Byju's: Funds not siphoned off, $533 million held by unit

Edtech startup Byju's has clarified that the $533 million it received from foreign lenders as part of a $1.2-billion term loan B has been safely allocated to a non-US subsidiary of the company and has not been misappropriated. The company is facing difficulties in disbursing salaries to its employees due to restrictions on the use of funds raised through the rights issue.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/QsFp7i1