Explorer

Byju’s In Talks To Raise $1 Billion To Sidestep Shareholders' Revolt: Report

The report comes days after representatives of three global investors - Peak XV, Prosus NV and the Chan-Zuckerberg Initiative - stepped down from Byju's without publicly citing reasons

Byju's, India’s edtech start-up, is in advanced discussions with prospective new shareholders for a $1 billion fundraising round in an attempt to sidestep a revolt by some investors, citing sources news agency Reuters said on Tuesday. According to the report, Byju's is offering benefits to the potential investors, including preferential treatment in the case of liquidation, the report said, adding that none of its existing shareholders have a so-called liquidation preference.

The report by Reuters said that the edtech start-up seeks to close a round within two weeks. The company did not immediately respond to a Reuters' request for a comment.

The report comes days after representatives of three global investors - Peak XV, Prosus NV and the Chan-Zuckerberg Initiative - stepped down from the company without publicly citing reasons, and auditor Deloitte said it was severing ties with the start-up over its "long-delayed" financial statements for the year ended March 2022.

Audit firm Deloitte has resigned as auditors of Byju’s citing a delay in submitting financial statements while almost simultaneously three of its board members resigned which indicated the deepening of the crisis at edutech decacorn.

Byju’s has committed its investor to close the long-pending audit of the financial year 2022 by September and fiscal year 2023 by December, according to sources aware of the development.

In a call with shareholders on Saturday, Byju’s CEO Byju Raveendran admitted his past mistakes and assured shareholders that his learnings far outweigh any missteps. During the call, Raveendran acknowledged the resignation of board members but said that the company has not yet accepted them and information about their resignation was leaked out prematurely.

"Byju Raveendran introduced Group CFO Ajay Goel on the call. Goel has committed to close the audit of financial year (FY) 2022 and FY 2023 by September and December respectively," a person who attended the call told PTI.

View More
Advertisement

IPL Auction 2025

Most Expensive Players In The Squad
Virat Kohli
₹21 CR
Josh Hazlewood
₹12.50 CR
Phil Salt
₹11.50 CR
View all
Most Expensive Players In The Squad
Rishabh Pant
₹27 CR
Nicholas Pooran
₹21 CR
Ravi Bishnoi
₹11 CR
View all
Most Expensive Players In The Squad
Jasprit Bumrah
₹18 CR
Suryakumar Yadav
₹16.35 CR
Hardik Pandya
₹16.35 CR
View all
Most Expensive Players In The Squad
Heinrich Klaasen
₹23 CR
Pat Cummins
₹18 CR
Abhishek Sharma
₹14 CR
View all
Most Expensive Players In The Squad
Ruturaj Gaikwad
₹18 CR
Ravindra Jadeja
₹18 CR
Matheesha Pathirana
₹13 CR
View all
Most Expensive Players In The Squad
Shreyas Iyer
₹26.75 CR
Arshdeep Singh
₹18 CR
Yuzvendra Chahal
₹18 CR
View all
Most Expensive Players In The Squad
Sanju Samson
₹18 CR
Yashaswi Jaiswal
₹18 CR
Riyan Parag
₹14 CR
View all
Most Expensive Players In The Squad
Venkatesh Iyer
₹23.75 CR
Rinku Singh
₹13 CR
Varun Chakaravarthy
₹12 CR
View all
Most Expensive Players In The Squad
Rashid Khan
₹18 CR
Shubman Gill
₹16.50 CR
Jos Buttler
₹15.75 CR
View all
Most Expensive Players In The Squad
Axar Patel
₹16.50 CR
KL Rahul
₹14 CR
Kuldeep Yadav
₹13.25 CR
View all
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headlines

Eknath Shinde Won't Be Part Of Govt If Fadnavis Made Maharashtra CM: Sources
Shinde-Led Shiv Sena To Give Outside Support To BJP Govt If Fadnavis Made CM: Sources
India Welcomes Israel-Hezbollah Ceasefire Deal, Hopes For 'Stability In Wider Region'
India Welcomes Israel-Hezbollah Ceasefire Deal, Hopes For 'Stability In Wider Region'
Adani Green Energy Refutes Bribery Charges Against Gautam Adani And Executives
Adani Green Energy Refutes Bribery Charges Against Gautam Adani And Executives
Cyclone Fengal: Tamil Nadu Braces For Heavy Rains As Landfall Likely On Nov 29, Flights Affected | Top Points
Cyclone Fengal: Tamil Nadu Braces For Heavy Rains As Landfall Likely On Nov 29, Flights Affected | Top Points
Advertisement
ABP Premium

Videos

FIR Filed Against Sambhal MP Ziaur Rahman, Statement Released Amidst ControversyFIR Filed Against Sambhal MP Ziaur Rahman and Local MLA's Son in Controversial CaseSambhal Violence Sparks Political Firestorm, Congress MP Imran Masood's Strong Remarks | ABP NewsBreaking News: SP Leader Ram Gopal Yadav Reacts to Sambhal Violence | ABP News

Photo Gallery

Embed widget