BYJU'S

Byju's is the operating brand of Think & Learn Private Limited, an Indian education-technology company founded in Bengaluru in 2011 by Byju Raveendran and Divya Gokulnath. The company built one of India's largest ed-tech platforms, combining app-based learning content with a large door-to-door and franchise tutor sales force, and expanded through acquisitions including WhiteHat Jr, Aakash Educational Services, Epic!, and Great Learning.

Byju's reached a peak valuation of about $22 billion in March 2022, backed by investors including Sequoia Capital India (Peak XV Partners), Tiger Global, Prosus Ventures, BlackRock, General Atlantic, Chan Zuckerberg Initiative, and the Qatar Investment Authority. A planned 2022 US listing via a SPAC merger with a Michael Klein-affiliated vehicle was abandoned amid market turmoil following Russia's invasion of Ukraine.

Beginning in 2023, the company entered a severe financial crisis: it defaulted on a $1.2 billion Term Loan B raised through its US subsidiary Byju's Alpha, delayed audited financial statements, laid off thousands of employees, and saw its valuation marked down by investor BlackRock to roughly $1 billion by January 2024 -- a roughly 95% cut from its 2022 peak.

In 2024, Think & Learn's US subsidiary filed for Chapter 11 bankruptcy protection and, separately, the Board of Control for Cricket in India (BCCI) successfully petitioned India's National Company Law Tribunal (NCLT) to open insolvency proceedings against Think & Learn over unpaid jersey-sponsorship dues. That corporate insolvency resolution process has continued through 2025 and into 2026 despite a settlement attempt with the BCCI, with founder Byju Raveendran disputing creditors' claims -- notably from GLAS Trust, agent for the US term-loan lenders -- and litigating over control of the company at the NCLT, the National Company Law Appellate Tribunal (NCLAT), and the Supreme Court of India.