Byju’s, the prominent Indian ed-tech startup, faces financial turmoil as its U.S. unit, Byju’s Alpha, files for Chapter 11 bankruptcy in Delaware. The filing discloses liabilities ranging from $1 billion to $10 billion, contrasting with the company’s $22 billion valuation in 2022. Byju’s acknowledges immediate financial challenges, aiming to raise $200 million through a rights issue. The firm grapples with a $1.2 billion term loan negotiation, staff layoffs, and scrutiny by Indian authorities for alleged violations of foreign exchange laws. The bankruptcy filing marks a significant setback for a once high-flying startup.
Byju’s U.S. Unit Files for Chapter 11 Bankruptcy Amid Financial Struggles
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