Byju’s ‘breached’ terms of loan worth $42 mn; stake sale in arm blocked

Indian ed-tech startup Byju’s breached terms of loans worth $42 million and has been asked by an arbitrator not to sell some shares of a group firm, a confidential order showed, the latest setback for the company already battling allegations of mismanagement.

Byju’s was India’s biggest startup until 2022 when it was valued at $22 billion, but has seen its fortunes dwindle amid an auditor exit, regulatory probes and calls from its investors to oust its CEO Byju Raveendran for mismanagement. The company, now valued at around $250 million, denies any wrongdoing.