Last week in a nutshell
Byju's lost a TV, vacated their office and is in all-in-all a pretty bad state. (more on this below 👇)
Shares of Zee today hit the 10% lower circuit amid reports that SEBI has unearthed a $241 million accounting issue at the media firm.
Spicejet has to pay Credit Suisse bank $1.25 Mn. The Supreme Court has directed SpiceJet to settle its outstanding dues by March 15.
Licenses of 64 pharma companies were cancelled after a govt crackdown for non-compliance with ‘good manufacturing practices’ and other “continued” procedural lapses.
The big story: Byju's in deep waters
Byju's, the renowned edtech giant, grapples with more than just leadership issues. Parents, frustrated over delayed refunds for unused courses, reportedly staged a protest at Byju's office by removing a TV. This incident highlights customer dissatisfaction and potential cash flow problems.
Byju's recently vacated its posh Bangalore office, reportedly as part of cost-cutting efforts, signaling a shift from its previous expansion strategy.
These challenges arise amid financial woes, with missed loan payments and a US unit filing for bankruptcy. Major shareholders have also moved to remove CEO Byju Raveendran due to concerns about the company's direction.
While Byju's remains a key player in edtech, these events raise doubts about its financial stability and future prospects. To regain investor trust and secure success in the education sector, the company must effectively navigate these obstacles.
