Edtech giant Byju’s has managed to dodge a bullet by reaching a settlement with the Board of Control for Cricket in India (BCCI). The company was facing a potential insolvency crisis after defaulting on a Rs 158 crore payment to the cricket board.
To avoid a takeover, Byju’s has agreed to pay the entire amount in installments by August 9. The settlement comes as a temporary relief for the beleaguered edtech firm, which has been grappling with a series of crises, including a funding crunch, mass exodus of top executives, and a plummeting valuation.
The company’s founder, Byju Raveendran, has seen his net worth evaporate amidst these challenges. The BCCI dispute was just one of many hurdles for the once-high-flying startup.
While this settlement brings some respite, Byju’s still has a long road ahead to restore investor confidence and regain its lost glory.
