Page 5 - Byju Raveendran

Karnataka Labour Minister presses Byju's to resolve former employees' dues

Labour Minister Santosh Lad revealed that approximately 160 to 200 employees had approached the Labour Department, with total outstanding dues amounting to around Rs 4.5 crore

Report indicates no fraud at Byju's, Govt says probe is still underway

The Ministry of Corporate Affairs' investigation offers some relief to Byju's, as it temporarily halts any new scrutiny by Indian officials on already investigated issues

Prosus writes off 9.6% stake in Byju's, marking $493 million in loss

Prosus has invested around $500 million in Byju's over the years. Other Indian startups in Prosus' portfolio include Swiggy, Meesho, and Eruditus

Byju's hedge fund ally can avoid arrest if he helps locate $533 million

The missing money is at the heart of a dispute between lenders owed $1.2 billion and the startup founded by entrepreneur Byju Raveendran

'Byju's now worth zero': HSBC warns Prosus amid legal, financial troubles

Worsening legal challenges and severe cash crunch attributed as reasons by HSBC for Prosus' $500 million investment going to zero value in Byju's

Byju's lenders start bankruptcy proceedings against its US assets

Byju's founders unlawfully diverted $533 million in loan proceeds, the whereabouts of which are still unknown, alleged the lenders

Byju's processes employees' salaries for May from business collections

Edtech firm BYJU'S has processed employees' May salaries from the month's business collections, sources close to the company said on Monday. Last year, the founders of the edtech firm had to pledge their house to raise debt for paying employees' salaries. "The salaries for the month of May have been processed for BYJU'S employees and will be credited today. This milestone is particularly significant for BYJU'S as the salaries have been paid from the company's collections for the month," a source said. The company in the past month also raised various debts to bear the salary expenses as it has not been able to use the USD 200 million fund raised through rights in February. "Over recent months, BYJU'S has implemented a series of strategic initiatives aimed at optimising operations and strengthening its financial health. The ability to cover salary expenses from the monthly collections underscores the positive impact of these measures," the source said. A group of four investors --

Byju's Director Riju Raveendran 'not truthful' on missing $533 mn: US judge

The decision was a symbolic victory for lenders, represented by their agent, Glas Trust, and likely puts only limited pressure on Ravindran to cooperate in order to avoid financial penalties

Edtech company Byju's starts new batches in 240 centres across India

On May 19, Byju Raveendran, founder and CEO of Byju's, addressed all Byju's Tuition Centres (BTC) heads and shared a new business model, based on intrapreneurship.

Byju's sales team misses target despite 30% subscription fee reduction

Majority of the sales team, who shifted to a revenue-linked payout model last week, have yet to secure a sale for any course, despite Byju's reducing prices of educational products by 30%

Byju's slashes course fees by 30-40%, ups sales incentives by 50-100%

Edtech firm Think and Learn -- owner of Byju's brand -- has slashed course subscription fees by 30-40 per cent and hiked sales incentives by 50-100 per cent, according to sources. Byju's Founder and CEO Byju Raveendran, who has started handling the company's daily operations, in a meeting with 1,500 sales associates and managers, has announced change in sales strategy inclined towards scalability and flexibility. "The annual subscription for the Byju's Learning App is now available at a yearly early price of Rs 12,000 (inclusive of taxes), while Byju's classes and Byju's Tuition Centres (BTC) are priced at Rs 24,000 and Rs 36,000, respectively, for a complete year of classes," sources privy to the development said. This is almost a 30-40 per cent reduction in rates, they said. Byju Raveendran has also promised to settle all dues of the sales team with higher incentives. "The average sales salary is Rs 40,000 per month. So, close a couple of sales, and you can get not just your sal

Cash-strapped Byju's cuts product prices, unveils new sales strategy

In the new model, managers will have the role of mentors and not of taskmasters. Employees are encouraged to report any ill-treatment by managers directly to founder Byju Raveendran

Cash-strapped Byju's pays April salaries to all employees except sales ones

Last month, Byju Raveendran, the founder and chief executive officer of Byju's, secured a private debt of about Rs 30 crore to pay the March salaries of employees

Cash-strapped Byju's may pay salary to employees for April this week

Last month, Byju Raveendran, the founder and chief executive of Byju's, secured a private debt of about Rs 30 crore to pay the March salaries of employees

Byju's continues facing cash crunch as NCLT defers hearing to June 6

Byju's and its investors are fighting at the National Company Law Tribunal (NCLT) over the company's rights issue of $200 million in a petition alleging oppression and mismanagement

Raveendran secures pvt debt to pay March salaries of employees at Byju's

The development comes ahead of the April 23 hearing at NCLT and company may request the tribunal allow it to use the rights issue money

Raveendran raised debt to pay March salaries of Byju's employees

Edtech firm Think and Learn, owner of Byju's brand, credited partial salaries of employees for the month of March, according to sources. Byju Raveendran, the Founder and CEO of Think and Learn, has raised debt in his personal capacity to pay the salaries of employees for March. Byju's salary expenses for partial payouts is estimated to be in the range of Rs 25-30 crore. The salary was credited on Saturday, April 20, in the account of employees. According to the source, the amount paid is between 50-100 per cent of salary. "Byju raised more personal debt to pay salaries this month. While the rights issue money is still blocked by the foreign investors, " a source said. "Teachers and people at the lower end of the pyramid have been paid 100 per cent," the source said. The company had raised USD 200 million through a rights issue to meet its operational requirements, including expenses related to employees' salaries. A group of four investors -- Prosus, General Atlantic, Sofina, a

Byju's India CEO Arjun Mohan moves on, company divided into three divisions

Byju's is consolidating its businesses into three focused divisions. These include The Learning App, Online Classes and Tuition Centres, and Test-prep

Byju Raveendran to take over firm's daily ops after CEO Mohan's resignation

Founder of the edtech company Think and Learn, which owns the Byju's brand, Byju Raveendran will handle the firm's day-to-day operations following the resignation of CEO Arjun Mohan, the company said on Monday. Following the move, the company has announced a major rejig of the business that will consolidate its business into three focused divisions -The Learning App, Online classes and Tuition centres, and Test-prep. "The changes follow an extensive seven-month operational review and cost optimisation exercise led by outgoing BYJU'S India CEO Arjun Mohan. This new phase will also see Byju Raveendran taking a more hands-on approach in spearheading the daily operations of the company," the company said. Mohan will now transition to an external advisory role, lending his deep edTech expertise to the company and its founders during this transformation phase. Over the past four years, Raveendran had focused primarily on strategic aspects such as raising capital and driving global ...

'Pleased to inform': Byju's begins salary payout after delay of 2 months

Byju's said that despite its efforts, the company is yet to secure approval to access the funds from the rights issue