Key Points
The lawsuit was filed by Glas Trust Company and investor Timothy R..
The two companies being sued are units of Think and Learn Private, the edtech empire founded by Byju Raveendran..
Ravindran is a director of Think and Learn, according to a regulatory filing.ETtech..
One of Indias hottest tech companies, Byjus Alpha, was sued by an agent for lenders owed $1.2 billion after months of negotiations between creditors and the education technology firm...
Earlier this year, lenders pushed back against a company proposal to rework its debt by increasing the interest rate on the $1.2 billion term loan due 2026..
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Byju’s sued by loan agent tied to $1.2 billion
18, May, 23The lawsuit was filed by Glas Trust Company and investor Timothy R. Pohl against Byju’s Alpha, Tangible Play, Inc. and Riju Ravindran. The two companies being sued are units of Think and Learn Private, the edtech empire founded by Byju Raveendran
Byju’s plans more job cuts to slash costs
08, Jun, 23The cost correction comes right on the heels of the company skipping a quarterly interest payment of about $40 million earlier this week on a $1.2 billion term loan B (TLB), which is the subject of litigation.
Vedanta’s Ajay Goel to join Byju’s as CFO
03, Apr, 23Goel, who has worked in senior positions in firms such as Daiageo and GE, is joining Byjus at a time when the company is in the middle of renegotiating conditions for its $1.2-billion term loan B or TLB even as its FY22 financials are yet to be filed.
Delaware court upholds lenders' right to take control over Byju’s Alpha in $1.2 billion loan dispute
10, Nov, 23The term loan, availed during the peak of its growth in 2021 to support an aggressive acquisition spree, has been a major pain point
Byju's plans to cut more jobs to slash costs: Report
08, Jun, 23Edtech firm Byju's plans to cut jobs affecting contractual staff in its sales team to streamline operations.
Edtech giant Byju's faces new NCLT challenge: Oppression, mismanagement suit filed by 4 investors
27, Feb, 24Byju's woes: Edtech giant Byju's faces a fifth legal challenge filed against it in the NCLT and the fourth filed in 2024 alone
Investors leaving board was biggest setback; Byju's now worth zero: founder Raveendran
17, Oct, 24The founder of the once-most-valued Indian startup said investors threw Byjus under the bus at the first sign of crisis. While sounding optimistic about a turnaround, Raveendran said the edtech had taken the best decision in the world when it took the Term Loan B (TLB), which was the easiest capital. However, it turned out to be the most expensive one, he rued.
Byju Raveendran broke down in tears as crises engulfed ed-tech startup
26, Jul, 23Byju Raveendran, founder of ed-tech startup Byju's, reportedly broke down in tears after a probe agency raided the company's offices, linking it to possible foreign exchange violations. The company has faced a series of crises including financial irregularities and legal battles.
US lenders drag Byju’s to bankruptcy court in India
25, Jan, 24The lenders have been in negotiation with the company over prepayment of a $1.2 billion term loan taken by its US subsidiary, Byju's Alpha, even as the two sides also continued to fight a legal battle in US courts.
BlackRock cuts Byju’s valuation by over 60% to $8.2 billion
30, May, 23Earlier in February, the fund manager had cut the value of its investment in Byjus to about $11 billion. The edtech firms other marquee investors include Tiger Global, Sequoia Capital, General Atlantic, Prosus and Tencent.