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Once Valued at $22 Billion, Byju's Faces Employee Desperation Amid Insolvency Battle and Unpaid Dues
The financial turmoil at Indian ed-tech giant Byju's has sent shockwaves through the startup community, igniting fears among thousands of employees who now face uncertainty about their future. Once a beacon of innovation, valued at $22 billion in 2022, Byju's rose to prominence by providing online learning solutions during the COVID-19 pandemic. However, the company is now embroiled in a fierce legal battle with U.S. lenders demanding repayment of $1 billion in dues.
Interviews with employees, parents, and a review of internal WhatsApp communications reveal a growing sense of desperation. Many employees are preparing to take drastic measures against the company, whose board has been suspended, with assets frozen amid the ongoing insolvency proceedings.
One employee, Sukirti Mishra, who once earned $1,200 a month teaching mathematics through Byju's subsidiary WhiteHat Jr., voiced her frustration on a conference call with about 60 colleagues. "Many of us, including myself, have stopped taking classes. There's no point in doing charity for the company anymore," she shared. Mishra, now struggling to cover medical bills and loan payments after months without pay, also faces backlash from parents whose children’s classes have been disrupted.
Byju's, fighting the insolvency case in court, has warned of a complete shutdown of services if the proceedings continue. However, the company has remained silent on the issue, offering no response to queries from Reuters, leaving employees and stakeholders in a state of uncertainty.
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