Page 18 - Edtech

Govt orders inspection of Byju's account books following turmoil: Reports

The Ministry of Corporate Affairs has sought a report in six weeks, said the people, asking not to be named as the information isn't public

Resignation does not absolve Auditor of onus of reporting fraud: NFRA

The NFRA in a circular has said that it has noticed that auditors are not fulfilling their statutory responsibilities relating to reporting of fraud as required by the Companies Law

Byju's crisis prompts top India VC firm Blume Ventures to shift strategy

Perceived corporate governance lapses are sending shockwaves through the South Asian nation's fledgling startup economy

Byju's CEO speaks to shareholders, firm to set up board advisory committee

Committee will advice CEO on governance structure, says source about edtech giant's plans

Byju's promoters have sold stake worth $408.5 mn since 2015-16: Report

This has taken the promoter shareholding in Byju's to 21.2 per cent currently from 71.6 per cent in 2015-16

Amid deep financial crisis, Byju's and Shah Rukh Khan may part ways

In 2017, Byju's signed Shah Rukh Khan for an annual payment of around Rs 4 crore

Edtech start-up Byju's and lenders renew talks to restructure $1.2 bn loan

Byju's and its lenders have been mired in a conflict for several months following rounds of failed negotiations to revamp its loan agreement

Edtech giant Byju's seeks investors for Aakash Education stake: Report

The company bought Aakash Education for $950 million in 2021

No, Byju, it is about more than your life

A tutorial for EdTech to go back to the elementary

Unacademy's cash burn falls to Rs 1.9 crore, says CEO Gaurav Munjal

"Our FY'24 numbers are going to be awesome. This year is going to be the best year for Unacademy so far," the CEO added

Turmoil at Byju's highlights hurdles for India's startup ecosystem

Already stuck in a 15-month funding slump, India's young companies are in danger of becoming collateral damage to the country's highest-profile startup crisis in years

Top headlines: Adani cos under Sebi lens, TCS on foreign remittances

Business Standard brings you the top headlines at this hour

Prosus NV slashes valuation of edtech giant Byju's to $5.1 billion

Prosus had downsized the value of its 9.6% stake in Byju's to around $493 million in the financial year ended March 31, the report added

Edtech giant Byju's seeks to raise $1 billion to stave off investor revolt

The education startup is offering benefits to the potential investors, including preferential treatment in the case of liquidation, the report said

Byju says firm's $22 billion valuation intact, accepts past mistakes

Raveendran told the shareholders that discussions were on for several weeks regarding the reconstitution of the board to strengthen processes

81% of edtech platform users face refund, trust issues: LocalCircles survey

Around 81 per cent of people surveyed have faced issues around fee refund, trust, transparency and others from edtech platforms, according to online survey platform LocalCircles. The survey conducted between February 16 and June 15, 2023, found that 32 per cent of users have faced issues with BYJU'S, 10 per cent each with Unacademy and Udemy, 3 per cent each with Vedantu and Simplilearn and 2 per cent with Physics Wallah, LocalCircles said in a report. "81 per cent of online education platform users surveyed indicated that they had faced one or more issues in the last 24 months," LocalCircles said. The survey received around 32,000 responses but the number of responses varied from question to question. The query around the kind of issues that edtech users face received nearly 12,000 responses comprising issues around teaching staff changes/ effectiveness issues, refund issues, and trust issues like false promises and transparency issues. In response to the survey, a Physics Walla

Byju's staff say morale waning amid turmoil amid layoffs at edtech firm

Byju's has already let go of several thousand employees this year due to slowing demand and it is locked in a legal battle with its lenders and faces regulatory scrutiny

Mature start-ups need fully functional boards: Auditing major Deloitte

Deloitte has recommended that a mature start-up should forecast CSR spends depending on profitability, and a CSR policy should be made available on the company website

Byju's early investor Pai calls for better governance after auditor exit

Deloitte disclosed on Thursday that it was resigning as auditor because Byju's had delayed providing financial statements for 2021-22

Edtech major Byju's in talks with investors who quit board to reconsider

Byju's investors had in recent months raised concerns with the company's leadership related to audit delays and how it dealt with issues relating to its lenders, one source said