BYJU'S owner Byju Raveendran photo is seen on his company web page in this illustration taken, July 17, 2024. REUTERS/Dado Ruvic/Illustration
NEW DELHI (Reuters) - Insolvency proceedings against ed-tech giant Byju's, once India's biggest startup valued at $22 billion, will likely force thousands of employees to quit and result in a total shutdown of its services, its CEO said in a court filing seen by Reuters.
Byju's, backed by investors like Prosus and General Atlantic, has suffered numerous setbacks in recent months, including job cuts, a collapse in its valuation and a tussle with investors who accused CEO Byju Raveendran of corporate governance lapses. Byju's has denied any wrongdoing.
