In a significant turn of events, Indian ed-tech giant Byju’s is nearing a resolution in its ongoing $19 million dispute with the Board of Control for Cricket in India (BCCI), according to insiders. This development comes after an Indian tribunal launched insolvency proceedings against the company earlier this month, triggered by the BCCI’s complaints over unpaid sponsorship dues.
Byju’s, which once soared to a $22 billion valuation in 2022, has faced a turbulent ride, marked by boardroom upheavals and investor disputes. These challenges have seen its valuation plummet to under $3 billion, alongside job cuts and internal strife.
Despite these hurdles, Byju’s appears poised to resolve the conflict with the BCCI. The company is reportedly planning to settle the outstanding amount in three installments, beginning with an immediate payment of 500 million rupees ($6 million). The exact terms of the agreement are still being finalized and could be subject to alterations.
The BCCI has not responded to requests for comment, and Byju’s has refrained from making any immediate statements regarding the settlement discussions. Notably, CEO Byju Raveendran is personally overseeing the negotiation process, according to anonymous sources familiar with the matter.
