Once upon a time, BYJUs ruled the ed-tech realm with an iron fist. Anyone daring to raise concerns was promptly hounded and dismissed, even humble institutions like our own TFIPost. However, the tables have turned, and karma has come knocking on BYJUs’ door.
Let’s dive into this comedy of errors with a touch of wit and sarcasm.
A Troubled Journey
In a remarkable turn of events, ed-tech giant BYJUs has gone from being an unquestionable entity to bonafide felons. The Indian government’s inspection into their account books, the resignation of their auditor and board members, and a string of financial difficulties have left the once-prominent startup reeling.
Once upon a time, BYJUs ruled the ed-tech realm with an iron fist. Anyone daring to raise concerns was promptly hounded and dismissed, even humble institutions like our own TFIPost. However, the tables have turned, and karma has come knocking on BYJUs’ door. The Indian government has ordered an inspection into their account books, adding to the string of troubles the company now faces.
Trouble continues to mount for ed-tech firm #Byjus
Indian government orders probe against Byju's@ShivanChanana brings you this report
Watch more: https://t.co/dm7SyC01cG pic.twitter.com/Ebp4b1HpdN
— WION (@WIONews) July 12, 2023
Also read: SCAM 1992’s fourth instalment will feature BYJUs
From Infinite Losses to Sensationalism
BYJUs’ financial woes are no secret. Investigative agencies like the Enforcement Directorate (ED) and the National Commission for Protection of Child Rights (NCPCR) have been keeping a close eye on the company. Likewise, we at TFI did research of our own, and the results weren’t promising. In response, BYJUs resorted to schoolyard bullying, with Co-founder Divya Gokulnath taking to LinkedIn to compare their financial results to the infamous Bollywood flop, Brahmastra. Yeah, talk about blockbuster numbers now!
Divya Gokulnath, in her long post, lamented the sensational headlines surrounding BYJUs’ financial conditions. She claimed that the company’s growth and reduced losses in FY22 were conveniently overlooked. While we appreciate her attempt at redirecting the narrative, it’s hard to ignore the irony of BYJUs complaining about sensationalism after their previous dismissal of concerns.
Optimizing and Downsizing – BYJUs’ Way
To salvage their sinking ship, BYJUs has decided to optimize their marketing and operational costs. Translation: they’re planning mass layoffs, with 2,500 employees potentially facing the chopping block. But fear not, BYJUs aims to build brand awareness overseas through new partnerships, even as they contemplate hiring an additional 10,000 teachers. Upsizing and downsizing in perfect harmony!
As if the resignation of Deloitte Haskins & Sells, their auditor, and influential board members weren’t enough, BYJUs decided to sue one of their own debtors. A round of applause for their audacity! It seems trust is eroding within BYJUs’ ranks faster than their losses are being cut.
Also read: A bigger scammer than Hera Pheri’s Raju: BYJUs
BYJUs’ journey from untouchable dominance to legal troubles and financial woes has provided us with quite the comedy of errors. As the government inspection and investigations progress, it remains to be seen if BYJUs can turn their ship around and regain their lost credibility. In the world of ed-tech, even the giants can stumble, reminding us that time truly does bring change – and sometimes, a healthy dose of irony.
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