Page 5 - Edtech

Trouble mounts for Byju's as firm faces new probe over financial practices

The federal government has asked the regional office of the Registrar of Companies in Hyderabad to investigate Byju's books to ascertain if the company misreported financial statements

India among our top three focus markets globally, says Pearson executive

The company is seeing a huge growth opportunity in English language learning, assessment and testing, and higher education

Edtech platform Bhanzu secures $16.5 mn for US expansion and global growth

The company has reported 8 times growth since its last funding round two years ago. It is now cash-flow positive, with expansion plans focused on the US market

Biz fundamentals rekindling investor confidence in edtech: Eruditus CEO

The company has seen 40 per cent growth in university partnerships over the past four years and doubled its enterprise business in the last two years

LEAD Group to seek PE funding after hitting profitability milestone

Edtech unicorn hopes to turn the corner by FY25-end, says CEO

Zinc raises $25.5 million in seed funding from Nexus Venture Partners

The funding will enable Zinc to drive product innovation and expand its offerings

Arihant academy acquires 51% stake in ZEAL academy at Rs 17 cr valuation

Coaching institute Arihant Academy on Thursday said it has acquired a 51 per cent stake in Zen Educational and Learning (ZEAL Academy) at a valuation of Rs 17 crore. The acquisition will enable Arihant Academy to expand its academic portfolio in the Mumbai Metropolitan Region and cater to a larger student base with top-notch learning pedagogy, the company, which is listed on NSE SME platform, said in a filing. The company did not reveal the acquisition cost but stated that ZEAL Academy's valuation is priced at Rs 17 crore. "This also expands Arihant's presence across Navi Mumbai, it said. "By merging ZEAL Academy's local expertise with our teaching methods, we aim to create a more comprehensive learning experience and a stronger educational framework for students across the metropolitan region. We believe this move will not only enhance our offerings but also broaden our impact on the educational landscape," Arihant Academy Managing Director Anil Kapasi added. Kunal Pathak, Partne

Byju's in trouble again as SC scraps NCLAT ruling on insolvency proceedings

A bench led by Chief Justice DY Chandrachud revoked the NCLAT's approval of Byju's settlement of Rs 158.9 cr in outstanding dues to the BCCI

Aakash to invest Rs 100 crore to rebuild Aakash Digital in 2 years

Test preparatory firm Aakash Educational Services plans to invest around Rs 100 crore in rebuilding and scaling up its edtech unit Aakash Digital after it has come out of the control of beleaguered edtech company BYJU'S, managing director and CEO Deepak Mehrotra said. In an interview to PTI, Mehrotra said that as part of Aakash 2.0 journey, the company will scale up Aakash Digital classrooms to cater to students across the country including in those areas where it is not feasible to set up physical rooms. "We have brought the Aakash Digital Program back under Aakash, we are building on it and investing heavily. We believe that over the next 18 to 24 months, we will be spending close to Rs 100 crore on building this programme -- investing in technology, content, teacher capabilities, and delivery. This investment will go into the Aakash Digital Classroom Program," Mehrotra said. BYJU's had acquired a majority stake in Aakash Educational Services (AESL) in April 2021 but due to ...

Great Learning registers 23% revenue growth at $118 million in FY24

EdTech company Great Learning on Monday said it has registered a 23 per cent year-on-year growth in revenue to USD 118 million (about Rs 992 crore) in the financial year 2024. The company said it has registered growth on account of upskilling demand for artificial intelligence and business gains in the US and Europe. "Revenue was USD 118 million, and both EBITDA and net profit were positive for the fiscal year," the company said in a statement. Great Learning was acquired by Byju's in 2021. In Oct 2023, its financial lenders took control of Byju's ownership in Great Learning to safeguard and protect it, the statement said "The company's noteworthy performance in FY24 comes on the back of its emergence as a leading global provider of AI upskilling while maintaining a sharp focus on profitability. Great Learning continues to see robust growth in international markets, such as North America and Europe," the statement said. Founded 11 years ago, Great Learning offers professional ...

Byju Raveendran, Pai planning an 'out-of-court' settlement with US lenders

The dispute revolves around the $1.5 billion Term Loan B (TLB) guaranteed by Think and Learn Pvt Ltd, the parent of Byju's

upGrad commits Rs 200 cr training programme for PM's internship scheme

The firm has created a specialised course with nine comprehensive modules and virtual classrooms

PW is able to develop set of products that are disruptive: Deborah Quazzo

Deborah talks about the firm's high-yielding investment in Physics Wallah, the decision to not invest in beleaguered edtech firm Byju's, and investment strategy in India

Physics Wallah in talks with investment bankers, preps for public listing

Edtech company closed a funding round of $210 mn last month, increased valuation to $2.8 bn

Byju's founder denies fraud, says missing funds used for legitimate purpose

The company got the $1.2 billion loan nearly three years ago as it planned to use most of the proceeds on an international expansion, Raveendran claimed

Edtech company Byju's in default of $1.5 bn loan, affirms Delaware SC

Allows US lenders to take control of firm's American assets, primarily Byju Alpha

We are now a separate entity from Byju's: Aakash CEO Deepak Mehrotra

Plan includes scaling up operations, bringing efficiency and setting up hybrid learning centres

Indian educators to procure 1,000 AI-powered EdTech innovations at Didac

Indian educators will procure more than 1,000 AI-Powered EdTech innovations showcased at Didac India 2024 exhibition, according to a statement. The 14th edition of Didac India, an exhibition and conference focused on education and skilling resources, was organised by Messe Stuttgart India from September 18 to 20 at Yashobhoomi, New Delhi. The event witnessed the unveiling of a diverse array of futuristic solutions and resources with exhibitors from over 20 countries showcasing more than 5,000 Edtech products and innovations, the statement said. "Over 1000 cutting-edge AI products are going to be procured by Indian educators to transform India's education and skill sector," it stated. Domestic and international companies including Roombr, Microsoft, HP, Samsung, LG, BenQ, Up Grad, Teachmint, Viewsonic, Philips, and several others showcased latest innovations in AI, education technologies, drones, educational supplies, IoT, robotics, AV equipment, lab equipment, infrastructure, AR, a

Edtech startup Physics Wallah's valuation crosses $2.8 bn with new funding

$210 mn Series B funding round led by Hornbill Capital; Physics Wallah will use funding to expand reach

PhysicsWallah raises $210 mn; valuation jumps 2.5 times to $2.8 bn

Edtech unicorn PhysicsWallah said on Friday it has raised USD 210 million in a funding round led by Hornbill Capital at a 2.5 times higher valuation of USD 2.8 billion. Lightspeed Venture Partners, along with existing investors GSV and WestBridge, also participated in the funding round. "PhysicsWallah Pvt Ltd (PW) has closed its series B funding round, raising USD 210 million. This investment brings the company's post-money valuation to an impressive USD 2.8 billion, 2.5x (times) jump over its last valuation of USD 1.1 billion," the company said in a statement. There has been a long dry spell of significant funding in the Indian edtech sector with a significant dip in the valuation of large edtech firms. "PhysicsWallah's funding round serves as a beacon of optimism amidst challenging times for the edTech sector, showcasing the unwavering confidence of both existing and new investors in PhysicsWallah's growth and its mission to democratise education across India," the company said.