Page 12 - Edtech

Physics Wallah founder waives off fee worth Rs 17 cr for 51,000 students

Edtech major Physics Wallah on Monday said its Founder Alakh Pandey has waived off fees for 51,000 underprivileged students for the 2023-24 academic year. The fee waiver was given for various courses spanning NEET, JEE, commerce, arts, and standard 9-12 coaching, under the company's Right to Education programme, the company said in a statement. "Physics Wallah's Founder and CEO, Alakh Pandey has given a full fee waiver on some of its paid batches to 51,000 students for the academic session 2023-2024 to support those from economically weaker sections of society," it said. The total cost amounting to the contribution in terms of waiving the fee is over Rs 17 crore, as per the statement. "We aim to encourage them and provide hope that we stand by them, and financial constraints won't hinder their Right to Education," Pandey said.

upGrad commits Rs 100 crore for 100 'connect and counselling' hubs

Initial reactions have been strong, with over 500 career counselling sessions in the first 30 days. The goal is for the 100 centres to counsel over half a million individuals on their career moves

Startup world gauges spillover effect of edtech firm Byju's web of crises

Byju's income grew to Rs 5,298.43 crore in FY22. But its losses widened to Rs 8,245.2 crore in FY22. Its total expenses for FY22 rose by 94 per cent to Rs 13,668.44 crore

Byju's pays Jan salaries; Raveendran says moving mountains to make payroll

"To be clear, this fight is only against a few vested interests who were trying to sabotage the company by impeding the rights issue," CEO Raveendran said in a letter addressed to the employees

Byju's fights back: Investors have no voting rights on CEO change

The edtech company responded to statements from select investors calling for an extraordinary general meeting (EGM) to replace founder and group CEO Byju Raveendran

Byju's claims 'certain investors' are conspiring against company

Byju's is facing multiple challenges, including a cash crunch, delays in financial reporting and legal disputes with lenders

Key shareholders of Byju's call for EGM, want CEO Raveendran to quit

The current board of Byju's parent Think and Learn mainly consists of Raveendran, his wife and Byju's co-founder Divya Gokulnath, and his brother Riju Ravindran

NIIT Learning Systems Q3 results: Net profit rises 23% to Rs 57 crore

NIIT Learning Systems on Wednesday posted a 23.27 per cent rise in its consolidated profit after tax at Rs 56.7 crore in the third quarter ended December 2023. The company had posted a PAT (profit after tax) of Rs 46 crore in the same period a year ago, NIIT Learning Systems said in a regulatory filing. The company's revenue from operations increased by 7.7 per cent to Rs 391.32 crore in the December 2023 quarter from Rs 363.29 crore in the corresponding quarter a year ago. "Business saw an uptick in sequential growth on the back of continuing addition of new customers and 100 per cent renewals despite compression of spends. We are making a strong commitment to investing in AI for improving effectiveness of learning interventions and are getting positive response from our customers," NIIT Learning Systems Limited (NLSL) Executive Director and CEO Sapnesh Lalla said. NIIT MTS added two new MTS (Managed Training Services) customers during the third quarter of FY'24. At the end of the

Ranjan Pai may invest additional $50-60 million in Byju's-owned Aakash

Pai may intend to make additional investments in Aakash to spur business growth and scale the business during the upcoming enrolment season

Cash-strapped Byju's to raise $200 mn after taking 99% valuation cut

Equity rights issue likely at post-money valuation of $230-250 million

Byju's to raise $200 million via rights issue from existing investors

Byju Raveendran said that Byju's is now less than a quarter away from achieving operational profitability

62% educators in India use GenAI to enhance educational delivery: Teamlease

The study carries insights from 6,313 educators, including primary school teachers, high school instructors, college professors, and educational professionals across the country

US lenders take Byju's to NCLT to initiate insolvency proceedings

The lenders said this was done after over 16 months of efforts on behalf of the Ad Hoc Group to restructure the loans

Ranjan Pai to own 40% in Byju's Aakash Institute, make it debt-free

Aakash Institute's board has approved the conversion of Ranjan Pai's $300 million investment, making him the principal shareholder and rendering the company debt-free

Focus on reducing losses, bring in efficiency: Byju's India CFO Golani

The company has taken various measures to improve the company's operating financial conditions including scaling down the underperforming businesses significantly

Edtech major Byju's to slash $22 bn valuation by 90% to raise fresh funds

The company is focusing on rebuilding its core business and will double down on recent attempts to jump on to the next big bandwagon in education

Byju's reports Rs 5,014 cr in operating revenue, Rs 8,245 in losses in FY22

Edtech giant grapples with financial challenges as auditors raise concerns over $1.2 billion term loan

Byju's vs BCCI: Edtech wants arbitrator to decide Rs 158 crore dispute

The firm claimed before the NCLT that it is in talks with the BCCI to settle the payment dispute. However, the BCCI reportedly denied and told the tribunal that no negotiations were underway

BlackRock slashes Byju's valuation by 95% from $22 bn to $1 bn: Report

Tech investor Prosus NV valued Byju's at under $3 billion in November last year after BlackRock cut its valuation to about $8.4 billion in May

Here's how the world's most valuable learning app Byju's became a trap

The group is facing an acute liquidity crunch. Amid mass layoffs and deep losses, the former billionaire founder has sold his homes to pay salaries