Byju’s year of challenges: will 2024 be any different?

BENGALURU: The year 2023 has not turned up well for Indian start-ups – none more so than Byju’s, the marquee name in the Indian start-up and Unicorn space. The edtech company, which was not so long ago seen as a testament to the success of India’s start-up ecosystem, has seen it all during the year –investigation for FEMA violation, large-scale layoffs, defaults and mass exodus at the top.

And as the year draws to a close, the Byju Raveendran-founded firm is now facing a new challenge – the Board of Control for Cricket in India (BCCI) filing an insolvency petition against the erstwhile sponsor of Indian cricket team. Though every now and then founder Byju Raveendran held shareholders meetings and took steps to keep employee morale up, edtech experts and analysts say these challenges show sheer inability in reading the situation and taking timely corrective action and cutting the cash drain.