Page 17 - Byju's

Edtech firm Byju's targets to reach break-even by March, hive off Epic

Edtech major BYJU'S has set the target to become profitable by March 2024 on account of consolidation and restructuring of the organisation and settlement on USD 1.2 billion loan, sources aware of the development said. The company has undertaken exercise to reduce workforce by about 3,000-3,500 this month by ending duplication in roles across the organisation. "Think and Learn Private Ltd (TLPL) restructuring will see the current operations spread across several business units streamlined into four core areas of K-12, test prep, online and hybrid. The business restructuring, aimed at matching resources with cash flows, will see the company achieve break-even by coming March, in fourth quarter of current fiscal," a source said. BYJU'S declined to comment on a query sent in this regard. TLPL operates under BYJU's brand name. BYJU'S had earlier set the target to become profitable by March 2023. BYJU'S booked a loss of Rs 4,588 crore for fiscal year ended March 31, 2021, 19 times more

Byju's to present FY22 financials at board meet amid investor concerns

The edtech firm is yet to file its FY22 results with Registrars of Companies and this delay has been a key concern among investors as well as the lenders

Focused on cutting costs, Byju's to skip campus placements this year

Even if Byju's were to visit their campuses, it is unlikely that students would be keen to sit for their placements, an official aware of the matter said

Byju's rolls out new social media policy for employees amid layoffs

Any violation will be taken up by the company seriously and may result in appropriate disciplinary and legal action initiated against the employees, according to the internal company document

Edtech firm Byju's to lay off 4,000 employees in major restructuring

The restructuring exercise will be undertaken by Arjun Mohan, who was recently elevated as chief executive officer (CEO) of its India business, replacing Mrinal Mohit, according to the sources

Byju's elevates Arjun Mohan as CEO of India business, Mrinal Mohit quits

Arjun Mohan, a member of the founding team who most recently served as the Chief Business Officer, has rejoined the company after a stint at Ronnie Screwvala-led UpGrad

Edtech giant Byju's regrets 'delays' in settling dues of laid-off employees

According to the new timeline provided in an email to sacked employees, employees can now expect to receive their outstanding payments by November 17, as against the earlier September 15 deadline

Lenders allege Byju's hid $533 million in obscure 3-year-old hedge fund

Byju's denied the charge, saying its credit agreement with lenders did not prohibit or restrict the usage, movement or investment of funds

Top headlines: iPhone15 series launched, Byju's hid $533 mn in hedge fund

Business Standard brings you the top headlines at this hour

Byju's hid $533 mn in hedge fund once run from Miami IHOP, allege lenders

"Byju's has gone to great lengths to conceal the whereabouts of borrower's $533 million for the admitted purpose of hindering and delaying" creditors, they argued in Miami-Dade County court filings

Byju's changing fortunes: From buying spree to selling crown jewels

The valuation of the company led by Byju Raveendran jumped to $15 billion by April 2021. Raveendran used the funds to acquire some 20 companies worldwide

Edtech company Byju's plans asset sale to pay off $1.2 billion loan

The lenders are evaluating Byju's proposed amendment and have reportedly asked for more information about the loan repayment proposal

Byju's puts Epic, Great Learning on sale to raise $800 million-$1 billion

Byju's is hoping to earn between $400-$500 million from the sale of Epic, which is a US-based kids' learning company

Byju's makes a surprise $1.2 billion repayment proposal to lenders

Byju's and its lenders have been mired in a conflict for almost a year, during which rounds of negotiations to revamp its loan agreement have failed

Funding into edtech sector plunges 48% in 2023 due to decreased demand

Experts said that the demand-supply mismatch between teachers and course availability in offline education is expected to fuel the growth in the sector in the coming years

Byju's and lenders postpone legal battle, aim for out-of-court settlement

The parties are working on reaching a forbearance agreement, and discussions are still ongoing

WhiteHat Jr CEO Ananya Tripathi quits in another top-level exit at Byju's

Tripathi, who has been on maternity leave since May, has decided to quit. However, Byju's is yet to formally acknowledge her resignation

Edtech giant Byju's CBO Prathyusha Agarwal, two senior executives quit

These exits come at a time when the most valuable edtech company has been trying to address challenges such as due diligence issues, legal battles with lenders, challenges in raising fresh capital

Byju's business head Prathyusha Agarwal resigns amid reorganisation

Agarwal had joined Byju's in February 2022 from Zee Entertainment Enterprises. Two other business heads - Himanshu Bajaj and Mukut Deepak - have also left, the company

Baron Capital nearly halves Byju's valuation, marks up Swiggy, Pine Labs

Byju's was last valued at $22 billion when it raised $250 million from Qatar Investment Authority in October last year