Major foreign investors in
Byju's
have reportedly requested the Supreme Court to hear their concerns as the court deliberates on the future of the embattled education technology company. Byjus four biggest foreign investors include:
General Atlantic
,
Prosus
,
Peak XV
, and
Sofina
. The four companies collectively hold nearly 17% stake in Byju's.
In an August 25 filing, which is not public but is said to have been seen by news agency Reuters, General Atlantic, Prosus, Peak XV (previously known as Sequoia Capital) and Sofina told the court that they "wish to present grounds pertaining to the issues" under consideration.
Once valued at $22 billion, Byju's has faced significant challenges in recent months, including a dispute with its US lenders over unpaid dues. This dispute has ultimately led to the company's insolvency proceedings.
While the investors are not advocating for insolvency, they aim to inform the Supreme Court judges about the alleged mismanagement at Byju's. Founder and CEO Byju Raveendran has consistently denied any wrongdoing, but some investors have previously called for his removal.
The Supreme Court is set to hear the insolvency case later this week.
The investors' move comes after Dutch technology investor Prosus fully wrote off its investment in Byju's due to the significant decline in value for equity investors.
Byjus founder Raveendran has warned that insolvency could lead to a complete shutdown of the company, affecting its 27,000 employees. Additionally, Byju's employees and parents of students are planning to campaign for unpaid salaries and dues.
In an August 25 filing, which is not public but is said to have been seen by news agency Reuters, General Atlantic, Prosus, Peak XV (previously known as Sequoia Capital) and Sofina told the court that they "wish to present grounds pertaining to the issues" under consideration.
Once valued at $22 billion, Byju's has faced significant challenges in recent months, including a dispute with its US lenders over unpaid dues. This dispute has ultimately led to the company's insolvency proceedings.
While the investors are not advocating for insolvency, they aim to inform the Supreme Court judges about the alleged mismanagement at Byju's. Founder and CEO Byju Raveendran has consistently denied any wrongdoing, but some investors have previously called for his removal.
The investors' move comes after Dutch technology investor Prosus fully wrote off its investment in Byju's due to the significant decline in value for equity investors.
Byjus founder Raveendran has warned that insolvency could lead to a complete shutdown of the company, affecting its 27,000 employees. Additionally, Byju's employees and parents of students are planning to campaign for unpaid salaries and dues.
