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News » Byju’s faces insolvency petition vs. Teleperformance

Byju’s faces insolvency petition vs. Teleperformance

Byjus insolvency petition Teleperformance
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BENGALURU, INDIA — Education technology (Edtech) giant Byju’s is facing a fresh insolvency case filed by customer support provider Teleperformance in Bengaluru. 

The National Company Law Tribunal (NCLT) issued Byju’s a two-week notice to respond, with a hearing scheduled for March 11.

Teleperformance claims Byju’s owes Rs 4.82 crore (US$580,000) in unpaid dues — excluding Rs 21 lakh (US$25,300) interest to the company — for terminated Business Process Outsourcing (BPO) services contracted since April 2022. Byju’s allegedly breached terms requiring three months’ notice, causing financial harm.

This adds to mounting legal troubles as Byju’s U.S. arm has already filed for bankruptcy over a $1.2 billion debt default. The Board of Control for Cricket in India (BCCI) and digital marketer Surfer Technologies have also petitioned NCLT against Byju’s unpaid dues.

Now reportedly seeking a $200 million investment amidst a financial crisis, Byju’s faces rising shareholder tensions, including calls to remove founder and CEO Byju Raveendran over mismanagement allegations.

The once high-flying startup saw pandemic success but had Rs 8,245 crore (US$993 million) consolidated losses in FY22.

Read more here.

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