Ed-tech giant Byju’s, founded by Byju Raveendran, has been struggling financially, leading to the founder’s removal from the Forbes Billionaires list and a reduction of his net worth to zero. Previously valued at $22 billion, Byju’s valuation has plummeted to $1 billion. To support employees, Raveendran mortgaged his house to pay salaries. NCLT has directed Byju’s to maintain the status quo regarding an ongoing rights issue. A group of investors, including Prosus and General Atlantic, approached NCLT over the issue. The company claims to have received commitment for a USD 200 million rights issue but has not raised the full amount.
