Page 11 - Edtech

Edtech major Byju's says now 262 tuition centres operate across India

The edtech firm says focus on quality with efficiency helps most centres turn profitable

Investors oppose Byju's March 29th EGM, NCLT denies any immediate relief

A group of aggrieved investors have opposed an extraordinary general meeting on March 29, called by Think and Learn, owner of Byju's brand, before company tribunal NCLT, Bangalore but failed to get any immediate relief, according to sources. Byju's has called the extraordinary general meeting (EGM) on March 29, to increase authorised share capital of the company following the recent USD 200 million rights issue. "Investors who are miffed by Byju's approached NCLT, Bangalore to stay the EGM called by the company, but the court denied any immediate relief. The tribunal has listed the matter for hearing on March 28," a source said. Query sent to Byju's and some of the lead investors elicited no reply. A group of four investors of Byju's has filed an oppression and mismanagement suit against the management of the company before the National Company Law Tribunal (NCLT), Bengaluru Bench, seeking to oust the founders, including CEO Byju Raveendran, and appoint a new board. Besides, the s

Funds safe, claims edtech major Byju's after US court's freeze order

In Delaware hearing, Judge rejects lenders' request for mandatory injunction, said Byju's. Instead orders a preliminary injunction, effectively seeking to maintain status quo

Byju's must freeze $533 million in mixed win for lenders, says judge

Dorsey's order was aimed at Riju Ravindran, one of the company's directors and the brother of founder Byju Raveendran

Fund manager who helped Byju's hide $533 mn from its lenders to be jailed

Byju's Alpha, a subsidiary controlled by Byju's lenders, filed for U.S. bankruptcy in February after the Bangalore-based startup defaulted on $1.2 billion in debt

Byju's shuts down offices across India amid cash crunch; implements WFH

Amid legal battles and financial disruptions, the edtech has gradually rolled back its office leasing to prioritise financial stability and paying employees

Accenture invests $1 bn in learning platform, to buy edtech firm Udacity

Udacity's team of more than 230 professionals will join Accenture LearnVantage

Byju's Florida hedge fund ally may face jail time over missing $533 million

Lenders accuse Morton of helping Indian tech firm Think & Learn hide $533 million from them

Byju's investors file caveats in SC expecting challenge to NCLT's order

MIH Edtech Investments BV, Peak XV Partners Investments, Sofina SA and General Atlantic Singapore TL Pte Ltd filed separate caveats in SC as a precautionary move

Disclosure in US court counters narrative by four investors, says Byju's

Byju's said this counters the fake narrative by four investors at the National Company Law Tribunal (NCLT) that the amount was siphoned off

Byju's unable to pay salaries as funds locked amid rift with investors

Byju's founder Byju Raveendran on Saturday said the edtech company will not be able to pay salaries to employees as the recent funds raised through a rights issue are inaccessible due to a legal dispute with certain investors. In a letter to staff, Raveendran said the rights issue, launched a month ago, has been successfully closed. "This was supposed to be a happy correspondence. After all, we now have funds to meet our short-term needs and clear our liabilities. However, I regret to inform you that we will still be unable to process your salaries," he said. In the letter - seen by PTI - Raveendran said the company is still striving to ensure that salaries are paid by March 10. "We shall make these payments the moment we are permitted to do so as per law," he added. Further, Raveendran said that last month, the company faced challenges due to a lack of capital, and "now we are experiencing a delay despite having funds". "Unfortunately, a select few (4 out of our 150 plus investo

Edtech major upGrad appoints Venkatesh Tarakkad as chief financial officer

Tarakkad will be responsible for overseeing upGrad's domestic and global financial strategies

Tough test: Staff salaries may again be hit at edtech major Byju's

NCLT has asked Byju's to keep funds via rights issue in escrow account and it cannot be withdrawn till the disposal of the matter, according to the sources

Blume Ventures invests $10 million in edtech firm Interview Kickstart

This is Blume Ventures' largest opening investment to date and is a clear vote of confidence in Interview Kickstart's vision, market leadership, and demonstrated profitable growth, the company said

The spectacular flameout of Byju's

Byju Raveendran set up Think & Learn in 2011, got his first funding in 2013 and launched The Learning App in 2015, which became a case study at Harvard Business School

Edtech major Byju's faces long legal battle as CEO digs in heels: Experts

This may also negatively impact the edtech giant's operations and market reputation, according to industry sources and legal experts

Controversy over EGM results adds to edtech major Byju's troubles

The meeting was called by some leading investors such as Prosus and General Atlantic and there were seven resolutions at the EGM

Will continue as CEO of Byju's, EGM a farce: Raveendran tells employees

Raveendran also told employees that he is not taking any of the investor allegations lying down and will challenge these illegal and prejudicial actions, according to a letter sent to the staff

Continue to remain CEO; rumours of my firing inaccurate: Byju Raveendran

A day after investors of the troubled edtech firm Byju's voted for a leadership change, Byju Raveendran has penned a note to employees saying he continues to remain CEO and the management remains unchanged, as he dubbed Friday's EGM as a "farce". The note to employees assumes significance as it comes after Byju's shareholders (prominent investors) on Friday voted for removing Founder-CEO Raveendran and his family from the board over alleged "mismanagement and failures" at what was once India's hottest tech startup, but the company dug in its heels, calling the voting done in absence of founders as invalid and ineffective. In a note to employees on Saturday, Raveendran alleged that a lot of essential rules were "violated" at Friday's Extraordinary General Meeting (EGM). "This means that whatever was decided in that meeting does not count, because it didn't stick to the established rules... It is crucial for everyone to understand the specific issues that make this EGM a farce," he ..

Byju's crisis: Employees share stories of uncertainty, financial strain

Some say they have moved to other edtech firms at lower salaries; some have exited the sector