Serious Temasek's Investment Byju from then next Super Power got accounting problem, Auditor Deloitte Run Road!

[Pinkieslut]

India's Byju's in talks with investors who quit board to reconsider -sources​

A man walks past an advertising hoarding of Byju's, an Education Technology company and one of India's biggest startup, outside one of its branch in New Delhi
Aditya Kalra, M. Sriram and Munsif Vengattil
Fri, 23 June 2023 at 6:50 pm SGT


By Aditya Kalra, M. Sriram and Munsif Vengattil
NEW DELHI (Reuters) - Byju's is asking three global investors to reconsider their decision to quit its board, three sources with direct knowledge of the situation said, as the Indian education technology firm wrestles with the fallout of its auditor's resignation.
Board members representing Peak XV Partners, earlier known as Sequoia Capital India, Prosus and Chan Zuckerberg Initiative stepped down recently without giving a reason, in a setback for Byju's, which was valued last year at $22 billion.

News of their departures came on June 22, the same day Deloitte disclosed it was resigning because Byju's had delayed financial statements for 2021-22 and not provided documents, even after the auditor wrote several letters to the board.
Byju's leadership is in talks with the investors to try to convince them to reverse their decision, the three sources, who declined to be named as the talks are private, told Reuters.
Byju's and the three investors did not immediately respond to requests for comment on Friday.
The company, often described as one of India's most successful startups, has called reports of the board exits "speculation", saying it would make disclosures when required.
The popularity of Byju's, which offers online tutorials on subjects such as math, physics and chemistry for school students, boomed during the COVID-19 pandemic.
Its rise was seen as a boost for India's startup scene as investors including General Atlantic made big bets on Byju's.
Two of the sources said the investors took the decision collectively to resign from the board as they were not getting answers from Byju's founder and senior management.
Byju's and its lenders are involved in legal cases in the U.S. over the restructuring of a $1.2 billion loan.
Byju's investors had in recent months raised concerns with the company's leadership related to audit delays and how it dealt with issues relating to its lenders, one source said.
The departures mean Byju's board is now only made up of its founder and chief executive Byju Raveendran, his wife Divya Gokulnath, and his brother Riju Raveendran.
While the investors are holding talks with Byju's, it has not yet been decided whether or not their decision to resign would change, one of the sources added.

 

[borom]

Mint , 03 Sep 2018

Online tutoring start-up Byju’s is in advanced talks with at least two new investors—private equity firm General Atlantic and Singapore government-owned Temasek Holdings—to raise $200-300 million, according to three people directly aware of the development.

https://www.livemint.com/Companies/...-raise-funds-at-over-2-billion-valuation.html

Anyone knows how much our famous "contrarian" and "long term" investor has invested in this CECA company.

 

[syed putra]

Until today nothing happened at ambani group after so called scam!

 

[Pinkieslut]

Byju's staff say morale waning amid turmoil at Indian edtech firm​

FILE PHOTO: Advertising hoardings of Byju's pictured outside a branch in New Delhi
Indranil Sarkar and Chandini Monnappa
Sun, 25 June 2023 at 10:48 am SGT


By Indranil Sarkar and Chandini Monnappa
BENGALURU (Reuters) - Fresh troubles at Indian edtech startup Byju's this week have escalated concerns among employees who were already uncertain about their future after several rounds of job-cuts, more than a dozen current and former staff told Reuters.
Auditor Deloitte and three prominent board members severed ties with the Bengaluru-headquartered firm on Thursday, raising further questions about the once high-flying company's financial health and governance practices.

Byju's has already let go of several thousand employees this year due to slowing demand and it is locked in a legal battle with its lenders and faces regulatory scrutiny, even as its valuation has been slashed by at least one marquee investor.
"Morale is at an all-time low. Literally every person has a job portal open on their laptop at all times. Everyone wants to leave desperately before they are asked to pack up overnight," said a senior manager at Byju's, requesting anonymity.
"Right now the situation is so dismal, subordinates are sitting with their managers and job hunting."
Several employees, all of whom requested anonymity, said they had received no memos about the exits of auditor Deloitte and the board members.
A Byju's spokesperson did not respond to Reuters queries on staff morale, the lack of communication from management or other issues raised by employees.
After initially denying the board exits, Byju's late on Friday confirmed in a statement that a "few" investors had vacated their board seats.
"It's all been eerily quiet so far," said the manager, adding that the lack of communication from the company's leadership was heightening employee concerns.
The edtech firm, valued at about $22 billion early last year, has laid off thousands of employees since October to cut costs, after seeing demand for online tutoring drop following the end of the COVID-19 pandemic.
Two of the employees that spoke to Reuters said performance incentives, bonuses and appraisals had stalled amid the turmoil.
"The general sentiment is that the company is struggling," said one analyst at the company. "Almost 90% of us, myself included, are waiting for a performance appraisal which hasn't happened."
A former employee, citing conversations with managers who are still at Byju's, said many "are insecure about their future, because top leaders have not been in regular touch with them for about four- to six-weeks."
Another source, who left Byju's last month, said: "People count each day anticipating layoffs, today I may be safe, tomorrow I may not. No one is working there out of choice anymore, but due to financial commitments, or because they haven't yet found another job."
Deloitte on Friday declined further comment on cutting ties with Byju's, and the board members either did not respond to phone calls or were not reachable.
(Reporting by Indranil Sarkar and Chandini Monnappa; Additional reporting by Chris Thomas, Dhanya Skariachan, Arpan Varghese, Yuvraj Malik, Seher Dareen, Juveria Tabassum, Hritam Mukherjee, Navya Mittal, Biplob Kumar Das, Manvi Pant, Chandni Shah and Akriti Sharma; Editing by Tom Hogue)