Tuesday, June 18, 2024
Outlook India
Outlook Business

Byju Raveendran Considers Increasing Stake in Byju's To 40 Per Cent: Report

As per reports, the edtech's founder is seeking funds to finance his buyback plans

Byju Raveendran Considers Increasing Stake in Byju's To 40 Per Cent: Report
Byju Raveendran, chief executive officer, Byju's
POSTED ON January 04, 2023 1:29 PM

Byju Raveendran, the founder of Indian edtech major Byju's, is planning to raise his stake to 40 per cent, Bloomberg reported. 

As per reports, the founder is seeking funds to finance its buyback plans. 

Earlier, the highly-valued unicorn denied all allegations regarding purchasing students' databases and said it relies on the app users, walk-ins and incoming requests for consultations. 

Byju's clarified its positions against the summons issued to the company by the child rights body

The company has been the subject of multiple controversies in 2022. The last three months brought hardships for the company. In October, it announced its plans to rationalise five per cent of its 5000-strong employees to keep its business on profitability track. The move suggested that nearly 250 workers would lose their jobs. 

Raveendran later apologised to the fired employees. In an email to the workers, he wrote, "I am truly sorry to those who will have to leave Byju’s. You are not just a name to me, you are not a number. You are not just five percent of my company, you are five percent of me." 

In December 2022, the founder was summoned by the National Commission for the Protection of Child Rights ( NCPCR) over the allegations of malpractices conducted by the sales team. It cited a media report, which carried the experience of 'exploited' and 'deceived' customers’ and said, "As the Commission has come across a news article wherein it has been pointed out that the sales team of BYJU'S is indulging in malpractices to lure parents into buying their courses for their children.”

“It has also been mentioned in the news report that some customers have claimed that they were exploited and deceived and had put their savings and futures in jeopardy," it added. 

  • Related Articles

    Google is directed to pay 10% of the CCI penalty amount of Rs 1337 crore

    NCLAT rejects Google's plea seeking a stay on CCI order

    The partnership will enable YES Bank to provide customers with tailor-made financial solutions

    YES Bank Partners With BaaS Start-Up Falcon To Foray Into Embedded Finance Market

    The programme aims to support a community of entrepreneurs who are working to establish brands that can have a global impact

    India Accelerator Joins Hands With ICICI Bank, Infosys Finacle To Introduce i3 Launchpad