Latest news with #DivyaGokulnath
Time of India
11-06-2025
- Business
- Time of India
Troubled Byju's Forced to Sell US Assets Epic and Tynker for a Song
HighlightsByju's is selling its US assets at a significant loss, with the coding platform Tynker being sold for $2.2 million, despite Byju's having paid $200 million for it in 2021. Epic, another platform acquired by Byju's for $500 million in 2021, was sold to China's TAL Education Group for $95 million as part of the bankruptcy proceedings. Byju Raveendran, along with his wife Divya Gokulnath and former executive Anita Kishore, is facing a lawsuit alleging they misappropriated $533 million from lenders who provided a $1.2 billion term loan to the company. Byju's is selling its US assets at a fraction of the price it paid to acquire them, as creditors push to recover their dues from the edtech firm whose American operations are undergoing bankruptcy proceedings, said people in the know. Chicago-based computer science education company CodeHS acquired coding platform Tynker for $2.2 million in cash. Byju's had paid $200 million in cash and stock to buy it in 2021. China's TAL Education Group paid $95 million for Epic, the kids learning platform that Byju's bought in 2021 through a $500 million cash-and-stock transaction. A third subsidiary, educational games company Osmo that Byju's took over for $120 million in 2019 in its first US acquisition, has also been put up for auction but is yet to find a buyer, a person familiar with the matter said. A US bankruptcy court approved the Tynker and Epic deals on May 20, as per a report by US-based publication EdWeek Market Brief. Bankruptcy attorney Claudia Springer has been managing the insolvency proceedings of Byju's subsidiaries in the US. The proceeds from the sale will be used to repay Byju's creditors. In June 2024, ET had reported that some lenders within a consortium that loaned $1.2 billion to Byju's had initiated bankruptcy proceedings against the three subsidiaries. Byju's didn't respond to an email seeking comment till press time Tuesday. Epic was Byju's second-biggest buyout after Indian coaching centre operator Aakash Institute, which the Bengaluru-based edtech firm acquired in 2021 for nearly $1 billion. Aakash Institute also separately raised $300 million from Ranjan Pai, chairman of Manipal Education and Medical Group, in 2023. The edtech firm, which was once valued at $22 billion, has acquired more than 15 companies, most of them during the Covid times of immediately after, driven by fast growing demand for online education. Founder Byju Raveendran had said that the $1.2 billion term loan the company secured from US lenders was used for both organic and inorganic international growth, including several acquisitions globally. On April 10, the lenders filed a lawsuit in the US against Raveendran, his wife Divya Gokulnath and former company executive Anita Kishore. The lawsuit alleged that the three of them planned and executed a scheme to hide and misappropriate $533 million from the money they had lent to Byju's Alpha, a special purpose financing vehicle the edtech company had established in the US to receive the loan. Prior to this, a bankruptcy court ruling indicated that multiple fraudulent transfers and theft had taken place.
Time of India
10-06-2025
- Business
- Time of India
Byju's American assets Epic and Tynker sold for a song
Live Events Two American assets of troubled edtech company Byju's, coding platform Tynker and kids learning platform Epic , have been sold for a fraction of what the company paid for them.A US bankruptcy court approved both the sales during a hearing on May 20, as per a report by EdWeek Market science education company CodeHS has acquired Tynker for $2.2 million in cash, a significant drop from the $200 million that Byju's paid in a cash-and-stock deal to acquire it in which was acquired by Byju's in 2022 through a $500-million cash-and-stock transaction, has been sold to China's TAL Education Group for $95 sent to Byju's are yet to elicit a was Byju's second-biggest buyout after coaching centre operator Aakash Institute, which it acquired in 2021 for nearly $1 June 2024, ET had reported that some lenders within a consortium that loaned $1.2 billion to Byju's had said that they had filed a petition in a US court to initiate bankruptcy proceedings against the company's subsidiaries Epic, Tynker and April 10, the lenders filed a lawsuit in the US against Raveendran, his wife Divya Gokulnath and former company executive Anita Kishore. The lawsuit alleged that the three of them planned and executed a scheme to hide and misappropriate $533 million from the money they had lent to Byju's Alpha, a special purpose financing vehicle the edtech company had established in the US to receive the to this, a Delaware Bankruptcy Court ruling indicated that multiple fraudulent transfers and theft had taken place. According to the lenders, the court also found that suspended director Riju Ravindran had violated his fiduciary responsibilities as a director of the US entity, Byju's Alpha India, both the brothers have moved the NCLT and NCLAT seeking a stay on the committee of creditors (CoC) and the removal of the resolution professional. This move comes after the resolution professional for Think & Learn began steps to withdraw certain legal proceedings in a New York court. Separately, concerns have also been raised over the ongoing sale of the company's & Learn, represented by the RP, has also alleged that its shareholding in Aakash is getting diluted after the coaching centre operator amended its articles of association (AoA) to remove the reserved rights of minority investors by enforcing the resolutions passed at an extraordinary general meeting (EGM) last November.
Time of India
26-05-2025
- Business
- Time of India
Byju's app removed from Google Play Store over payment default to vendor
The ed-tech giant Byju's primary learning app has been removed from Google Playstore following payment defaults to Amazon Web Services, industry sources, quoted by PTI have said. Other applications under Think and Learn's Byju's brand remain accessible on the platform. "BYJU's Learning app has been delisted from Playstore because of non-payment to Amazon Web Services, which provides support to the app. Byju's business is now being managed by an Insolvency Resolution Professional who has to manage all payment-related issues as well," a source told PTI. The educational content on Byju's Learning App encompassed subjects including mathematics, physics, chemistry, biology for students from classes 4-12, alongside social studies for classes 6-8. Additionally, it offered preparation materials for competitive examinations such as JEE, NEET and IAS. Users can still access the application through Apple's App Store. Also, Byju's Premium Learning app and Exam Prep app remain available for download on Google Playstore. Meanwhile, The National Company Law Appellate Tribunal has initiated insolvency proceedings against the company after appeals from various investors, including the lender-authorised entity Glas Trust. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like These Are The Most Beautiful Women In The World Undo Byju's, once valued at $22 billion, has encountered numerous challenges including legal complications, difficulties in securing funds, and conflicts with investors. A significant controversy centres around the legal action involving its US subsidiary, Byju's Alpha. The subsidiary has levelled accusations against founder Raveendran, his spouse and co-founder Divya Gokulnath, and former executive Anita Kishore, claiming they redirected $533 million of borrowed funds. Raveendran has rejected these allegations, suggesting they are part of a deliberate scheme orchestrated by Glas Trust, which serves as the lender's trustee. However, the founder refused to give up on the startup and earlier this month even hinted at possibility of 'Byju's 3.0'. Also read: Byju's founder Raveendran on why he didn't agree to shut down businesses Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Mint
19-05-2025
- Business
- Mint
Byju's co-founder Divya Gokulnath says personal attacks ‘unfair', adds: ‘If we were sitting on millions of dollars…'
Divya Gokulnath, Byju's co-founder and wife of the unicorn's disgraced founder-CEO Byju Raveendran, has refuted allegations that the couple diverted loans to personal accounts, claiming they do not have funds to even hire legal representation in the United States. 'If we truly had hundreds of millions of dollars, we would have had no trouble affording legal representation', Divya Gokulnath claimed in an interview with news agency ANI. Divya Gokulnath told the agency that lawyers are demanding 'millions of dollars' in fees to represent them in US courts. She stated, 'Today, in the US, judgements are passed back to back to us by one court. Because we don't have representation.' 'I'll show you emails where they say, give us a million dollars. Lawyers are saying, Give us a million dollars or we won't represent. Where do I get the million dollars from? If we were sitting on 533 million dollars, this would not be the situation, right? We would have been fighting in the courts. We would have thrown money at lawyers,' she added. Notably, BYJU'S is fighting legal battles over unpaid debts across courts in the US and India. She further called 'personal attacks' on her and Byju Raveendran 'unfair'. 'Honestly, I don't care about the money. It comes, it goes. And Lakshmi can come and go. Saraswati is with us. Goddess Saraswati is always with us. For me, it's about the tarnishing which has happened, which I feel is so unfair,' she said. Gokulnath added, 'It was all about what we could do for our country. And not what the country can do for us. So we are a made in India, made by Indians, proudly made for the world's product, service, company, people, students-first company.' She added that while many entrepreneurs move abroad to pursue their ventures, the couple's vision was to build BYJU'S as a homegrown "Make in India" success story. 'At the time when people were going abroad and setting up their companies because that was much more lucrative, we resisted it. We said, no, this has to be a make in India story. We will make our products in India. We will give our services from India and we will be an example for the world in education. Because education belongs to India,' Gokulnath said. Divya Gokulnath also alleged that a targeted campaign of intimidation and pressure tactics was mounted aimed at isolating her husband, Byju Raveendran, by threatening those close to him, including family members, colleagues, and even legal counsel. Referring to incidents where unknown individuals reportedly visited the homes of management personnel, Byju Raveendran, the founder and the CEO of BYJU's, expressed concern, stating, "People get scared when somebody walks in, intrudes into a home in the context of not having answers." Despite all these troubles, Gokulnath asserted that it is the truth and the final mission that bind all of them together. "I think indirectly that's what they're trying to say. They're saying stand-off, or maybe create a lot of reputational damage so that you say, okay, you know what, I'll stay out of this. It's not going to happen because there is something, there is truth that binds all of us together. There is the final mission that binds all of us together," she asserted.
India Gazette
17-05-2025
- Business
- India Gazette
"If we were sitting on millions of dollars, this would not be the situation": BYJU'S co-founder Divya Gokulnath
Dubai [UAE], May 17 (ANI): Refuting allegations of diverting any loan proceeds to herself and her husband, BYJU'S co-founder, Divya Gokulnath, has said the couple currently lacks the funds to even hire legal representation in a US court. In an interview with ANI, Divya Gokulnath remarked that if they truly had hundreds of millions of dollars, they would have had no trouble affording legal representation. Referring to judgements passed by a court in Delaware, she said, 'Today, in the US, judgements are passed back to back to us by one court. Because we don't have representation. Yeah. I'll show you emails where they say, give us a million dollars. Lawyers are saying, Give us a million dollars or we won't represent. Where do I get the million dollars from? If we were sitting on 533 million dollars, this would not be the situation, right? We would have been fighting in the courts. We would have thrown money at lawyers.' Gokulnath described the negative portrayal of BYJU'S and the personal attacks on her and husband, Byju Raveendran, as 'unfair'. 'Honestly, I don't care about the money. It comes, it goes. And Lakshmi can come and go. Saraswati is with us. Goddess Saraswati is always with us. For me, it's about the tarnishing which has happened, which I feel is so unfair. It was all about what we could do for our country. And not what the country can do for us. So we are a made in India, made by Indians, proudly made for the world's product, service, company, people, students-first company,' she added. She further stated that while many entrepreneurs were heading abroad to establish their ventures in pursuit of lucrative opportunities, their vision was to build BYJU'S as a homegrown 'Make in India' success story. 'At the time when people were going abroad and setting up their companies because that was much more lucrative, we resisted it. We said, no, this has to be a make in India story. We will make our products in India. We will give our services from India and we will be an example for the world in education. Because education belongs to India,' Gokulnath added. Notably, BYJU'S is fighting legal battles over unpaid debts across courts in the US and India. Divya Gokulnath also alleged that a targeted campaign of intimidation and pressure tactics was mounted aimed at isolating her husband, Byju Raveendran, by threatening those close to him, including family members, colleagues, and even legal counsel. Referring to incidents where unknown individuals reportedly visited the homes of management personnel, Byju Raveendran, the founder and the CEO of BYJU's, expressed concern, stating, 'People get scared when somebody walks in, intrudes into a home in the context of not having answers.' Despite all these troubles, Gokulnath asserted that it is the truth and the final mission that bind all of them together. 'I think indirectly that's what they're trying to say. They're saying stand-off, or maybe create a lot of reputational damage so that you say, okay, you know what, I'll stay out of this. It's not going to happen because there is something, there is truth that binds all of us together. There is the final mission that binds all of us together,' she asserted. (ANI)
