New Delhi: Online education startup Byju’s parent company managed to cut down its debt only narrowly, further stressing the crisis the famed startup is facing, as per a report by Bloomberg.
Media reports previously said the company got embroiled in dispute over a $1.2 billion loan.
Byju’s parent company Think&Learn Pvt in the financial year ending March in 2022 posted a loss of 22.5 billion rupees at operational level compared to rupees 24 billion in loss in 2021.
The statement also pointed out that the company more than doubled its income to 35.7 billion rupees.
The posting as per the report bespeaks that the company is struggling to ward off post-covid meltdown.
Byju’s, an internationally acclaimed startup, found itself in the middle of a dispute this year for allegedly breaching the ‘covenants on a $1.2 billion loan’.
Byju Raveendran rose to fame launching his eponymous startup that brought hordes of students to online education.
During Covid-era, Byju’s business boomed serving a flood of students when school and colleges were closed.
Byju’s was once a sponsor of India’s national cricket team and expanded globally taking over some firms in the US.
When the classes resumed post covid lockdown, the company’s growth slowed leading to crisis, as per report.
Following delays in submitting financial postings, officials raided the company’s Bengaluru offices in April and sized laptops.
Alongside, US investors alleged Byju’s of hoarding half a billion dollars which led to lawsuits.
The company’s main investor Prosus NV in June cut the value of its holding putting the startup’s total valuation at $5.1 billion.