Baijus with a move to sell companies and settle debts. The current move is to divest two key assets, Epic and Great Learning. The sale is part of a plan to get out of debt and get the business back on track. At the same time, Baijus had promised to repay the loan of 1.2 billion dollars (Rs. 9800 crores) in front of the lenders if he got a six-month delay. Byjus promised to repay thirty million dollars in the first three months and the rest in the next three months.Leading edutech company ByJuice’s repayment offer comes amid a legal battle with lenders over loan defaults. But lenders have said they will conduct a detailed study of Byjus’ repayment offer and seek more details on how it will be funded, Bloomberg reports.
In 2015, Baiju Ravindran, a Malayali, introduced the Byjus learning app for online learning and training. At the beginning, Baijus was one of the startups with a value of 2.2 billion dollars. In 2021, Byjus took a 5-year loan from American lenders. Then there were crisis days for Baijus. As the financial crisis worsened, the company had laid off more than 2,000 employees. In the last month of June also, Baijus had laid off about a thousand workers. Due to the financial crisis, the Byjuice company has laid off nearly 3,000 workers since last November. Moreover, it was a big news that Deloitte, which was a financial institution, withdrew from the role of auditor of Byjus in protest of not releasing the results of the financial year 2021-22.
