Page 11 - Edtech

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

Startup & family business governance

Boards must rely on and act upon early warning signals of behavioural aberrations beyond the boundaries of business sanity and neeyat

Byju's spectacular meltdown

The edtech major promised a learning revolution, offering hope to millions of under-educated youth. Now, those dreams are shattered

Byju's EGM gets underway: Raveendran skips, investors file suit before NCLT

A group of four investors of Byju's has filed an oppression and mismanagement suit against the management of the company before the Bengaluru bench of the NCLT, seeking declaring of founders, including CEO Byju Raveendran, as unfit to run the company, and appointing a new board. Besides, the suit has sought declaring the just concluded rights issue as void. Investors, who are seeking the ouster of Raveendran and family from the Byju's board at an extraordinary general meeting of shareholders for alleged "mismanagement and failures" at what was once India's hottest tech startup, have also sought a forensic audit of the company in the plea filed before the National Company Law Tribunal (NCLT) on Thursday evening, according to a court filing. As per the filing, the investors have sought declaring the present management as unfit to run the company and appointing of a new CEO and a new board. The plea also wants a forensic audit and a direction to the management to share information wit

Byju's founder, his family won't attend EGM called by investors on Feb 23

The current board of Byju's parent, Think and Learn, including Raveendran, his wife and Byju's co-founder Divya Gokulnath, and his brother Riju Ravindran will also not attend the EGM

Byju's shareholders to vote on resolution to ouster CEO, family on Friday

Amidst financial turbulence at Byju's, a group of key investors at the edtech have called for an extraordinary general meeting on Friday to oust its founder CEO Byju Raveendran and his family members over "mismanagement and failures" at what was once India's hottest tech startups, sources said. The shareholders, who have called the EGM, collectively hold more than 30 per cent stake in Byju's. Raveendran and family own about 26 per cent in the company. The sources in the know said the Extraordinary General Meeting (EGM) notice calls for ouster of the current board of Think & Learn, the firm that operates Byju's, composed of Raveendran, his wife and co-founder Divya Gokulnath and his brother Riju Ravindran. Detailing the reasons for seeking the ouster, the notice listed alleged financial mismanagement, erosion of value due to management's failure to enforce the company's legal rights and concealment of material information. Earlier this month, South Africa's Prosus, Peak XV Partners

Committed to restructuring board: Raveendran tells Byju's shareholders

To increase shareholder representation, the CEO of the embattled edtech firm committed to restructuring the Board and appointing two non-executive directors

Byju Raveendran says company's $200 million rights issue fully subscribed

Raveendran said that Byju's will appoint a third-party agency to monitor the usage of funds raised in the rights issue

Byju's controversies: The troubles hurting India's biggest edtech company

How did Edtech firm fall from the grace that it once enjoyed with the valuation peaking at $22 billion. Explained

Edtech major Byju's rights issue gets $300 million commitment: Report

Edtech major Think and Learn, which operates under BYJU'S brand name, is learnt to have received a commitment of USD 300 million from investors for its ongoing rights issue which will close by the end of February, sources aware of the development said. BYJU'S floated a rights issue in January to raise USD 200 million through equity rights issue at an enterprise valuation in the range of USD 220-250 million which is a 99 per cent reduction in its peak valuation of USD 22 billion. Sources also shared that BYJU'S has offered miffed investors to appoint two independent directors to enhance transparency but only after the rights issue and declaring its financial result for the 2023 fiscal. "BYJU'S has received a total commitment of around USD 300 million for the rights as on date. Some investors have also suggested increasing the rights issue size but the priority for the company is to close the existing issue successfully," said a source. The source said that negotiation is also on wit

UpGrad's founder blames Raveendran, investors for current state of Byju's

Speaking at the second edition of the ASU+GSV & Emeritus Summit in Gurugram, he emphasized that "one rotten apple" should not affect the entire edtech sector

Germany overtakes Canada as premier study abroad destination: upGrad report

The 2024 Study Abroad Trends Report 3.0 find that study-abroad aspirants prefer countries in the European Union, prioritising education quality, affordability, and job opportunities

Intent to hire freshers improves by 6% for first half of 2024: Report

Intent to hire freshers in the first half of this year has improved by 6 per cent compared to the same period a year ago, as employers' confidence grows in the country, a report said on Tuesday. There is an increase of 6 per cent for the first half of 2024 compared to H1 of 2023 for freshers' hiring in India, TeamLease EdTech's Career Outlook Report HY1 (January-June) report said. "Employers played the conservative card for some time now and hiring had slowed down amidst global turmoil. However, our recent report reveals employer confidence in India's growth story. "Organisations are more confident about their future paths, which reflects in their high confidence to recruit fresh talent and strengthen their talent pool," TeamLease EdTech founder and CEO Shantanu Rooj said. The TeamLease EdTech's Career Outlook Report HY1 (January-June) report is based on a survey among 377 freshers and 149 employers conducted during July-September 2023. The report further revealed that the top thr

Edtech unicorn Emeritus: Now a case study by Harvard Business School

The case study follows the journey of Damera, an HBS alumnus, and Kalipatnapu, an alumnus of INSEAD, who shared a dream of making societal impact by bringing access to high-quality education

68% Indian companies intend to hire freshers in first half of 2024: Report

The intent to hire freshers in India has increased as compared to last year: TeamLease EdTech report