Page 8 - Edtech

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

NCLT directs edtech major Byju's to keep status quo on shareholding

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

EdTech firms moves SC against grace marks given to NEET-UG 2024 candidates

The chief executive of EdTech firm Physics Wallah', Alakh Pandey, has moved the Supreme Court against alleged random award of grace marks by the National Testing Agency to over 1,500 candidates who took the controversy-ridden NEET-UG, 2024 for admissions to MBBS, BDS and others courses. The top court had said on Tuesday the sanctity of the National Eligibility-cum-Entrance Test-Undergraduate (NEET-UG), 2024 has been affected and sought responses from the Centre and the National Testing Agency (NTA) on another plea seeking holding of the examination afresh on grounds of alleged question paper leak and other malpractices. Lawyer J Sai Deepak, who appeared for Pandey, mentioned the plea for urgent listing on Tuesday before a vacation bench comprising Justices Vikram Nath and Ahsanuddin Amanullah. The bench asked him to approach the apex court registry with his plea. "Multiple petitions have been listed in the Court. Some of the petitions were filed before the declaration of results on

Byju's hedge fund ally can avoid arrest if he helps locate $533 million

The missing money is at the heart of a dispute between lenders owed $1.2 billion and the startup founded by entrepreneur Byju Raveendran

Former upGrad executives Kadekar, Konwar launch The Leadership Project

This venture aims to deliver leadership content that is globally relevant while being deeply rooted in India's diverse cultural contexts

Unacademy cofounder and CTO Hemesh Singh quits the edtech company

After almost a decade of building Unacademy, Singh has decided to move from an executive role to an advisory role

'Byju's now worth zero': HSBC warns Prosus amid legal, financial troubles

Worsening legal challenges and severe cash crunch attributed as reasons by HSBC for Prosus' $500 million investment going to zero value in Byju's

Byju's lenders start bankruptcy proceedings against its US assets

Byju's founders unlawfully diverted $533 million in loan proceeds, the whereabouts of which are still unknown, alleged the lenders

Byju's processes employees' salaries for May from business collections

Edtech firm BYJU'S has processed employees' May salaries from the month's business collections, sources close to the company said on Monday. Last year, the founders of the edtech firm had to pledge their house to raise debt for paying employees' salaries. "The salaries for the month of May have been processed for BYJU'S employees and will be credited today. This milestone is particularly significant for BYJU'S as the salaries have been paid from the company's collections for the month," a source said. The company in the past month also raised various debts to bear the salary expenses as it has not been able to use the USD 200 million fund raised through rights in February. "Over recent months, BYJU'S has implemented a series of strategic initiatives aimed at optimising operations and strengthening its financial health. The ability to cover salary expenses from the monthly collections underscores the positive impact of these measures," the source said. A group of four investors --

Delhi to Delaware: No end in sight for edtech giant Byju's problems

Ex-employees planning to take firm to NCLT next week to demand their dues

Byju's Director Riju Raveendran 'not truthful' on missing $533 mn: US judge

The decision was a symbolic victory for lenders, represented by their agent, Glas Trust, and likely puts only limited pressure on Ravindran to cooperate in order to avoid financial penalties

Edtech company Byju's starts new batches in 240 centres across India

On May 19, Byju Raveendran, founder and CEO of Byju's, addressed all Byju's Tuition Centres (BTC) heads and shared a new business model, based on intrapreneurship.

Rajnish Kumar, Mohandas Pai to leave edtech major Byju's advisory council

The company said that characterising a routine move as 'a setback' is exaggerated and attention-seeking

Cash-strapped Byju's cuts product prices, unveils new sales strategy

In the new model, managers will have the role of mentors and not of taskmasters. Employees are encouraged to report any ill-treatment by managers directly to founder Byju Raveendran

Cash-strapped Byju's pays April salaries to all employees except sales ones

Last month, Byju Raveendran, the founder and chief executive officer of Byju's, secured a private debt of about Rs 30 crore to pay the March salaries of employees

Skill-imparting companies train youth for evolving job market demands

According to data by Institute for Human Development, unemployment rate for graduates and those having higher qualifications has been declining

Byju's introduces revenue-linked salary policy for sales staff: Report

Base salaries of sales staff will be suspended while this policy is in place between April 24 and May 21

Raveendran secures pvt debt to pay March salaries of employees at Byju's

The development comes ahead of the April 23 hearing at NCLT and company may request the tribunal allow it to use the rights issue money

Byju's India CEO Arjun Mohan moves on, company divided into three divisions

Byju's is consolidating its businesses into three focused divisions. These include The Learning App, Online Classes and Tuition Centres, and Test-prep