Business

Byju’s US Division Files For Chapter 11 Bankruptcy

Byju’s US division has filed for Chapter 11 bankruptcy in Delaware, citing liabilities ranging from $1 billion to $10 billion.

According to the court filing, Byju’s Alpha unit put its assets between $500 million to $1 billion, with estimated creditors ranging from 100 to 199.

Byju Raveendran’s ed-tech company was once India’s hottest startup, estimated at $22 billion in 2022, however, lenders have lately initiated bankruptcy proceedings against it.

Byju’s investors stated that the company’s valuation had dropped to between $1 billion and $3 billion.

Byju announced on Monday that it would raise $200 million through a rights offer of shares to cover immediate liabilities and other operational costs.

It has also been negotiating the repayment of a $1.2 billion term loan in recent months, and thousands of employees have been laid off.

Indian authorities have also investigated the cooperation for possible violations of the country’s foreign exchange laws.

Also read: Kenyan Capital Fire After Gas Explosion: 2 Dead, Nearly 300 Injured

Spriha Rai

Recent Posts

Adani Group Stocks Recover As Sensex nd Nifty Post Gains

After a major sell-off earlier in the week, Adani Group stocks, led by Ambuja Cements…

1 hour ago

Sensex Soars 1,961 Points, Nifty Gains 557 In Broad-Based Market Rally

A sharp rally in financial stocks and encouraging US labor market data fueled the uptrend.…

1 hour ago

PM Modi Engages In 31 Bilateral Meetings During Three-Nation Tour

PM Narendra Modi held 31 bilateral meetings and discussions during his visit to Nigeria, Brazil,…

2 hours ago

SC Reserves Verdict On Challenge To ‘Socialist’ And ‘Secular’ In Preamble

These words were added during the 42nd Amendment in 1976, under the tenure of Prime…

2 hours ago

CPS Appointment Cancellation: Supreme Court Issues Notice to Himachal Pradesh Government

During the hearing, the Supreme Court clarified that the six MLAs removed as Chief Parliamentary…

2 hours ago

BGT 2024-25: India 150 All Out, Bumrah’s 4-17 Rocks Australia To 67/7 On Day One

Bumrah’s 4-17, backed by Mohammed Siraj and debutant Harshit Rana, helped India seize the momentum…

2 hours ago