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- Title
The Downward Trajectory of Byju's: Is Revival Possible?
- Authors
Kumar, K. B. S.; Perepu, Indu
- Abstract
Byju Raveendran founded Byju's in 2011 and launched a learning app in 2015 that promised personalized, interactive and adaptive learning benefits for school students. The Byju's app found many takers. Even venture capitalists got interested in Byju's and India's edtech growth story and poured millions of dollars into the company. The Covid-19 pandemic impacted the world of education in a big way. Learning online was the new normal and Byju's was among the harbingers of this change. Buoyed by the growing demand for its courses, Byju's attracted more venture funding. Flushed with funds it went on an acquisition spree to expand its offerings into different domains and its business into foreign countries. Its valuation continued to increase, reaching $22 bn in 2022. After the end of the pandemic, online teaching and learning took a backseat. This started impacting Byju's, as students stopped renewing their subscriptions. The investors were unhappy with the company's delaying the announcement of financial results year after year and started demanding higher interest and prepayment of loans. The auditor, Deloitte, severed its ties with Byju's, citing its inability to conduct an audit. Three directors representing the leading investors in the company resigned from the board. Raveendran needed to address the challenges and steer the company ahead.
- Subjects
FINANCIAL statements; MERGERS &; acquisitions; INTERACTIVE learning; INVESTORS; COVID-19 pandemic; AUDITING; VENTURE capital
- Publication
IUP Journal of Entrepreneurship Development, 2024, Vol 21, Issue 1, p38
- Publication type
Article