Page 24 - Byju's

Byju's founder raising funds to buy back as much as 15% of firm: Report

Raveendran is in the midst of overhauling the company's strategy and cutting marketing spend with a goal to be profitable by March

After many rocking years, we needed a rocky year: Byju's CEO Raveendran

He said 2022 was the year of learning for all tech businesses, of every kind. "We had our share of learnings and growing, too. This was the year of introspection and action.

For tech industry, 2022 was a year of mass layoffs; 2023 likely to be worse

The tech layoffs this year have exceeded the job cuts the sector faced globally during the financial crisis of 2008-2009 triggered by the Lehman Brothers' collapse

98.5% refunds in 48 hrs; no incentive to pursue those un-interested: Byju's

BYJU'S processes 98.5 per cent refunds within 48 hours of receiving such requests from customers, the edtech company said in its submission to child rights body NCPCR on Friday. Defending itself on the allegation of mis-selling, BYJU'S said it does not encourage, order or incentivise its sales staff and managers to pursue customers who are uninterested in or unable to pay for its products. "BYJU'S stated that it has robust written refund policy for all products and services. At every purchase touch point, the customer is informed about the terms of the refund policy. It also stated that 98.5 per cent of the refund requests that are submitted to it through official channels are processed within 48 hours," the company said in a statement. The National Commission for Protection of Child Rights (NCPCR), taking cognisance of the matter, has summoned BYJU'S CEO Byju Raveendran to appear before it on December 23. BYJU'S denied the allegation of "mis-selling", saying that such question doe

No question of mis-selling, sales team doesn't have rights: Byju's to NCPCR

Says that by design, every sale is unapproved until it is verified by a triple-layered audit mechanism that reaches out to the interested customer through SMS, audio and video calls

Byju's to undertake affordability test of parents before selling courses

The child rights organisation will meet with Byju's officials again on Monday for additional information and documents from the company

Byju's denies buying student databases after NCPCR Chief's allegation

Edtech major Byju's strongly denied reports by NCPCR that the company is allegedly buying phone numbers of children and their parents and threatening them to buy its courses

Byju's may terminate jersey sponsorship deal with BCCI, MPL may exit too

Two of Indian cricket team's main sponsors, edtech major Byju's and MPL sports, want to exit from their sponsorship agreements with the BCCI. In June, Byju's had extended its jersey sponsorship agreement with the Board until November 2023 for an estimated USD 35 million. Byju's now wants to terminate its agreement with the BCCI which has asked the company to continue at least until March 2023. "BCCI received an email from Byju's on 4.11.2022 requesting terminating the association post the recently concluded T20 World Cup. As per our discussions with Byju's, we have asked them to continue the current arrangement and continue the partnership at least until 31.3.2023," read a BCCI note on the matter. The matter was discussed at the BCCI Apex Council meeting on Wednesday. The brand had replaced Oppo back in 2019. Byju's was also one of the sponsors of the 2022 FIFA World Cup in Qatar. The edtech company had recently announced plans to lay off not more than five per cent of its total .

Byju's allegedly buying contacts of children, threatening parents: NCPCR

The child panel took action based on a news report that the company's sales team was engaging in dishonest behaviour to persuade parents to purchase their courses for their kids

TMS Ep327: Reliance FMCG, Byju's pains, Markets, EAGLE Act

Is FMCG the new battlefield between Ambani and Adani? Is Byju's experiencing growing pains? Will US Fed's hawkish pivot push Sensex to 58,000? How will EAGLE Act help Green Card seekers? Answers here

Is Byju's experiencing growing pains?

Creditors of India's most-valued unicorn Byju's are pressuring it to sell off its US assets to repay loans. Is the edtech major still facing the growing pains of a start-up or spiralling downhill?

NCPCR summons BYJU's CEO Raveendran over allegation of malpractice

Apex child rights body NCPCR has summoned edtech BYJU's CEO over allegations that it is indulging in malpractices to lure parents and children to buy their courses. According to a media report, BYJU's is facing a range of complaints on social media platforms and consumer websites with customers alleging that they were exploited and deceived as they had to put their savings and futures in jeopardy. The National Commission for Protection of Child Rights, taking cognisance of the matter, has summoned BYJU's CEO Byju Raveendran to appear before it next week. "The Commission is in observance that indulging into malpractices to lure the parents or children into entering loan based agreements and then causing exploitation is against the welfare of children and in pursuance of the functions and powers under Section 13 and 14 of CPCR Act, 2005," NCPCR said. The Commission asked the company to appear in person before it along with the details of all the courses run by BYJU's for children the

BYJU's problems to continue in 2023 as lenders seek $1.2 bn loan repayment

No end to BYJU's troubles as after sacking employees, alleged harsh and "abusive" work culture, reports on "working capital crisis" emerge with lenders asking the edtech unicorn to repay part of loan

Lenders ask Byju's to liquidate US assets to part-repay $1.2-bn loan

The company is seeking a restructuring of the loan, but it faced steep losses. Around this time, some activist investors bought some of the bonds

Byju's lenders seek immediate part-repayment of $1.2 billion loan

The lenders have hired Houlihan Lokey Inc. to advise them on amending covenants after the edtech titan breached terms, including a September deadline for filing its results

Layoff fallout: Outplacement firms have their hands full with flood of CVs

Tough trade-off: Companies want job guarantee for people they've laid off, but on a bargain

Byju's seeks easier terms on $1.2 bn loan as it struggles with losses

Byju's, valued at $22 billion, has appointed an adviser to discuss tweaks in covenants of the term loan B with creditors

Mulling an IPO for Ola ride-share business next year, says Bhavish Aggarwal

'Looking at synergies with EV business, will announce details soon'

Serum Institute, Byju's top Burgundy-Hurun unlisted companies list

The Pune-based vaccine producer's value has increased 20 per cent to Rs 2.2 trillion in the past one year

Amazon to shut down its edtech platform in India, refund customers

Edtech offering was launched last year to cater to students preparing for engineering colleges' JEE