardly the only issue with the company.

Byju’s faces an Enforcement Directorate probe for alleged forex violations. It filed FY22 (year ended March 2022) financials late, in November 2023, reporting losses of Rs 8,245 crore on revenues of Rs 5,298 crore. This follows losses of Rs 4,558 crore on revenues of Rs 2,298 crore in FY21.

It faces litigation in the US from lenders suing to recover $1.2