Byju's Nears Settlement with Indian Cricket Board in $19 Million Dispute

Education technology company Byju's is close to resolving a $19 million payment dispute with the Indian cricket board, potentially freeing it from an insolvency process. The startup, which has faced significant challenges including a drastic fall in valuation, expects to settle the debt in three instalments.

Education technology company Byju's is on the verge of settling a $19 million payments dispute with the Indian cricket board, potentially avoiding an insolvency process that has frozen the assets of the once top Indian startup, according to three insiders.

This month, an Indian tribunal initiated insolvency proceedings against Byju's following a complaint from the Board of Control for Cricket in India (BCCI) over unpaid sponsorship fees. This development is another setback for the company, which was valued at $22 billion in 2022, but has since faced numerous issues, including boardroom exits, investor clashes, and a drastic drop in its valuation to under $3 billion.

Byju's, which has denied any wrongdoing, is said to be on the brink of an agreement with the BCCI, the sources revealed. The company plans to pay the outstanding debt in three instalments, starting with an upfront payment of 500 million rupees ($6 million). Negotiations, led personally by CEO Byju Raveendran, are ongoing and terms could change.

(With inputs from agencies.)