URGENT: Foreign Investors Plead for Justice in Byju’s High-Stakes Insolvency Battle | Company News

In a legal filing seen by Reuters, foreign investors in Indian education technology company Byju’s, including General Atlantic and Prosus, have appealed to India’s Supreme Court to address their concerns as the firm faces insolvency. Previously valued at $22 billion in 2022, Byju’s became a prominent name during the Covid-19 pandemic by offering online courses. However, it now faces a dispute with U.S. lenders over $1 billion in unpaid dues, leading to its insolvency.

In the Aug. 25 filing, General Atlantic, Prosus, Peak XV (formerly Sequoia Capital), and Sofina expressed their desire to present arguments related to the company’s management issues that are currently under judicial review. These four investors, holding nearly 17% of Byju’s, echoed concerns similar to those of the U.S. lenders about alleged mismanagement by CEO Byju Raveendran. Despite the allegations, Raveendran has denied any wrongdoing.

Byju’s has declined to comment on these developments. The case, now under the Supreme Court’s consideration, will determine the future of the beleaguered ed-tech giant.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.) First Published: Aug 27, 2024 | 5:11 PM IST.

Original Story https://www.business-standard.com/companies/news/byju-s-foreign-investors-ask-sc-to-hear-their-concerns-in-insolvency-case-124082700717_1.html
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