Page 7 - Edtech

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

Byju Raveendran takes charge of Byju's as NCLAT accepts BCCI settlement

The NCLAT noted that "money being offered by the largest shareholder and former promoter (Riju Raveendran) has nothing to do with the US lenders, which gives the court power to rule"

Money paid to BCCI is 'clean money', Riju Raveendran tells NCLAT

Formation of committee of creditors stayed till August 2

NCLAT defers edtech major Byju's, BCCI settlement after lender alert

Raveendran's brother had made part-payment on Tuesday

Byju's ex-director fined $10,000 per day over missing $533 million

The missing cash belongs to a bankrupt shell company, Byju's Alpha Inc., which is affiliated with Think & Learn and was taken over by the lenders after their loan defaulted

BCCI in discussion with Byju's to settle dispute related to unpaid dues

Solicitor General Tushar Mehta, who appeared on behalf of the BCCI, informed the bench that some talks were on and the BCCI wanted time to see if "anything fruitful will come" out of such discussion

BCCI accuses Byju's CEO of misleading Karnataka HC in insolvency hearing

Byju's is currently dealing with claims exceeding Rs 200 crore from multiple creditors, including Rs 158 crore owed to BCCI

Byju's moves fresh plea before HC for stay on insolvency proceedings

The edtech firm has urged the Court to stay the insolvency resolution process as well as the formation of the Committee of Creditors (CoC)

Byju's appeals to NCLAT Chennai against insolvency; hearing set for July 29

Byju's owes its creditors - BCCI, OPPO, Surfer Technologies, Cogent E Services, McGraw Hill Education India, and iEnergizer Services - more than Rs 200 crore

Budget to plug skill gap, boost employment creation: HR, ed-tech industry

HR and Ed-tech industry experts on Tuesday said budget proposals on skilling, internship and job creation will help address the need for a skilled workforce and boost employment generation for youth. Experts termed the Budget for 2024-25 presented by Finance Minister Nirmala Sitharaman as forward-thinking which aligns with the vision of a 'Viksit Bharat'. Direct Benefit Transfer (DBT) of up to Rs 15,000 is set to boost formal employment by making it more attractive for industries to hire new talent, they added. Sitharaman in the budget announced an outlay of Rs 2 lakh crore for several schemes targeting 4.1 crore youth. The minister announced a provision of Rs 1.48 lakh crore for education, employment and skilling programmes. TeamLease Degree Apprenticeship Chief Strategy Officer Sumit Kumar said with targeted outreach to 4.1 crore youth over five years, the initiative is poised to make a significant impact by seamlessly integrating education, skill development and employment. "Up

Byju's US lawyers blame client in a bid to quit US bankruptcy case

For months, lenders have been trying to find $533 million in cash that Ravindran allegedly moved out of the US

Edtech firm's founder Byju Raveendran faces reckoning as startup implodes

Accused of financial mismanagement and compliance issues, the son of family of teachers from a small village in south India faces a reckoning that will test the ingenuity that made him a poster child