Byju’s elevates Jiny Thattil to CTO replacing Anil Goel
Jiny Thattil, had been serving as a senior vice president of engineering of Epic, an acquired business of the Bengaluru-headquartered major.
Jiny Thattil, had been serving as a senior vice president of engineering of Epic, an acquired business of the Bengaluru-headquartered major.
The Enforcement Directorate (ED) on Tuesday issued showcause notices to troubled edtech startup Byju’s and its founder and group CEO Byju Raveendran over alleged violation of the provisions of the Foreign Exchange Management Act (Fema) amounting to over Rs 9,362 crore. The ED, which had initiated investigation against the startup earlier this year, has accused Think & Learn Pvt Ltd (Byju’s parent company) and its promoter of making significant foreign remittances and investments abroad that were allegedly in violation of the provisions of Fema, resulting in loss of revenue to the government.
Lenders have been pushing hard for the repayment of the $1.2 billion loan amid the company’s mounting distress after a pandemic-era boom in online learning fizzled out. Byju’s had been working to sell assets and deal with the loan issue when government investigators searched company offices this year.
The potential sale of Epic! Creations Inc. would help Byju’s raise funds to pay down a disputed $1.2 billion term loan, people familiar with the matter said. Other bidders, including Duolingo Inc., have also expressed interest in buying the platform, they said, asking not to be named as the information isn’t public.
Byju's said it has made new appointments in its finance function, with Pradip Kanakia as senior adviser and Nitin Golani, currently the President-Finance, who will take charge as India CFO.
Bain, KKR and Carlyle keen on control, open to backing ex-CEO Chaudhry and Ranjan Pai as anchor investor; Byju’s parent denies sale plans
Byju’s, which has missed payment on a $1.2 billion term loan, said it’s completed a long-awaited audit of all group units. Parent Think & Learn Pvt Ltd. is expected to incorporate the audited financials into its consolidated results this week, Byju’s said in a statement Monday.
Chaudhry served as the CEO till November 2020 as part of the founding family that ran Aakash Institute independently.
The initial $170 million tranche will pay off Davidson Kempner debt; the Manipal chairman may rope in more PEs.
The appointment was made on behalf of the secured creditors of Byju’s Alpha, as part of the lenders’ exercise of their security rights following defaults by the company, said a statement from Kroll.
Byju’s statement was in response to a Bloomberg report that said the Bengaluru-based firm’s lenders had alleged that the edtech company hid $533 million in an obscure three-year-old hedge fund, operating from a pancake restaurant in Miami.