The Downfall of India’s Hot Startup Is Wiping Out US Debtholders
Byju's, the most valuable startup in India's history, was willing to pay handsomely to borrow hundreds of millions of dollars in the US. It received $1.2 billion towards a global expansion. The company collapsed, setting off legal proceedings that may leave investors recouping only a small fraction of what they're owed. The case is a lesson about the perils of lending when money can rapidly disappear across borders.