Byju’s journey from startup star to facing insolvency: All you need to Know

Indian edtech company Byju’s was staring at insolvency proceedings on Tuesday following a tribunal order, deepening a crisis that has seen the one-time market darling’s valuation plunge from about $22 billion to less than $2 billion.

Here is an overview of Byju’s and its troubles:

WHAT TRIGGERED THE INSOLVENCY?

The Indian cricket board last year asked a tribunal to initiate insolvency proceedings against Byju’s for defaulting on $19 million of dues. The dispute is over payments related to sponsorship rights for the Indian cricket team’s jerseys.