Page 13 - Edtech

Always been fully compliant with FEMA regulations: Byju's assures investors

The edtech giant has reached out to all its investors regarding an alleged show-cause notice issued by ED and assured them that the firm has not violated any foreign exchange rules

Byju's ex-employees charge it of missing full and final settlement deadline

Edtech major BYJU'S former employees have alleged that the company has failed to meet the deadline for full and final settlement of laid-off workers. BYJU'S workforce has come down to 31,000-33,000 at group level from 50,000 in October 2022. "I am writing to bring to your attention that I have not received my Full and Final (FNF) payment within the specified timeframe of 45 days and it's about 90 days and I did not get proper resolve from separation team fnf team and all," a former BYJU'S employee wrote on a social media platform. When contacted, the employee claimed that full and final settlement of many employees whom he knows has not been settled yet. An employee sent out an email to several media persons claiming that he was promised by the HR manager at BYJU'S that he would be paid the September month salary along with one month's severance pay by October and later he got an email which deferred the date to November 17. The employee said that the payment is still getting ...

Interest in data science education on the rise: Imarticus Learning

India's data science education market is estimated to grow from $204.23 million in 2023 to $1.391 billion by 2028

Physics Wallah may lay off up to 120 employees due to performance issues

Edtech firm Physics Wallah may lay off up to 120 employees due to performance issues, according to the company. The company in a statement said that less than 0.8 per cent of its total workforce will be impacted due to the performance review exercise. "At PW, we regularly assess performance through mid-term and end-term cycles. For the cycle ending in October, less than 0.8 per cent of our workforce, ranging from 70 to 120 individuals with performance concernsmay be asked to transition. "Our primary focus remains on fostering a dynamic, high-performing team. We plan to hire an additional 1,000 employees in the next six months," PW, CHRO, Satish Khengre said in a statement. The company has around 12,000 employees. Several edtech companies, including unicorns like BYJU'S and Unacademy had hired excess staff to meet the sudden spike in demand for online classes during the COVID period. This is the first mass lay-off that has been announced by Physics Wallah (PW). "We deeply value t

Edtech major Byju's loses unit in US, gains Ranjan Pai as an ally in Aakash

This gave the lenders, which include Redwood Investments LLC and Silver Point Capital LP, the right to replace Riju Raveendran, the founder's brother, from Alpha's board

Byju's lenders win fight over $1.2 billion loan default, control of unit

Lenders have been pushing hard for the repayment of the $1.2 billion loan amid the company's mounting distress after a pandemic-era boom in online learning fizzled out

Byju's in talks with 3-4 strategic buyers to sell Epic for $450 million

Byju's and its term loan B lenders then decided to postpone the ongoing disagreement in the US courts and achieve an out-of-court resolution

Byju's CFO Ajay Goel returns to Vedanta Ltd to oversee restructuring

The development comes at a time when the firm was to present its audited financials for FY22 in the second week of October

Byju's in talks to sell US unit Epic for $400 mn to ease financial pressure

Byju's and its creditors are locked in conflict over a missed interest payment on a term loan that the startup had taken out to help finance a global acquisition spree during the pandemic

Will soon begin audit process for FY23: Byju's CEO Raveendran tells staff

Byju's parent firm Think and Learn reported 2.3 times growth in its core business to reach a total income of Rs 3,569 cr for FY2021-22, and a loss of Rs 2,253 cr y-o-y

Edtech firm Unacademy appoints Sandhydeep Purri as chief people officer

Before joining Unacademy, Purri held the position of chief people officer at Sapphire Foods, overseeing HR strategies for brands like Pizza Hut and KFC

Indian technology companies sacked more staff this year than in 2022

Ed-tech, food-related firms are among the sectors which have been worst affected

PhysicsWallah cautiously monitoring market for opportunities: CBO Rashid

Edtech firm PhysicsWallah has said it is cautiously monitoring the market for any opportunities that align with its vision, as it aims to be a sustainable company, not merely an initiative-driven one. The Noida-headquartered edtech company also said it has enough cash in the bank before the next round of fundraising. "We are cautiously monitoring the market for any opportunities that align with our vision, since it is important to be a sustainable company, not merely being an initiative-driven one," PhysicsWallah Chief Business Officer (CBO) Imran Rashid told PTI. The company raised USD 100 million in series A funding from Westbridge and GSV Ventures at a valuation of USD 1.1 billion in 2022. PhysicsWallah, Rashid said, is in an early stage in terms of funding amid a stretched funding winter in the startup space. The edtech firm has recently forayed into offline teaching and established tie-ups with schools. "Schools are an integral part of...education system (in India) because t

Will file much-delayed March 2022 financial results this week, says Byju's

Byju's, which has missed payment on a $1.2 billion term loan, said it's completed a long-awaited audit of all group units. Parent Think & Learn Pvt Ltd

Physics Wallah plans to open offline counselling centres in 16 more cities

Edtech firm Physics Wallah is planning to expand its counselling centres for students' well-being to 18 cities, the company said on Wednesday. The company has a team of experienced counsellors -- 17 online and six offline -- in Kota and Patna that are run under the name of Prerna. While online counselling is available for students across the country, Physics Wallah is planning to open offline centres in 16 more cities. "Ahead of World Mental Health Day on October 10, Physics Wallah has extended its focus beyond academics to address a crucial concern: students' emotional well-being through its free helpline 'Prerna'. The helpline will also be expanding its offline presence to 16 more cities, allowing for physical assistance to students," the firm said in a statement. Beyond counselling, the Prerna team engages with parents and helps them identify potential issues in their children and find the right support. "Students frequently approach me to share their challenges, and I feel ...

Jaro Education expects over 70% growth in revenue to Rs 200 cr this fiscal

Edtech firm Jaro Education expects its revenue to grow over 70 per cent to Rs 200 crore this fiscal on increase in partnership with tier-1 institutions both in India and overseas and geographic expansion, a top official of the company said. Jaro Education CEO Ranjita Raman told PTI that online degrees have been given equivalence to a full-time degree under National Education Policy that creates a very large market for players like it to build business and grow 2-3 times year-on-year. "This is one great potential and keeping that in mind, we have looked at our expansion plan into tier-2 cities because that's the place where the major target audience lies. Our presence will definitely make it possible for us to get the best results out there," she said. Jaro Education's turnover was around Rs 115 crore in 2022-23. "We are a profitable company. We are focussing on EBITDA (indicator of operational profit) of Rs 54 crore and the top line, which is the turnover, we are expecting to be .

Edtech firm Byju's targets to reach break-even by March, hive off Epic

Edtech major BYJU'S has set the target to become profitable by March 2024 on account of consolidation and restructuring of the organisation and settlement on USD 1.2 billion loan, sources aware of the development said. The company has undertaken exercise to reduce workforce by about 3,000-3,500 this month by ending duplication in roles across the organisation. "Think and Learn Private Ltd (TLPL) restructuring will see the current operations spread across several business units streamlined into four core areas of K-12, test prep, online and hybrid. The business restructuring, aimed at matching resources with cash flows, will see the company achieve break-even by coming March, in fourth quarter of current fiscal," a source said. BYJU'S declined to comment on a query sent in this regard. TLPL operates under BYJU's brand name. BYJU'S had earlier set the target to become profitable by March 2023. BYJU'S booked a loss of Rs 4,588 crore for fiscal year ended March 31, 2021, 19 times more

Byju's to present FY22 financials at board meet amid investor concerns

The edtech firm is yet to file its FY22 results with Registrars of Companies and this delay has been a key concern among investors as well as the lenders

Google, Facebook, X, Edtech Cos likely to pay up to 18% IGST from October 1

OIDAR service provider companies such as Google, X, and Facebook may have to pay integrated GST up to 18 per cent on services provided to the government and individuals in India

Focused on cutting costs, Byju's to skip campus placements this year

Even if Byju's were to visit their campuses, it is unlikely that students would be keen to sit for their placements, an official aware of the matter said