NEW DELHI: BYJU’s, a reputation synonymous with revolutionizing schooling, emerged from a small teaching centre to turn into India’s premier Ed-Tech big. With knowledgeable lecturers, high-tech lecture rooms, and cutting-edge apps, BYJU’s grew to become the epitome of digital schooling within the nation. Nevertheless, the fortunes of BYJU’s took a sudden flip for the more serious. The Enforcement Directorate (ED) has now instructed the Bureau of Immigration (BOI) to concern a lookout discover in opposition to 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
— Zee Information (@ZeeNews) February 22, 2024
The ED had beforehand initiated motion in opposition to Assume & Be taught Non-public Ltd, BYJU’s mum or dad firm, and Raveendran below the Overseas Alternate Administration 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 corporate’s valuation plummeted by 86% over the previous two and a half years. From Rs 30,600 crores in 2022, its property 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. Regardless of revolutionizing schooling and amassing immense wealth, BYJU’s finds itself unable to maintain its operations, ensuing within the unlucky layoffs of 1000’s of workers.
From remodeling the tutorial panorama to going through monetary crises, BYJU’s journey displays the highs and lows of entrepreneurship. As tonight’s version of DNA dives into the components contributing to BYJU’s downfall, it underscores the necessity for accountability and transparency in company governance.
