Yes, Davidson Kempson reported that Byjus had allegedly stolen 100 crores from their account.
Byjus have raised 2000 crores from Davidson Kempner in debt funding.
As Byjus were authorized to spend 400 crores to manage their operational costs.
But Byjus had taken 100 crores from Davidson Kempner's third party. However, Byjus denied that its fake news. But later, Economics Times declared it as a true event.
Then Davidson Kempner ordered to step down all their board members. As of now only, Byjus founder Byjus Raveendran is the only member left on the board.
So, it's a tough time for Byjus as they are worried about a $1.2 billion loan repayment.
Even its valuation came down from $22 billion in 2022 to $5 billion in 2023.
Then there was a raid in the Byjus's founder's house and office in Bengaluru.
During a video call with investors, even Byju Raveendran became emotional when discussing funding issues.