Page 7 - Edtech

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

Insolvency proceedings will force edtech major Byju's to shut down: CEO

The 452-page filing at the High Court of Karnataka, made by Raveendran's counsel MZM Legal, is not public but has been reviewed by Reuters

Edtech major Byju's to appeal against insolvency proceedings this week

Byju's has suffered numerous setbacks in recent years, including boardroom exits and a tussle with investors

Byju's journey from startup star to facing insolvency: All you need to Know

Byju's, which has denied mismanagement, says the investors don't have the power to vote out its CEO

BCCI initiates insolvency proceedings against online tutor Byju's

Byju's, founded by teacher Byju Raveendran, was valued at $22 billion at its peak but ran into financial and legal problems after its business dried up

NCLT admits Byju's parent Think & Learn into insolvency over BCCI dues

Byju's insolvency proceedings were triggered by BCCI's claim of unpaid dues amounting to Rs 158 crore

Long-overdue salaries: 62 ex-staffers plan to take Byju's to NCLT

About 62 former employees of Byju's have come together and sent a notice of filing an insolvency and bankruptcy case against the troubled edtech firm at NCLT if their pending dues are not paid

NCLT asks Byju's to pay salaries to employees, warns firm of facing audit

The edtech firm has paid April, May salaries but is yet to make full payments for February and March

Edtech major Byju's asks for 48 hrs to decide on selling or pledging shares

The edtech firm's US-based lenders have filed a plea to prevent the company from pledging, selling or transferring its shares

Unacademy gives pink slips to 250 employees in another round of layoffs

Unacademy has had multiple rounds of layoffs since 2022. Its workforce is down to below 3,000 as against 6,000 in the early part of 2022, according to sources

Byju failed because he didn't listen to anyone: Unacademy CEO Gaurav Munjal

Munjal questioned Raveendran's leadership and his ability to take feedback

Karnataka HC reserves order on edtech firm Byju's second rights issue

Byju's is currently restricted from issuing shares and using funds raised from a $200 million rights issue until the tribunal decides the matter

Report indicates no fraud at Byju's, Govt says probe is still underway

The Ministry of Corporate Affairs' investigation offers some relief to Byju's, as it temporarily halts any new scrutiny by Indian officials on already investigated issues

Prosus writes off 9.6% stake in Byju's, marking $493 million in loss

Prosus has invested around $500 million in Byju's over the years. Other Indian startups in Prosus' portfolio include Swiggy, Meesho, and Eruditus

Byju's moves Karnataka HC against NCLT order barring second rights issue

The National Company Law Tribunal (NCLT) Bengaluru on June 12 told Byju's to maintain the status quo with regard to existing shareholders and their shareholding

Warburg-backed Avanse Financial Services files for Rs 3,500-cr IPO

Avanse is the first education-focused NBFC looking to go public

Infinity Learn targets 6th-12th graders, aims to double revenue in FY25

Edtech firm Infinity Learn has increased focus on tapping 6th-12th grade students to expand user base following the government's restriction on physical coaching for those below 16 years, and the company expects to double revenue to Rs 400 crore this fiscal. Ujjwal Singh, Founding CEO of Infinity Learn by Sri Chaitanya, said the new rule that barred coaching centres from admitting students below 16 years has opened a new market for the company which already has a large user base of those preparing for all-India level engineering entrance exam JEE and medical entrance NEET. Singh said that the company expects to double revenue this fiscal to Rs 400 crore with expansion of its business both in India as well as overseas. "The new rule... is actually very helpful for us. Students can stay back home and attend online classes. We are addressing them. That is a new big market which has opened for years and this is the reason we have enhanced focus on grade 6-10," Singh said. The edtech fi