Byju's Reveals 2,250 Crore Loss Amid Deepening Debt Dispute
Indian education startup Byju's first results in years revealed that losses at its parent company narrowed only marginally amid a pandemic-era boom in business, underscoring challenges for the firm embroiled in a dispute with creditors over a $1.2 billion loan.The Bengaluru-based online tutoring firm's parent Think & Learn Pvt. posted a loss of 22.5 billion rupees ($271 million) at an operational level in the financial year ending March 2022, compared with a 24 billion rupees loss a year earlier, it said in an emailed statement. Total income for the firm more than doubled to 35.7 billion rupees. The results underscore how Byju's - once the poster child for India's booming startup economy - is struggling to escape a post-Covid funk. Creditors sued Byju's this year after it breached covenants on a $1.2 billion loan. The standoff cast a spotlight on founder Byju Raveendran, whose meteoric rise from tutor to head of the country's most valuable tech startup wowed investors.