Page 14 - Edtech

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

Byju's rolls out new social media policy for employees amid layoffs

Any violation will be taken up by the company seriously and may result in appropriate disciplinary and legal action initiated against the employees, according to the internal company document

Edtech firm Byju's to lay off 4,000 employees in major restructuring

The restructuring exercise will be undertaken by Arjun Mohan, who was recently elevated as chief executive officer (CEO) of its India business, replacing Mrinal Mohit, according to the sources

Two-year-old edtech startup Infinity Learn crosses Rs 100 cr revenue

The company's revenue from operations reached Rs 100 cr in 2022-23 compared to just Rs 2.3 crore in 2021-22 and the firm said it has become PAT positive

Infinity Learn turns profitable, targets Rs 500 cr revenue by 2025

Edtech firm Infinity Learn by Shri Chaitanya has turned profitable in the second year of its operation, with revenue of over Rs 100 crore, a senior company official said on Thursday. Infinity Learn by Sri Chaitanya founding CEO Ujjwal Singh said the company expects Rs 500 crore in revenue by 2025 and over seven times growth in overall subscriber base to 5 crore. "In less than two years of commencing operations, we have turned profitable, and our topline has crossed Rs 100 crore. We aim to be a Rs 500 crore firm by 2025," Singh told PTI. Infinity Learn commenced operation in June 2021 and closed the first fiscal with a loss of Rs 37 crore. The edtech firm, at present, has a gross user base of 70 lakh, out of which 7.5 lakh are paid subscribers. Singh said the company has started three offline centres and plans to set up 40 centres by 2025. "Each of the centres will have the capacity to accommodate 2,500-3,000 learners," Singh said. Infinity Learn will scale up the integrated scho

Edtech ConveGenius builds SwiftChat conversational AI platform on AWS

Amazon Web Services (AWS) India on Thursday announced that edtech social enterprise ConveGenius has built a conversational artificial intelligence (AI) chatbot on its platform for government schools and low-free private schools. The conversational AI chatbot platform -- SwiftChat -- aims to improve learning outcomes for school students using more than 53 conversational AI chatbots that deliver personalised learning content in 13 regional languages to over 100 million students across India. ConveGenius has built SwiftChat Conversational AI Platform on AWS, a release said. "Using the SwiftChat platform, which holds 124 million student profiles across 19 million devices, government schools can create omnichannel chatbots to deliver personalised learning, like curated videos and read-along content, through a single AI-enabled chatbot conversation," it said. Besides the personalised learning, SwiftChat offers teacher training and data-driven decision-making for school administrators, ..

Byju's elevates Arjun Mohan as CEO of India business, Mrinal Mohit quits

Arjun Mohan, a member of the founding team who most recently served as the Chief Business Officer, has rejoined the company after a stint at Ronnie Screwvala-led UpGrad

Edtech giant Byju's regrets 'delays' in settling dues of laid-off employees

According to the new timeline provided in an email to sacked employees, employees can now expect to receive their outstanding payments by November 17, as against the earlier September 15 deadline

Manipal Global Education forays into edtech, plans Rs 100 cr investments

Manipal Global Education has entered into the edtech space with the launch of Manipal MedAce in which the organisation plans to initially invest over Rs 100 crore in the development of content for the platform, a senior official of the said on Thursday. Manipal Global Education Services (MaGE), Managing Director and CEO, Ravi Panchanadan told PTI that the institution is leveraging its expertise and resources for the foray in the edtech sector starting with learning modules for medical courses and test preparation for medical aspirants. "With MedAce we've combined our 60-year expertise in delivering top tier medical content using the latest digital technology in a user-friendly manner," Panchanadan said. The Manipal MedAce app will have learning modules for MBBS students and test preparation modules for NEET PG aspirants. He said that Manipal has invested Rs 50-60 crore initially in the development of the MedAce and the company estimates investments of another Rs 50 crore over a per

Lenders allege Byju's hid $533 million in obscure 3-year-old hedge fund

Byju's denied the charge, saying its credit agreement with lenders did not prohibit or restrict the usage, movement or investment of funds

Byju's hid $533 mn in hedge fund once run from Miami IHOP, allege lenders

"Byju's has gone to great lengths to conceal the whereabouts of borrower's $533 million for the admitted purpose of hindering and delaying" creditors, they argued in Miami-Dade County court filings

Byju's changing fortunes: From buying spree to selling crown jewels

The valuation of the company led by Byju Raveendran jumped to $15 billion by April 2021. Raveendran used the funds to acquire some 20 companies worldwide

Edtech company Byju's plans asset sale to pay off $1.2 billion loan

The lenders are evaluating Byju's proposed amendment and have reportedly asked for more information about the loan repayment proposal

Byju's puts Epic, Great Learning on sale to raise $800 million-$1 billion

Byju's is hoping to earn between $400-$500 million from the sale of Epic, which is a US-based kids' learning company