Macquarie Capital has written down nearly its entire investment in Byju's by 98%, following accusations from Julius Baer of relying on an inflated valuation. This financial turmoil comes as Byju's, once celebrated as India's most valuable startup, faces severe operational challenges. The company's inability to access rights issue funds has left it struggling to pay staff salaries. In a dramatic turn of events, shareholders voted to remove founder Byju Raveendran from his CEO position. Raveendran has criticized a few investors for their actions, which have prevented the company from using raised funds for salaries. This series of setbacks highlights the mounting pressures on Byju's, signaling a stark reversal from its previous high-growth trajectory.
More trouble for Byju’s? Founder says unable to pay salaries to employees due to THIS reason https://t.co/RBK7AfD14C
Byju's unable to pay salaries as funds locked: Founder Raveendran https://t.co/AfKzgfhp3Y
India's Byju's can't access rights issue funds to pay staff https://t.co/7bEJQkzRDx https://t.co/L1WUKuPAaz
Macquarie slashes Byju’s valuation by 98% after Julius Baer protest Macquarie Capital is writing down nearly its entire investment in Byju’s, weeks after Swiss bank Julius Baer Group accused it of charging fees based on an outsized and outdated valuation. https://t.co/O21wRC8us2
Macquarie Capital is writing down nearly its entire investment in Indian startup Byju’s, weeks after Julius Baer accused it of charging fees based on an outsized and outdated valuation https://t.co/K3OLt7TMxs
Few investors 'stooped to heartless level', ensuring we are unable to utilise raised funds to pay salaries: Byju Raveendran to staff
Shareholders of Byju’s, the edtech firm that was once India’s most valuable startup, did what once would have been unthinkable: They voted to oust founder and one-time billionaire Byju Raveendran as CEO. https://t.co/pwwXdMfN45
SCOOP: BGR’s PR arm has stopped working for controversial Chinese lidar maker Hesai Group. Two sources told me that Hesai was not happy with BGR’s performance and made the decision in early January to not renew the contract, which a BGR spox disputed. https://t.co/vMcCbQsGxo https://t.co/w7pbHKDtvv