Facing further challenges, Byju‘s, the prominent edtech giant, encounters restrictions as the Enforcement Directorate prohibits its founder, Byju Raveendran, from leaving the country. The enforcement agency has issued a lookout circular against the 43-year-old entrepreneur. Previously, the ED had placed a lookout circular ‘on intimation,’ indicating that immigration authorities would notify relevant officials of any foreign trips by Raveendran. However, now he can be prevented from departing the country.
Once valued at over $20 billion and hailed as a flagship example of India’s startup ecosystem, the edtech firm suffered significant setbacks last year, experiencing a drastic 90 percent drop in valuation and losing key investors. Additionally, its auditor, Deloitte, has resigned. Byju’s is currently embroiled in a legal dispute with creditors in the US over a $1.2 billion loan.
Raveendran, a former engineer who experienced rapid ascension before the current crisis, faces criticism for the edtech firm’s declining fortunes.
Great post! I enjoyed reading it and learned a lot. Your writing style is engaging and easy to follow, and the information you provided was very helpful. Thank you for sharing your knowledge and expertise on this topic. Keep up the good work.