NEW DELHI: Byju’s has deferred clearing the final dues of a batch of its laid off employees to November. “We regret and acknowledge the delays in settling dues of former employees. As we work through a difficult business restructuring, we are committed to meeting all our obligations as soon as possible,” the corporate mentioned in a assertion.
In June this yr, the troubled edtech agency had laid off some 500-1,000 employees in a bid to verify prices, its second vital value chopping train since October final yr. The employees (these laid off in June) have been earlier slated to get their final settlement by September, a firm spokesperson mentioned.
The growth comes at a time when the troubled agency has put its items Great Learning and Epic on the block in a bid to repay the $1.2 billion time period mortgage to its lenders it had raised in 2021. The firm which in its peak had spent billions of {dollars} on acquisitions has been engaged in negotiations with its lenders to rework the mortgage phrases after having missed an preliminary August deadline for a similar. In a current growth, the lender consortium in a submitting with a US courtroom has alleged that Byju’s hid $533 million raised as half of the $1.2 billion mortgage in a lesser identified hedge fund Camshaft Capital Fund. The edtech startup denied the allegation, saying that it has invested the cash in excessive grade mounted earnings belongings.
Valued at $22 billion at its peak, Byju’s is battling a collection of crises and has come underneath the scrutiny of authorities following the resignation of its former auditor Deloitte and three board members in late June. Recently, the CEO and CFO of its prized asset Aakash Educational Services (AESL) additionally stop, nudging the corporate to arrange an govt committee tasked with steering the affairs at its check prep unit. In its newest markdown by investor Prosus, Byju’s was valued at $5.1 billion.
In June this yr, the troubled edtech agency had laid off some 500-1,000 employees in a bid to verify prices, its second vital value chopping train since October final yr. The employees (these laid off in June) have been earlier slated to get their final settlement by September, a firm spokesperson mentioned.
The growth comes at a time when the troubled agency has put its items Great Learning and Epic on the block in a bid to repay the $1.2 billion time period mortgage to its lenders it had raised in 2021. The firm which in its peak had spent billions of {dollars} on acquisitions has been engaged in negotiations with its lenders to rework the mortgage phrases after having missed an preliminary August deadline for a similar. In a current growth, the lender consortium in a submitting with a US courtroom has alleged that Byju’s hid $533 million raised as half of the $1.2 billion mortgage in a lesser identified hedge fund Camshaft Capital Fund. The edtech startup denied the allegation, saying that it has invested the cash in excessive grade mounted earnings belongings.
Valued at $22 billion at its peak, Byju’s is battling a collection of crises and has come underneath the scrutiny of authorities following the resignation of its former auditor Deloitte and three board members in late June. Recently, the CEO and CFO of its prized asset Aakash Educational Services (AESL) additionally stop, nudging the corporate to arrange an govt committee tasked with steering the affairs at its check prep unit. In its newest markdown by investor Prosus, Byju’s was valued at $5.1 billion.
