New Delhi: Byju Raveendran, the founder of BYJU’S is once again seeking an escape as the firm is still in grave financial trouble. BYJU, which was previously the largest and most valuable education technology business in India, is under insolvency. It implies that the company cannot pay its debts in time and lenders are currently contemplating the next step.
Byju Raveendran has recently approached the law authorities with a request to get a new relief. He is demanding more time and support to ensure that the firm is able to solve its problems without forfeiting complete control. On numerous occasions, Byju has noted that the company is experiencing issues primarily because of late payments to some of the international partners and abrupt alterations in the edtech market since COVID-19.
Instead, lenders are not convinced to the full extent. They already have invested much money in BYJU and would now like to know how and when they can recover their money. The lenders are considering the course of action that may involve selling off of the company, the introduction of new investors or changing leadership.
BYJU increased at an extremely rapid rate in the pandemic when online learning became widespread. However, once schools opened, growth was slowed down. Another issue that attracted negative attention to the company was aggressive sales practices and poor financial planning. BYJU attempted cost-cutting, and many employees were lacking their jobs.
