The spokesperson mentioned that the lenders, along with some “big investors” of the edtech company, were teaming up to make hefty profits and take advantage of the situation. However, they didn’t give much detail about what exactly that situation entailed, just hinting at the ongoing series of problems the company has been facing.
The edtech company hit back, accusing the lenders of making unfounded claims and labeling them as “opportunistic.” They added that these creditors were only interested in squeezing out harsh financial deals.
“We want to make it crystal clear that we’re not backing down in this battle to defend ourselves, and most importantly, to protect the interests of all those who rely on us, including the millions of students we’re proud to serve,” the spokesperson emphasized.
“This whole situation boils down to a group of foreign lenders trying to take advantage of an Indian startup by throwing around baseless accusations, all for the sake of getting what they want financially,” they concluded.