Thursday, September 14, 2023

The World's Highest Valuation EdTech Transferred A Half-Billion Dollars To A Hedge Fund Based Out Of A Florida IHOP


From New Delhi's VC Circle, September 14:

Byju’s on Wednesday disclosed that it invested more than $500 million in debt instruments, responding to investor concerns after American lenders alleged that the online tutor deliberately hid money in an obscure hedge fund.

Glas Trust Co., the trustee representing lenders who had extended a loan of $1.2 billion to the world’s most valuable education technology startup in November 2021, told a Florida court on 7 September that Byju’s transferred $533 million to Camshaft Capital Fund, a Miami-based hedge fund, allegedly established by a 23-year-old with no training or experience in investing. The lenders also told the court that the official address of the hedge fund in its regulatory filings is a US restaurant chain, IHOP....