A U.S. unit of Indian education technology startup Byju's, Byju's Alpha, filed for Chapter 11 bankruptcy proceedings in the U.S. court of Delaware, listing liabilities in the range of $1 billion to $10 billion. The ed-tech company, valued at $22 billion in 2022, has seen lenders initiating bankruptcy proceedings against it, with the company's valuation falling to between $1 billion and $3 billion. To address its immediate liabilities, Byju's announced a rights issue of shares to raise $200 million. Byju's also negotiated the repayment of a $1.2 billion term loan in the last few months and laid off thousands of employees. Moreover, the firm has been under scrutiny by Indian authorities over alleged violations of the country's foreign exchange laws.