Mohit, who was seen as second in command at Byjus, has floated a company that could potentially compete with the beleaguered ed-tech firm of which he was a founding member. The new entity, according to sources, has already opened its first centre.
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Byju Raveendran, founder of educational technology (edtech) firm Byju s, has injected around Rs 4,000 crore of personal capital into the company in recent months.
This move comes as the company grapples with challenges, including securing fresh capital, delays in financial reporting, and legal disputes with lenders. Raveendran has pledged personal property to assist the company in dealing with the crisis. He conveyed to employees that despite perceptions of being a billionaire, he has reinvested a major portion of his wealth back into the company, said a person familiar with the matter.