Business

Byju’s stops Shah Rukh Khan ad amid Aryan Khan drugs probe

Aryan Khan and 7 others have been despatched to judicial custody for 14 days by a neighborhood court docket in Mumbai on Thursday. The bail plea of Aryan Khan, who was arrested on October 3, was denied by the court docket on Friday.

Online tutoring company Byju’s has stopped all commercials that includes its model ambassador and Bollywood actor Shah Rukh Khan amid the continuing investigation towards his son Aryan Khan in a drugs case. According to a report, Byju’s stopped all advertisements over the previous few days after the company got here beneath fireplace on social media platforms like Twitter. However, it isn’t clear if the company has dropped Shah Rukh as its model ambassador.

Aryan Khan and 7 others have been arrested after the Narcotics Control Bureau (NCB) raided a Goa-bound cruise ship final week. After the raids performed by undercover NCB officers, the crew seized 13 grams of cocaine, 21 grams of Hashish, 22 tablets of MDMA and 5 grams of MD. A neighborhood court docket in Mumbai on Thursday despatched Aryan Khan and 7 others to judicial custody for 14 days. The bail plea of Aryan Khan, who was arrested on October 3, was denied by the court docket on Friday.

On Saturday, the NCB questioned one of many drivers of Shah Rukh Khan and raided movie producer Imtiyaz Khatri in reference to the drugs-on-cruise case. The raids have been performed at Khatri’s residence and office in Mumbai’s Bandra space, after which he was summoned to seem earlier than the company at 11am. The NCB once more summoned him to seem earlier than it on Monday after questioning him for almost eight hours. The company additionally arrested a drug peddler after questioning him, taking the variety of arrests within the case to 19.

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Byju’s, which is India’s most beneficial startup, has been on an acquisition spree and purchased larger training platform Great Learning for $600 million, youngsters’ digital studying platform Epic for $500 million, and check preparation supplier Aakash Educational Services for $1 billion in fast succession. Byju’s founder Byju Raveendran stated in April that the company will go for an preliminary public providing in 18-24 months. Byju’s has greater than 65 million subscribers and the edtech startup has seen sooner progress over the previous year. At least 25 million new customers signed up to make use of its platform after the Covid-19 pandemic-induced lockdown was introduced final year in March.

Also learn | Byju’s to lift $1.5 billion at $21 billion valuation

Byju’s raised $1.5 billion from UBS Group, Abu Dhabi sovereign fund ADQ, Blackstone Group, amongst others, at a valuation of $16.5 billion in June. Before that, Byju’s raised over $1 billion from traders led by Baron Funds, Facebook co-founder Eduardo Saverin’s B Capital Group, and US-based funding hedge fund XN Exponent Holding in April. The fundraising valued the company at round $15 billion.

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