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A US unit of Indian education technology startup Byju's has filed for Chapter 11 bankruptcy proceedings in the US court of Delaware, listing liabilities in the range of $1 billion to $10 billion. ....
Reports also surfaced that Byju's investors are seeking to oust the top bosses of the company led by Byju Raveendran, saying they are 'deeply concerned' about future stability under the current leadership. BYJU’s Salary Delay: Edtech Major Delays Salaries of Employees for January, US Unit Files for Bankruptcy, Says Report. ....
The ed-tech company, founded by Byju Raveendran, was one of India's hottest startups, valued at $22 billion in 2022, but has more recently seen lenders initiating bankruptcy proceedings against it. Byju's said on Monday it would raise $200 million through a rights issue of shares to clear "immediate liabilities" and for other operational costs. ....
Ecommerce firm Meesho is diversifying revenue streams via two new business lines. Details of this and more in todays ETtech Morning Dispatch. Multiple people aware of the developments told ET that Meesho wants to restart grocery delivery in a couple of cities, beginning from the next financial year. ....