BATTLE LINES DRAWN

Promoters and investors of Byju's are on collision course as the firm confronts multiple challenges

- KRISHNA GOPALAN

EVEN THE MOST conservative observers will concede that the Byju's saga has barely unfolded. The once-storied edtech unicorn has seen a dramatic drop in its valuation and has witnessed a very combative relationship between its promoters and investors. Plus, it is trying to address its precarious financial situation.

Things came to a head earlier this year when Byju's, once valued at $22 billion, said it would raise $200 million through a rights issue. The company has said that the issue was oversubscribed, without disclosing details. It has been known for a while that the Bengaluru-headquartered entity has been looking to raise at least $1 billion. For the investors, if they did not participate in this issue, they could end up losing almost all their holdings in Byju's.