Downfall of Byju's, India's hot edutech startup, wipes out US debtholders

Byju's, once India's most valuable edutech startup, faces a corporate collapse that has left US debtholders struggling to recover over half a billion dollars. The company, which raised $1.2 billion in late 2021, is embroiled in legal battles after funds were allegedly moved out of reach. As interest rates rose, Byju's financing costs increased, leading to a crisis. The situation has raised concerns about the startup boom in India and the risks of cross-border lending. Byju's founder, Byju Raveendran, denies wrongdoing amid ongoing investigations.