Beleaguered edtech Startup BYJU'S has encountered yet another "humiliating predicament" after a family visited their office, dismantled a TV installed there and took it away.
According to Indian Express, a family initiated a refund request for an unused tablet and learning program. After weeks of trying, and failing to overcome the innumerable hurdles in getting their money back, they removed a TV installed in the edtech giant’s office and took it away.
They were also heard saying, “Take it when you pay the refund,” to the office staff. The video of the incident has gone viral on Instagram.
The video has amassed more than 1,00,000 views on Instagram, and the comments have been amusing to read as well. One user quipped, “Father and son will play PlayStation after closing the subscription,” while another remarked, “BYJU'S in another loss of 45000 in this Financial year f24.” A third user joked, “The level of confidence of this family.”
The incident has ignited conversations regarding customer service standards within the edtech sector and the complexities of managing refund procedures. Additionally, it has prompted inquiries into the legality and suitability of the family's actions.
Once hailed as one of India's most promising startups, reaching a peak valuation of $22 billion, BYJU'S now grapples with a myriad of challenges. These include debt burdens, cash flow woes, poor working conditions, and questionable business decisions. Consequently, its valuation has plummeted to around $225 million.
Moreover, the company faces legal troubles, notably with the BCCI filing an insolvency petition, citing defaults on sponsorship payments.
As part of its investigation into the edtech firm under the Foreign Exchange Management Act (FEMA), the Enforcement Directorate (ED) has also extended its lookout circular against Byju Raveendran, the founder of BYJU’S.
Published 22 February 2024, 06:46 IST