Page 9 - Edtech

Investor funding in edtech driving unwarranted behaviour: Byju's Aakash CEO

Investors' funding in the edtech space is driving an unwarranted behaviour which is not good for the industry, Byju's Aakash Education Services Ltd (AESL) Managing Director and CEO Deepak Mehrotra has said. Speaking to PTI, Mehrotra also said that digital alone can't meet aspirations of medical and engineering students looking to get into premium institutions, and it is important to address requirement of new learners. "Investors' funding is very clearly driving behaviours which are not good for anyone, I only hope sanity prevails," said Mehrotra who was appointed AESL's CEO on Monday. He was replying to a query about the need for consolidation in the edtech and test preparatory space where there has been a lot of changes in the business models of several firms. During the edtech's growth stage, several brick-and-mortar test preparatory firms entered the online space, while online education firms added brick-and-mortar centres. Mehrotra said digital alone is not enough to address

Investor funding in edtech drives unwarranted behaviour: Byju's Aakash CEO

Investors' funding in the edtech space is driving an unwarranted behaviour which is not good for the industry, Byju's Aakash Education Services Limited (AESL) Managing Director and CEO Deepak Mehrotra said on Monday. Speaking to PTI, Mehrotra also said that digital alone can't meet aspirations of medical and engineering students looking to get into premium institution, and it is important to address requirement of new learners. "Investors' funding is very clearly driving behaviours which are not good for anyone, I only hope sanity prevails," said Mehrotra who has been appointed AESL's CEO on Monday. He was replying to a query about the need for consolidation in the edtech and test preparatory space where there has been a lot of changes in the business models of several firms. During the edtech's growth stage, several brick-and-mortar test preparatory firms entered into the online space, while online education firms added brick-and-mortar centres. Mehrotra said that digital alone i

Edtech firm Aakash Educational Services appoints Deepak Mehrotra as CEO

The appointment of Deepak Mehrotra is part of AESL's strategic vision to enhance its offerings and expand its reach, the company said

Edtech firm Aakash Educational Services appoints Deepak Mehrotra as new CEO

Edtech firm Byju's group firm Aakash Educational Services Ltd on Monday said it has appointed Deepak Mehrotra as its managing director and chief executive officer. The position of CEO at Aakash has been lying vacant after Abhishek Maheshwari resigned from the company in September 2023. Mehrotra's appointment fills in the position of CEO after a gap of about seven months. Mehrotra joined the office with immediate effect, the company said in a statement on Monday. "As we enter the next phase of growth, it's our pleasure to welcome Deepak to lead Aakash Educational Services Ltd. In his role as CEO, he will be responsible to deliver on our aggressive growth plan and to build on the significant momentum the company is currently experiencing. "His business acumen and stellar record as the Managing Director for Pearson India will be pivotal in leading Aakash BYJU'S into its next phase of growth and impact," Byju's, Founder and Chairman Byju Raveendran said. With over 35 years of experie

Byju's 'breached' terms of loan worth $42 mn; stake sale in arm blocked

Byju's was India's biggest startup until 2022 when it was valued at $22 billion, but has seen its fortunes dwindle amid an auditor exit

Unacademy CEO Gaurav Munjal's comment on Indian tech founders sparks debate

Country lacks culture of research and innovation but Indian entrepreneurs found solutions to country's problems

Retail, food and education top tech layoffs list so far in 2024, shows data

Numbers so far this year are lower than in 2023

Byju's delays salaries for 2nd month in a row amid rights issue dispute

Cash-strapped Byju's and its investors are involved in a dispute at the National Company Law Tribunal (NCLT) over the company's $200 million rights issue

Byju's EGM: Shareholders don't object to raising authorised share capital

Shareholders of edtech major Think and Learn, owner of Byju's brand, raised no objection to the resolution to increase authorised share capital of the company in the extra-ordinary general meeting held on Friday, company sources said. According to the sources, none of the miffed investors, who proposed to oust Byju's founder and family from the management seat, took part in the meeting. "Meeting started at 10 am with approximately 20 investors representatives in attendance along with Think & Learn management. The requisite quorum required for EGM was there. Few questions regarding the postal ballot were asked and answered by the chairman and CS. Resolutions were called out. No objections raised," sources said. Byju's held the EGM (extra-ordinary general meeting) to increase authorised share capital of the company to complete the process for raising USD 200 million through rights issue. A group of four investors -- Prosus, General Atlantic, Sofina, and Peak XV -- along with support

Aggrieved investors will participate in Byju's EGM on Friday morning

Aggrieved investors of edtech major Think and Learn, owner of Byju's brand, will participate in the extraordinary general meeting of the company to be held on Friday morning, sources aware of the development said on Thursday. Byju's EGM is scheduled to start at 10 AM IST on Friday to seek shareholders' approval to increase the authorised share capital of the company, following the USD 200 million rights issue. "Most of the investors, especially those who have gone to the NCLT, will participate in the EGM as it is the place to record their vote and raise issues," a source from the group of discontented Byju's investors said. A group of four investors - Prosus, General Atlantic, Sofina, and Peak XV - along with support from other shareholders, including Tiger and Owl Ventures, have approached the National Company Law Tribunal (NCLT) against Byju's EGM. The source said investors want to access the financial books of Byju's which they can get through EGM. The NCLT Bangalore bench on ..

Edtech major Byju's says now 262 tuition centres operate across India

The edtech firm says focus on quality with efficiency helps most centres turn profitable

Investors oppose Byju's March 29th EGM, NCLT denies any immediate relief

A group of aggrieved investors have opposed an extraordinary general meeting on March 29, called by Think and Learn, owner of Byju's brand, before company tribunal NCLT, Bangalore but failed to get any immediate relief, according to sources. Byju's has called the extraordinary general meeting (EGM) on March 29, to increase authorised share capital of the company following the recent USD 200 million rights issue. "Investors who are miffed by Byju's approached NCLT, Bangalore to stay the EGM called by the company, but the court denied any immediate relief. The tribunal has listed the matter for hearing on March 28," a source said. Query sent to Byju's and some of the lead investors elicited no reply. A group of four investors of Byju's has filed an oppression and mismanagement suit against the management of the company before the National Company Law Tribunal (NCLT), Bengaluru Bench, seeking to oust the founders, including CEO Byju Raveendran, and appoint a new board. Besides, the s

Funds safe, claims edtech major Byju's after US court's freeze order

In Delaware hearing, Judge rejects lenders' request for mandatory injunction, said Byju's. Instead orders a preliminary injunction, effectively seeking to maintain status quo

Byju's must freeze $533 million in mixed win for lenders, says judge

Dorsey's order was aimed at Riju Ravindran, one of the company's directors and the brother of founder Byju Raveendran

Fund manager who helped Byju's hide $533 mn from its lenders to be jailed

Byju's Alpha, a subsidiary controlled by Byju's lenders, filed for U.S. bankruptcy in February after the Bangalore-based startup defaulted on $1.2 billion in debt

Byju's shuts down offices across India amid cash crunch; implements WFH

Amid legal battles and financial disruptions, the edtech has gradually rolled back its office leasing to prioritise financial stability and paying employees

Accenture invests $1 bn in learning platform, to buy edtech firm Udacity

Udacity's team of more than 230 professionals will join Accenture LearnVantage

Byju's Florida hedge fund ally may face jail time over missing $533 million

Lenders accuse Morton of helping Indian tech firm Think & Learn hide $533 million from them

Byju's investors file caveats in SC expecting challenge to NCLT's order

MIH Edtech Investments BV, Peak XV Partners Investments, Sofina SA and General Atlantic Singapore TL Pte Ltd filed separate caveats in SC as a precautionary move

Disclosure in US court counters narrative by four investors, says Byju's

Byju's said this counters the fake narrative by four investors at the National Company Law Tribunal (NCLT) that the amount was siphoned off