At the annual general meeting of Think & Learn, the parent company of the online education firm Byju’s, shareholders approved the company’s results for the fiscal year 2022 during a meeting that saw disruptions and protests. The company’s results are expected to be released next week.
Delay in Results and Challenges Facing Byju’s
The results of Byju’s have been delayed for over a year due to a range of challenges, from mass layoffs to legal disputes. In November, the Indian cricket board’s arbitration authority initiated bankruptcy proceedings against Byju’s due to the alleged failure to meet sponsorship obligations amounting to 1.6 billion rupees ($20 million).
Leadership Changes and Business Expansion
Byju’s has also seen leadership changes with the appointment of a new CEO in September and a new CFO in November. The new executives participated in the annual general meeting proceedings. Byju’s founder, Byju Raveendran, opened the meeting with a report on the business state and its challenges. Nitin Gulani, the CFO of India, provided an audit process report, while Arjun Mohan, the CEO of India, gave business updates and plans.
Recovery Plan and Future Challenges
Byju’s is also looking to raise between $800 million and $1 billion by selling two previously acquired companies, the children’s e-book service Epic and the skills development platform Great Learning. In November, Indian healthcare billionaire Ranjan Pai invested $170 million in Byju’s profitable test preparation subsidiary, Aakash Educational Services.
However, the recovery presents a long road ahead. “They need to find a way forward that has the support of all stakeholders – customers, employees, partners, and shareholders,” says Ganesh Natarajan, chairman of the digital consulting and investment firm 5F World. “Communication is critical.”
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