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This is another setback for the Edtech company, which was once at the heights, which was priced at $ 22 billion at a time.
Edtech giant Byju’s is currently facing major service obstacles. Its major Android app has disappeared from Google Play Store and its website has been limited to only one landing page. Existing users have been excluded from paid content and video lesson and most of the search-optimized content has disappeared from the website.
According to a report by Moneycontrol, this barrier is due to delay in payment to Amazon Web Services (AWS), which operates the company’s cloud infrastructure. Due to this, main services like app content, website functionality and video streaming have become offline.
However, other apps of this Edtech company such as Byju’s Exam Prep, which are for candidates of competitive exams like IAS, MBA and UGC NET and the Think and Learn Premium apps are still available on the platform.
It is once another shock for the Edtech company, which had an $ 22 billion valuation for the Edtech company. Byju’s is currently under severe financial pressure and is facing bankruptcy proceedings initiated by BCCI, in which an outstanding amount of Rs 158 crore is being recovered under a sponsorship deal.
Byju founder Bayju Rabindran has recently accepted his previous mistakes in public messages, including a $ 1.2 billion term loan taken in 2021. He admitted that equity funding should have been given priority instead of this loan.
As part of “byju’s 3.0”, Ravindran said that the company will now move out of profit-centered model to a purpose-inspired model.
