Page 23 - Byju's

Edtech firm Byju's likely to close $250 mn equity fund raise in April

Edtech major Byju's is likely to close a USD 250 million equity funding deal in April at a USD 22 billion valuation, sources aware of the development said. The company had last raised USD 250 million in October at the same valuation. "Byju's is in the process of raising USD 250 million. The term sheets are expected to close in about 2-3 weeks," a source told PTI. Another source said the fundraising is an equity deal and happening at a flat valuation of USD 22 billion. When contacted Byju's declined to comment. The company had last raised USD 250 million from existing investors and Qatar Investment Authority. The company attained a valuation of USD 22 billion in the funding round of USD 800 million, announced in March 2022. Byju's has set a target to become profitable by the end of this month. The company retrenched 2,500 employees under the plan and hired 10,000 teachers for India and overseas. Byju's booked a loss of Rs 4,588 crore for the fiscal ended March 2021 -- 19 times

Edtech major BYJU's, Aakash deny merger talks with rival Unacademy

Edtech major BYJU's on Friday denied reports that it is considering a merger of rival Gaurav Munjal-run Unacademy into Aakash Educational Services

BYJU's set to close $250 mn funding round soon at flat valuation

At a group level, BYJU's had said its top priority is to achieve "overall profitability by March 2023"

Edtech startup Byju's to raise $250 mn in Aakash pre-IPO funding

Aakash is eyeing an initial public offering (IPO) and it is looking to raise the capital to create an interim event and set the stage, according to the sources

Byju's to raise $250 mn via convertible notes in Aakash pre-IPO funding

The pre-IPO round at Aakash will help the startup to tide over a liquidity crunch as talks to raise funds at a parent level are getting delayed with a prolonged due diligence process

Top HR executives at Whitehat Jr quit as BYJU's plans to shut platform

Beleaguered coding platform WhiteHat Jr has seen an exodus of top HR executives in recent days, including Ashutosh Singh, Director HR Business Partner (HRBP) and HR leader for international markets

No plans to shut down WhiteHat Jr, merely optimising it: Byju's

Last year, Byju's laid off about 600 employees at its group companies - WhiteHat Jr and Toppr

Byju's to shut coding platform WhiteHat Jr as part of restructuring

WhiteHat Jr shut its schools division that targeted to take its flagship coding curriculum to 10 lakh school students by the next academic year

Centre pulls up Amazon, Byju's for unfair consumer practices: Report

Under the Consumer Protection Act, 2019, the department of consumer affairs has powers to penalise companies for misleading ads and unfair trade practices

Use of tech in education improving academic results: Byju's co-founder

Penetration of technology in the education sector is giving improved academic results, Divya Gokulnath, Co-Founder of BYJU's, said on Tuesday. Edtech is an area which has seen growth, especially since Covid-19. The use of technology in education is delivering improved academic results, she told PTI. "It is a responsibility and duty to ensure that while we do well as an organisation we go beyond business and we do good for society. Education is one sector where you have benefits of double bottom line. I don't think many other sectors can actually stake that claim," Gokulnath said on the sidelines of GSV + Emeritus India Summit event in Gurugram. On the contribution of BYJU's, she said the ed-tech company has close to 7.5 million paying customers and another 5.5 million students from the remotest part of the country who are being given online learning for free. "There is a 6 per cent increase in academic improvement... This is what the sector is capable of doing... you have great ...

Byju's in funding talks with TPG, West Asian sovereign funds as debt weighs

Negotiations are ongoing and it's unclear if the prospective investors will go ahead with a deal, the people said, who asked not to be identified as the information is private

BYJU's to miss group level profitability deadline, results delayed again

BYJU's will not be able to meet its March 2023 deadline to achieve group-level profitability, as it envisioned in its earnings in October last year, reliable sources said on Monday

Top headlines: Adani group ratings under surveillance, Rs 8,083 cr for PLIs

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Edtech giant Byju's lays off nearly 1,000 employees across verticals

According to the company sources, the layoffs are part of the"optimisation" strategy announced last year where the company plans to sack 2,500, or 5 per cent, of its employees

Edtech major Byju's lays off over 1,000 employees from engineering teams

The edtech sector has laid off the most employees, with 16 edtech startups laying off more than 8,000 employees to date

Budget will lead India towards self-reliance: Byju's Divya Gokulnath

The co-founder of Byju's Divya Gokulnath has said the Union Budget 2023-24 will take the country to become a self-reliant economy. The Indian multinational education technology company co-founder said the push for infrastructure in the budget, which was presented by Union Finance Minister Nirmala Sitharaman on Wednesday, will create huge jobs and encourage investment in this sector. "The budget strengthens India's progress towards becoming a self-reliant economy. It also reinforces the government's commitment to making India a major player in the global economy," Gokulnath told PTI here. "The allocation of substantially more funds towards infrastructure development will create millions of jobs and encourage the private sector to invest more, she added. Speaking about the education sector, she said, "The budget proposals like teachers training and National Digital Library align with the NEP schools and by investing in cutting-edge digital infrastructure and nurturing an innovation .

Facebook co-founder's investment fund closes third series at $2.1 bn

Firm will invest in financial services, healthcare tech, enterprise software space

After criticism, Byju's introduces new process to verify customer consent

Technology-drive policy to check all sales thrice, says edtech giant

Byju's seeks more time from lenders to renegotiate $1.2 billion debt

Byju's is scrambling to appease creditors and investors already concerned about mounting losses at the once high-flying startup

Star India asks BCCI for Rs 130-crore discount in the existing deal

India's home season media rights holder Star India has asked the BCCI for a Rs 130 crore discount in the existing deal while jersey sponsor BYJU's, which is on its way out, wants the board to encash bank guarantee worth an estimated Rs 140 crore to honour the current agreement. The BCCI top brass deliberated on the two subjects for more than an hour in the emergent meeting of the Apex Council on Monday. It was a virtual meeting. In November, BYJU's had communicated to the BCCI that it wants to exit as the jersey sponsor of the Indian cricket team but the board asked the ed-tech company to continue until at least March 2023. However, in June, BYJU's had extended its jersey sponsorship agreement with the BCCI until November 2023 for an estimated USD 35 million. While an approximately Rs 140 crore will be paid to the BCCI through bank guarantee, the remaining, around Rs 160 crore, will be paid via installments. "Only BYJU's and Star India issues were discussed in the meeting but that