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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
India’s biggest edtech startup is already being sued by lenders in the US over—among other defaults—an eight-month delay in filing audited financial statements for 2021-22.
Deloitte Haskins & Sells in a letter dated 22 June (i.e. today) has resigned as the auditor for Think & Learn Pvt. Ltd, better known as Byju’s. Deloitte had been appointed as statutory auditors in 2020 for a five-year term. The firm also quit as the auditor for Aakash Educational Services, the test-prep chain Byju's acquired in 2021.
From the resignation letter: “The financial statements of the Company for the year ended March 31, 2022 are long delayed. In accordance with the Companies Act, 2013, the audited financial statements for the year ended March 31, 2022 were due to be …
Co-founders Alakh Pandey and Prateek Maheshwari made Physics Wallah the company it is today by keeping their focus on the digital media, test-prep business. With fresh funds at its disposal after the IPO, it is making the mistake of believing it is an education company.
In the making for many months now, the final outcome at the edtech startup is an instructive episode for both founders and venture investors on when they must let go.
Amid creditors’ allegations that the missing $533 million from a term loan is being quietly used to settle cases in India, Delaware bankruptcy court grants them unrestricted use of confidential documents to pursue the matter.
