Byju Raveendran began as a celebrated CAT tutor in 2010. His success led to the creation of BYJU'S in 2013, with early investments from Ranjan Pai and Mohandas Pai.
BYJU'S Growth
The pandemic drove unprecedented growth, with BYJU'S raising over $1 billion between 2019 and 2020. The company's valuation soared, making it India's largest edtech platform.
Sales and Acquisitions
BYJU'S pursued aggressive sales strategies and acquired 17 companies between 2017 and 2021. However, these moves later proved burdensome.
The Downfall Begins
By late 2022, cracks started to show. The MCA issued a notice to BYJU'S for delays in reporting its FY22 financials. In November 2022, the company laid off 5,000 employees.
Intensifying Crisis
In mid-2023, US lenders accused BYJU'S of hiding $500 million, the ED raided its premises, three board members resigned, auditor Deloitte cut ties, and the BCCI approached the NCLT over unpaid dues.
Mass Layoffs and Investor Actions
In April 2024, Investors approached the NCLT against BYJU'S, the company initiated another round of layoffs affecting 10,000 employees.
Escalating Challenges
In early 2024, the NCLT started insolvency proceedings on BCCI's plea, BCCI reached a settlement with BYJU'S, and the SC rejected BYJU'S plea to block the formation of the CoC.
Uncertain Future
The fate of BYJU'S hangs in the balance. Despite efforts to turn around, the company's future remains uncertain as legal and financial challenges persist.