Page 6 - Edtech

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.

Glas Trust moves Supreme Court against Byju's resolution professional

A committee of creditors (CoC) is a group of lenders who make decisions about an insolvent company or borrower in the insolvency resolution process

Byju's hits back, says BDO's lack of communication with IRP suspicious

Byju's statement further added that they had 'multiple call recordings', where BDO representatives explicitly suggested backdating these documents, which Byju's refused to do

Byju's auditor BDO resigns after start of bankruptcy proceedings, firm says

Byju's defended its inability to provide the documents, saying in a statement the materials were requested from the firm's board, which has been suspended

India's edtech sector sees 30% drop in funding to $215 mn amid slowdown

According to the report, the Indian edtech sector reported the highest-funded quarter in Q3 2021 with an overall funding of $2.48 billion

Indian tax officials demand $101 million in Byju's insolvency process

The company is being run by court-appointed resolution professional Pankaj Srivastava who is inviting lenders, employees, vendors and government to claim unpaid dues

Despite Byju's setback, edtech sector rebounds slightly with funding uptick

The edtech sector has attracted $215 million in funding to date in 2024, reflecting a slight improvement compared to the total $321 million secured in entire 2023

NCLT asks US lenders of edtech company Byju's to file fresh appeal

This means that the US term loan lenders will not be party to the discussion of the CoC

Edtech firm ODA Class raises $500K from Singapore, China-based investors

Edtech firm ODA Class said on Thursday it has raised USD 500 thousand (about Rs 4 crore) in a fresh funding round from Singapore and China-based investors. Skywalker Education Technology Co Ltd. (Singapore), Hong Kong-based Daituzi Education Technology Corporation Limited, and Matrix Partners China invested in ODA Class during the series B funding round. "ODA Class has announced the completion of its series B funding round by securing USD 5,00,000. The company is supported by investors who believe in its mission, including Skywalker Education Technology Co. Ltd. (Singapore), Daituzi Education Technology Corporation Limited, and Matrix Partners China," ODA Class said in a statement. With this fresh funding round, the edtech firm has raised USD 12.75 million (about Rs 106 crore) from investors. The company raised USD 9 million in 2021, USD 3 million in 2022 and an additional USD 2,50,000 in 2023 "With the latest funding, we are well-positioned to enhance our technological ...

77% children say they use GenAI tools to help with schoolwork: Survey

Survey finds that children above the age of 10 in major metro cities use GenAI once a week, mainly for educational purposes, while 20% use it to pursue personal interests

Cash-strapped Byju's insolvency case fans fears of employees, parents

India's Supreme Court is set to hold on Thursday its next hearing in the insolvency process it allowed to continue last week, when it sided with the protesting US lenders

US judge refuses lender request to block edtech firm Byju's payment to BCCI

Expresses deep concern about being asked to interfere with proceedings in another country's judicial system

US Judge refuses to block Byju's payment to India's cricket board

US Bankruptcy Judge Brendan Shannon rejected a lender request to block Riju Ravindran, brother of Byju's founder

Byju's US lenders seek to block payment to BCCI, want their money first

Earlier this week, a judge in Delaware, where the main legal action against Byju's is taking place, ordered Ravindran to pay $10,000 a day until he helps locate the $533 million