MUMBAI: Foreign investors in the Indian education technology company Byju’s, including General Atlantic, have requested the country’s Supreme Court to consider their concerns as it deliberates on the company’s future amidst ongoing insolvency proceedings, according to a legal filing.
Once valued at $22 billion in 2022 and a favourite among global investors, Byju’s gained popularity by offering online courses during the COVID-19 pandemic.
However, the company is now embroiled in a dispute with US lenders over $1 billion in unpaid dues, which has led to its insolvency.
Four largest foreign investors
In an August 25 filing, General Atlantic, Prosus, Peak XV (formerly known as Sequoia Capital), and Sofina are reported to have expressed their desire to present their perspectives on the issues under the court’s consideration.
These four investors are the largest foreign shareholders in Byju’s, holding a combined stake of nearly 17 per cent. The filing indicated that they share concerns about potential mismanagement at the company, similar to those raised by US lenders.
Byju’s declined to comment on the matter.
Previously, investors like Dutch technology investor Prosus have accused Byju’s CEO, Byju Raveendran, of mismanagement in disputes that have surfaced publicly, though the CEO has denied any wrongdoing.
