[8] The National Company Law Tribunal (NCLT) in July 2024 allowed Byju's parent Think and Learn to move forward insolvency proceedings in a plea filed by the Board of Control for Cricket in India (BCCI) over unpaid dues amounting to over ₹158 crores.
[23] In January 2022, the company joined Simplilearn, Unacademy, upGrad, PrepInsta Prime and Vedantu to become one of the founding members of IAMAI's India EdTech Consortium.
[25] In August 2022, Bloomberg News reported that India's Ministry of Corporate Affairs sent a letter to Byju's asking them to explain the non-filing of its audited financials for the year ending March 2021.
[28] In April 2023, the Enforcement Directorate announced that it had conducted searches at Byju's offices under the Foreign Exchange Management Act and seized "incriminating" documents.
[29] Byju's is an education tutoring app that runs on a freemium model,[30] with free access to content limited for 15 days after the registration.
[45] In April 2021, the company also announced the launch of "Byju's Future School" to be led by WhiteHat Jr Founder Karan Bajaj.
[51][52][53] In January 2019, Byju's acquired American-based Osmo, a maker of educational games for children aged 3–8 years for US$120 million.
[59] In April 2021, Byju's acquired test prep firm Aakash Educational Services Ltd. in an estimated US$950 million cash and stock deal.
The Epic acquisition was part of Byju's foray into the overseas market, from where it expects annual revenue of US$300 million per financial year.
[69] To date, Byju's spent at least $2.8 billion on a dozen acquisitions to expand beyond the original learning app and bring together its services that will allow it to reach learners of all ages.
[21][72][73] Byju's was the first company in Asia to receive an investment from Chan-Zuckerberg Initiative (co-funded by Meta Platforms co founder, chairman and CEO Mark Zuckerberg and Priscilla Chan).
[84] In November 2020, Byju's became the title sponsor of the Indian Super League club Kerala Blasters FC replacing Muthoot Group.
[85] In November 2020, Byju's raised US$200 million in a fresh funding round led by BlackRock and T. Rowe Price at a valuation of $12 billion.
[88] In June 2021, Byju's raised $50 million in a Series F round from IIFL's private equity fund and Maitri Edtech.
Byju's listed two important assets for sale in an effort to raise between $800 million and $1 billion to help with its financial difficulties.
Byju Raveendran, the company's founder and group CEO, stated in November 2023 that the business will keep growing profitably and sustainably in the upcoming years.
[99] On 1 August 2024, Byju's director Riju Ravindran was ordered by a US bankruptcy judge to pay $10,000 a day until he helped locate the $533 million the company was accused of hiding from its U.S lenders.
[100] In July 2024, the National Company Law Tribunal (NCLT) appointed an Insolvency Resolution Professional to oversee Byju’s day-to-day affairs.
[9][10] On October 23, 2023, the Supreme Court of India set aside an NCLAT judgment that had closed insolvency proceedings against Byju's parent company, Think & Learn.
[109] In November 2020, Byju's replaced the Muthoot Group to become the title sponsor of the Indian Super League club Kerala Blasters FC until 2024.
[118] WhiteHat Jr. claimed that a child named "Wolf Gupta" bagged job offers worth millions of rupees in multiple social media advertisements.
While Byju's receives the full fee upfront, parents must continue paying EMIs via direct debit, and the subscription is not canceled even if they are dissatisfied with the course or teachers.
[127] Previously, BYJU's used a different revenue recognition practice, which they had to change and obtain approval in accordance with Indian Accounting Standards (Ind-AS) 115 guidelines.
[129] In April 2023, Indian authorities conducted a raid on the Bengaluru office of the firm, suspecting violations of foreign exchange laws.
In May, the company faced a lawsuit from lenders in a US court, alleging defaults on payments and breaches of the loan agreement, including significant delays in releasing financial statements.
In June, following the alleged non-payment of an interest installment of nearly $40 million, Byju's counter sued the lenders for harassment and initiated a new round of layoffs, resulting in the termination of around a thousand employees.