Going overboard with acquisitions over the past couple of years, aided by heavy investor funding to the tune of over $2 billion since the onset of the pandemic, it has hit Byju's where it hurts
The startup "made errors in judgment as we followed growth at all costs, including in regard to financial reporting, which we deeply regret," says GoMechanic co-founder Amit Bhasin.
Sequoia Capital through its investment vehicles sells 17.2 crore shares of Zomato in the open market; brings stake down to 4.4% from 6.41% earlier
The U.S.-based investor has allocated $2 billion for the Indian venture and growth funds.
Dhoni, who has invested an undisclosed sum, will also be the brand ambassador for the startup backed by Sequoia India, Tencent, and Y Combinator.
The pre-Series A round was led by Sequoia Capital India’s Surge, China’s Fosun RZ Capital, and KTB Network.
The Bengaluru-based edtech company will utilise the funds to launch new test preparation and examination categories, create new learning content and product.
