Digital education platform BYJU’s which was once the highest valued education sector firm in India is now in shambles as its CEO Raveendran faced ED action over disproportionate allocation of company funds.
Amid this meltdown, BYJU’s has started to shut down its offices across India and mandated work from home for all employees as a part of its cost-cutting exercise. The company will, for the time being, operate only the IBC headquarters in Bengaluru.
This raises questions about the services that the company is offering in government schools across Andhra Pradesh. The YSRC government earlier spent Rs 686 crores to procure and distribute free tabs to government school students with BYJU’s edu content ingrained.
But as things stand, the company is still in operation and the education services associated with the government schools in Andhra Pradesh have no discrepancies. But the future operations are in question now. More clarity will emerge once the company board announces its new plan of action to get out of the turmoil.
Coming to the Enforcement Directorate’s action against CEO Raveendran, the agency alleges that Think and Learn Pvt Ltd, the company behind Byju’s, failed to comply with FEMA provisions, causing potential losses to the exchequer totaling approximately ₹9,362 crore.
This post was last modified on %s = human-readable time difference 8:17 pm
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