Daybreak Did someone just find the US$533 million that Byju’s lost?
Nov 27, 2024
Unfolding drama surrounds Byju's founder, as allegations arise of attempting to evade a federal court testimony through dubious means. A businessman reveals details of a one-way ticket to Dubai arranged by Raveendran, raising eyebrows about corporate ethics. Meanwhile, the company faces serious financial repercussions following a court ruling on a significant default. Insightful discussions dig into the troubled landscape of EdTech acquisitions and the potential ramifications for the industry's integrity.
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Byju's Alleged Witness Tampering
- Byju’s founder, Byju Raveendran, allegedly tried to convince William Hailer to leave the US to avoid testifying.
- Raveendran reportedly offered Hailer a job, housing in Dubai, and a similar lifestyle to his own.
Raveendran's Questionable Business Practices
- Byju Raveendran’s behavior, according to Hailer, didn’t reflect running a legitimate business.
- Raveendran used multiple phones, personal email, isolated meetings, and even searched how to defend against corporate fraud accusations.
The Future of Epic
- Byju’s acquired US company, Epic, had strong brand recognition and a successful subscription model.
- The lenders now face the challenge of rebuilding these companies’ resources and making them profitable again.