Byju's, once valued at $22 billion and a leading startup in India's edtech sector, faces serious legal and financial trouble after a US judge found that it fraudulently transferred over $500 million to a questionable hedge fund. This ruling, made in Delaware bankruptcy court, is part of an ongoing timeline of lender efforts to recover the funds. The hedge fund in question, characterized by its high-risk profile and questionable legitimacy, was linked to a former board member, Riju Ravindran, and raises significant concerns about corporate governance within Byju's.
During the pandemic-era startup funding boom, Byju's raised money from some of the biggest names in global investing, reaching a valuation of $22 billion.
A US judge ruled that Byju's had fraudulently transferred over $500 million to a hedge fund deemed a 'sham,' signaling serious financial misconduct.
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