Indian startup Byju’s nears settlement in cricket board dispute, sources say

Byju's, once valued at $22 billion in 2022, has faced significant challenges recently, including the departure of board members and conflicts with investors who accused CEO Byju Raveendran of poor corporate governance. The company is now close to resolving a $19 million payment dispute with the Board of Control for Cricket in India (BCCI), which could help lift the insolvency proceedings that have frozen its assets. Earlier this month, an Indian tribunal initiated these insolvency proceedings after BCCI raised concerns over Byju's failure to pay sponsorship fees. This is the latest setback for Byju's, which has seen its valuation plummet to below $3 billion and has had to cut jobs. Byju's denies any wrongdoing. The settlement talks with BCCI are reportedly nearing completion, though sources involved in the discussions have chosen to remain anonymous due to the private nature of the negotiations.