Page 24 - Edtech

Will look into financial disclosures of Byju's, says ICAI president

Move comes in backdrop of Congress MP Karti Chidambaram's letter airing concerns over results

Looking into financial disclosures of Byju's: ICAI head Debashis Mitra

Chartered accountants' apex body ICAI is looking into the financial disclosures made by edtech major Byju's amid concerns that there are issues related to them, according to a top official. The development also comes against the backdrop of Lok Sabha member Karti Chidambaram flagging concerns about the financials of the edtech startup, which has significantly expanded its operations in recent years. Last month, the Congress leader had also written to the ICAI (Institute of Chartered Accountants of India) to review the company's financials. ICAI President Debashis Mitra said the Institute is aware of the issues at Byju's and that was not just because Karti Chidambaram had written to it about the alleged issues. "We don't see any serious lapses at the company but yes it looks like there are issues around its financial disclosures. The FRRB (Financial Reporting Review Board) is also looking into the matter," he told PTI here. The institute's FRRB, constituted in July this year, works

Complaints against ads up 14%, highest came from 'education' domain: Report

Among the total 3,340 complaints processed, about 55 per cent of the objectionable ads were spotted in the digital domain, while 39 per cent were in the print domain: ASCI

upGrad to hire over 1,400 people between Nov 2022 and March 2023

According to an official report, the company has made offers to hire people across India and global offices between November 2022 and March 2023

Ronnie Screwvala-led upGrad to hire 1,400 amid edtech sector turbulence

Signs up new leases for 335K sq ft space in Mumbai, Bengaluru, Pune and Noida

Edtech firm PhysicsWallah net profit rises multifold to Rs 97.8 cr in FY22

Edtech firm PhysicsWallah has recorded a multifold jump in its net profit to Rs 97.8 crore in the 2021-22 financial year, the company said on Monday. The unicorn edtech firm had registered a profit of Rs 6.93 crore in the previous financial year. The operating revenue of PhysicsWallah (PW) jumped close to 10-fold to Rs 234.09 crore in FY 2022 from Rs 24.6 crore in FY'21. "The success is accredited to our hardworking team and their intact focus on innovation. All our courses have recorded impressive traction and love from students, and we have also launched new courses to meet their demands. "These growth figures demonstrate our conscious efforts toward transforming education in India. We will continue to follow this philosophy and strive to bring more innovations in this ecosystem, PW founder and CEO Alakh Pandey said in a statement. PW started its journey in 2014 as a YouTube channel to coach JEE and NEET aspirants. It has further scaled into preparing students for multiple ...

BYJU's expects 3-fold revenue growth, losses halved in FY 2022: Official

Edtech major BYJU's expects to register a three-fold growth in revenue and losses to be halved in financial year 2022, according to a top company official. BYJU's Founder and CEO Byju Raveendran, at a startup event on Friday, also defended roping in football star Lionel Messi as its global ambassador amid job cuts at the company, saying the decision was taken six months ago. "Addressing a gathering of entrepreneurs and investors at Tech Sparks 2022, Raveendran said that the company with over 150 million learners, is well on its path to profitability as it expects revenue growth of 3 times and losses to be more than halved in FY'22," as per an excerpt of the event shared by BYJU's with PTI. BYJU's had booked a loss of Rs 4,588 crore and revenue of Rs 2,428 crore for the fiscal year ended March 31, 2021. BYJU's co-founder Divya Gokulnath had announced laying off around 2,500 people from the company as it chalks out a path to profitability by March 2023 and hires 10,000 more teachers

PhysicsWallah's revenue rises to Rs 232.48 cr, net profit surges 14 times

The company has reported a profit at a time when top tech unicorns, especially edtech firms are incurring steep losses and are laying-off employees

upGrad's revenue rises to Rs 692 cr in FY22, losses widen to Rs 627 cr

The total expenses of the edtech unicorn for the fiscal were reported as Rs 1,319 crore in FY22, a jump of 157 per cent from Rs 514 crore last year

Unacademy gives pink slips to 350 employees in second round of layoffs

CEO Gaurav Munjal apologises to staff, says market challenges forced relook at commitment of no layoffs

upGrad to invest $30 mn to launch 10 global campuses in US, India next year

Under a new brand name 'UGDX', the company said it will open three campuses in the US (the San Francisco unit), five in India (Delhi and Chennai) and one each in Singapore and Middle-East

Top headlines: Meta prepares for mass-layoff, Musk calls back fired workers

Business Standard brings you the top headlines at this hour

Edtech pioneer Ronnie Screwvala to build world's largest tech school

The move comes at a time when many unicorns recently fired employees in an attempt to conserve cash and focus on profitability amid steep losses and a funding winter

Byju's ropes in Messi as global brand ambassador for its social initiative

Earlier this year, edtech giant Byju's became the official sponsor of the FIFA World Cup 2022 in Qatar

Byju's decides not to shut its Kerala centre after founder meets CM

Byju Raveendran reiterates his commitment to the state, says company spokesperson

Truly sorry to those who'll have to leave Byju's, says Raveendran to staff

The edtech giant has to sever 2,500 employees to avoid role duplication across businesses, says founder in a letter to employees

No plans to exit Kerala, will hire around 600 people, says Byju's

The total number of Byju's centres across the state will be 14, while no. of employees will increase from 3,000 to 3,600

Kerala govt to meet Byju's executives on Nov 2 as 170 staff asked to resign

A meeting was called by the officials of the labour department on October 25, but the company did not appear for meeting

Byju's takes Rs 300 crore unsecured loan from Aakash for 'principal biz'

The loan was granted at an interest rate of 7.5 per cent per annum, according to the filing

Byju's takes Rs 300 crore unsecured loan from Aakash at a rate of 7.5%

Aakash Educational Services was acquired by Think and Learn Pvt, Byju's parent company, in April 2021 for a cash and stock deal worth $950 million