Byju Raveendran, founder, Byju’s; portrait by Sadhana Saxena
Synopsis
Byju Raveendran’s last roll of dice – the rights issue – hasn’t gone down well with a major group of investors. The showdown between the Byju’s founder and the investors is heading for an expensive high-stakes legal war. The simmering tension is a story of several intrigues and a play of brinkmanship.
The testy relationship between Byju Raveendran and his investors is fast reaching a tipping point. The rights issue that he proposed, bringing down the pre-money valuation of the ed-tech firm to a thousandth of its previous valuation with a 30-day subscription window, presents investors with Hobson’s choice: Pool in their share in the USD200 million that Raveendran is seeking now or forget the billions of dollars they have collectively invested
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