How Byju’s went from startup star to facing insolvency

An Indian tribunal began bankruptcy proceedings against troubled educational technology firm Byju’s on Tuesday over a $19 million unpaid sponsorship debt owed to the country’s powerful cricket board. Byju’s had rode a boom in demand for online learning products during the coronavirus pandemic but crashed hard after locked-down students returned to classrooms. Tuesday’s ruling was the latest blow to the crashed company, once one of India’s most hyped start-ups that has since lost more than 90 percent of its peak $20 billion valuation.