Edtech firm Byju’s parent company, Think & Learn Pvt, has found itself embroiled in a complex web of financial mismanagement, offshore dealings, and legal disputes. At the centre of it is $533 million, a Florida hedge fund, a bankrupt shell company and Byju’s beleaguered founder, Byju Raveendran. Byju’s major stakeholders last month voted to remove Mr Raveendran from his role as chief executive officer and stripping him of his position on the board of the company he established back in 2015. Byju’s, once hailed as one of India’s most profitable start-ups with a valuation exceeding $20 billion, has witnessed a staggering decline of approximately 90 per cent in the past year.
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