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How do your losses in an online ed startup be $1B when the revenue is $0.6B? WTF are you spending that much money on? Offshore retirement accounts for friends a
by darth_avocado 3y ago
How do your losses in an online ed startup be $1B when the revenue is $0.6B? WTF are you spending that much money on? Offshore retirement accounts for friends and family?
Edit: did some very superficial digging and it looks like they went on a very aggressive acquisition spree. Bought a bunch of other startups for hundreds of millions. https://www.reuters.com/markets/deals/indian-edtech-startup-byjus-top-acquisitions-investors-2023-06-23/ https://www.reuters.com/markets/deals/indian-edtech-startup-...
- ActionHank 3y agoNot to mention that the bulk of their employees appear to be based in areas where salaries are comparatively significantly lower than in the US. This has to be either massively over run cloud expenses or, more likely given the scale of losses, “spent” on expenses that are essentially friends and family.