NEW DELHI: BYJU’s, a reputation synonymous with revolutionizing schooling, emerged from a small teaching centre to change into India’s premier Ed-Tech big. With knowledgeable academics, high-tech lecture rooms, and cutting-edge apps, BYJU’s turned the epitome of digital schooling within the nation. However, the fortunes of BYJU’s took a sudden flip for the more severe. The Enforcement Directorate (ED) has now instructed the Bureau of Immigration (BOI) to situation a lookout discover towards BYJU’s founder and CEO, Byju Raveendran. This directive goals to stop Raveendran from fleeing the nation amid ongoing investigations.
DNA : Byju’s का बंटाधार हो गया. क्या Byju’s को over confidence ले डूबा ?
चमत्कार से हाहाकार..The Rise and Fall of Byju’s#DNA #DNAWithSourabh #Byjus @saurabhraajjain @shivank_8mishra pic.twitter.com/cRIZO48fZJ
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The ED had beforehand initiated motion towards Think & Learn Private Ltd, BYJU’s mother or father firm, and Raveendran beneath the Foreign Exchange Management Act (FEMA) in November 2023. The allegations contain a considerable sum of Rs 9,362 crores, accusing the corporate of illegally transferring funds overseas, leading to income loss to the Indian authorities.
The firm’s valuation plummeted by 86% over the previous two and a half years. From Rs 30,600 crores in 2022, its belongings dwindled to Rs 833 crores. Consequently, BYJU’s is grappling with monetary constraints, struggling to satisfy worker salaries whereas accumulating money owed.
The monetary turmoil has led to wage delays for workers and mounting money owed for the corporate. Despite revolutionizing schooling and amassing immense wealth, BYJU’s finds itself unable to maintain its operations, ensuing within the unlucky layoffs of 1000’s of staff.
From reworking the tutorial panorama to dealing with monetary crises, BYJU’s journey displays the highs and lows of entrepreneurship. As tonight’s version of DNA dives into the elements contributing to BYJU’s downfall, it underscores the necessity for accountability and transparency in company governance.
