Byju’s Discloses ₹2,250 Crore Loss Amid The Escalating Debt Fiasco

Byju’s needs no introduction as the Indian ed-tech startup has earned huge in the market. However, this time it is making news for the wrong reason as it has embarked on a huge loss. The company’s parent group has gained a good boon amid the pandemic boom but at the same time, it did face a couple of challenges that came in the form of a dispute with creditors reaching around 1.2 billion USD loan.

The Bangalore-based company claims to be in loss of around 22.5 B INR which equates to around 271 B USD loss. The loss is more at the operational level for the financial year, which seems to be ending on March 22 when we compare it with the 24 billion INR loss just a year before. The statement came in an email to the concerned department, which led to a total loss of around 35.7 B USD.  

The results seemed to have gone the way the company once was booming high in the startup economy. However, looking at the company, it is dying hard to escape from the post-Covid funk. The creditors now seemed to have sued the startup this year once they witnessed breaching it at the whopping 1.2 B USD loan. The onus seems falling on the founder – Raveendran who seemed to have gained a towering rise for the company but at the same time, the valuable group has wowed investors. 

The company seemed to have pumped up huge money and they are seen surging ahead in the pandemic era with the demand for the services while the universities and schools were closed. However, as things turned normal, the company started perishing and now reaching this level.

Ziya Khan

Related Articles

Back to top button