Byjus
ETtech Explainer: What's next for Byju's after SC stays settlement deal with BCCI
Byju's founder Byju Raveendran is dealing with several legal disputes, including a Rs 158 crore payment issue with the Indian cricket board and a $1.2 billion term loan conflict with US lenders. Adding to their woes, India's Enforcement Directorate is investigating alleged violations of the Foreign Exchange Management Act involving Rs 9,362.35 crore.
Byju Raveendran vows to pay staff salaries once he regains control over accounts
According to the founder of the troubled edtech firm, loss of control over the company’s accounts following SC staying NCLAT’s decision has stopped the founders from infusing more capital to pay the salaries. On August 14, the Supreme Court stayed the National Company Law Appellate Tribunal’s (NCLAT) order that approved the settlement deal between Think & Learn Pvt Ltd, the parent company of Byju's, and the Board of Control for Cricket in India (BCCI).
US court nixed lenders’ plea opposing settlement with BCCI, claims Byju’s
The Delaware Bankruptcy Court dismissed Glas Trust Company’s request to halt Byju's settlement deal with BCCI. Byju’s regained control after NCLAT’s approval. The settlement was funded by Riju Ravindran’s personal funds, not US lenders’ money. Glas Trust is expected to appeal the NCLAT order in India's Supreme Court.
Byju’s founder close to settling dues with BCCI, lawyer tells NCLAT
The BCCI requested a one-day adjournment at the NCLAT due to ongoing settlement discussions with Byju's regarding insolvency proceedings. The case involves a Rs 158.9 crore default by Think & Learn Pvt Ltd. Byju's founder challenged the NCLT's order initiating insolvency proceedings and has also sought intervention from the Karnataka High Court.
NCLAT judge recuses from hearing Byju Raveendran’s plea against edtech’s bankruptcy order
Justice Sharad Kumar Sharma recused from hearing Byju Raveendran’s appeal as he had appeared as the senior counsel for the Board of Control for Cricket in India. A new bench will now be constituted to hear the appeal.
ET Explainer: Byju's steps on the insolvency tripwire. What happens next?
For more than a year now, the Bengaluru-based edtech company has been in turbulent waters with issues ranging from payment defaults, staff layoffs, boardroom battles and alleged lapses in corporate governance. NCLT’s decision triggered the corporate insolvency resolution process (CIRP) for the company.
Byju's founder Byju Raveendran faces reckoning as startup implodes
Potential insolvency is a dramatic turn of events for an entrepreneur described by one person who has worked with him as an extremely passionate and goal-oriented person who might adopt "an abrasive approach" in a crisis.
Karnataka HC rejects Byju’s plea in BCCI case; edtech firm to move NCLAT on Monday
The case relates to unpaid dues of Rs 158 crore payable to BCCI for sponsorship rights. The troubled edtech firm will knock on the doors of NCLAT on Monday.
Byju's faces total shutdown if insolvency proceeds: CEO Byju Raveendran
Byju's, valued at $22 billion, may shut down due to insolvency, stated CEO Raveendran. Byju's, backed by investors like Prosus and General Atlantic, has suffered numerous setbacks in recent months, including job cuts, a collapse in its valuation and a tussle with investors who accused CEO Byju Raveendran of corporate governance lapses. Byju's has denied any wrongdoing..
Byju's moves NCLAT against NCLT's insolvency order; seeks urgent hearing
Edtech firm Byju's has moved the National Company Law Appellate Tribunal against the recent order of NCLT. The company is seeking an urgent hearing on the matter. Earlier this week, Byju's had said it is hopeful of reaching "an amicable settlement" with the Board of Control for Cricket in India.
Explainer: How Byju's went from startup star to facing insolvency
Byju’s faces insolvency following a $19 million dispute with the Indian cricket board. Shareholders allege mismanagement. Prosus wrote off its stake. Deloitte and board members from Peak XV Partners, Prosus, and Chan Zuckerberg Initiative resigned. Founders Raveendran and Gokulnath lead since the app's 2015 launch. Tribunal ruling installed a resolution professional.
Indian startups can thrive despite speed bumps, Lightspeed’s Bejul Somaia says
Earlier this year, Paytm faced a regulatory directive that severely impacted its payments bank subsidiary. Meanwhile, Byju’s has been grappling with issues related to corporate governance and legal. Despite the challenges India's capital market is thriving said Lightspeed Venture Partners’ Bejul Somaia in an interview.
Probe finds Byju’s failed investors but didn’t commit fraud
Byju's governance lapses led to financial troubles, legal battles, and Raveendran's efforts to innovate and manage debts for the ed-tech company's survival.
Byju’s challenges NCLT order restricting fund use in Karnataka High Court
Byju’s faces protests from investors over $200 million rights issue conducted at 99% discount. Lenders within consortium loaned $1.2 billion to Byju’s file bankruptcy petition in US court.
Prosus stake in Byju’s worth zero: HSBC
This comes at the time of Byju's controversial $200 million right issue at 99% discount to its peak valuation of $22 billion, meaning any investor not investing in the rights issue will see its holding wiped off.
NCLAT dismisses appeal by investors against Byju’s
The National Company Law Appellate Tribunal has rejected an appeal filed by a group of investors of Byju’s seeking intervention in the case between the two parties in the National Company Law Tribunal (NCLT). These investors had requested an order to halt the ongoing proceedings at the NCLT’s Bengaluru bench.
Byju’s founders tell NCLAT they settled BCCI arrears
Embattled edtech startup Byju's and the Board of Control for Cricket in India (BCCI) have arrived at a settlement, a lawyer said on Wednesday. The payment to BCCI will be made by founder Byju Ravindran's brother Riju Ravindran, the lawyer added. On July 30, Byju Raveendran’s counsel had said the amount would be paid in three installments over the next 10 days.
SC denies relief to Byju’s; China back in India’s electronics play
In another blow to Byju’s, the Supreme Court has once again refused to halt the insolvency proceedings against the embattled edtech startup. This and more in today’s ETtech Top 5.
Exclusive: Prosus CEO on Byju’s & more; Zepto's valuation pop
Happy Monday! The newly appointed CEO of tech investor Prosus and parent company Naspers, Fabricio Bloisi spoke to us about its Byju’s write-off and more. We have all the details from that conversation in today’s ETtech Morning Dispatch.
General Atlantic, Prosus ask Supreme Court to hear their concerns in Byju's insolvency
Foreign investors in Byju's, such as General Atlantic and Prosus, sought the Supreme Court's attention amid the company's $1 billion dispute with U.S. lenders, leading to its insolvency. These investors, who own a combined 17% stake, highlighted concerns of mismanagement, reinforcing similar accusations previously made by U.S. lenders.
ETtech Exclusive | Closing new deals in India despite Byju's debacle: Prosus CEO Fabricio Bloisi
Fabricio Bloisi, CEO of Prosus and Naspers, affirmed continued investment in Indian startups despite a $500 million loss from Byju's. Highlighting Prosus's commitment to technology and innovation, he said Prosus is scouting for deals in the buzzy generative AI space along with picking bets in online marketplaces and backing startups targeting the country’s next 300 million users.
RBI ups UPI limit; US court on Byju’s vs BCCI
The central bank has increased the limit for tax payments through UPI. This and more in today’s ETtech Top 5.
Byju’s pays part of March salaries to employees, yet to clear Feb payouts
Byju's CEO covers March salaries with personal debt. Blocked rights issue, $200 million raised earlier. Investors like Prosus, General Atlantic, Sofina involved in NCLT case. Partial payouts made on April 20.
Byju’s lays off about 500 staffers, nearly half from tuition centre business
Layoff at Byju's has hit 500 staffers, affecting Tuition Centre operations, amidst a funding crisis. Staff face delayed salaries amid NCLT hurdles and upcoming $200-million rights issue, with assurances of arrears settlement by April 8.
Rapido's GST hurdle; Byju’s-BCCI settlement
Ride-hailing app Rapido has been held liable to pay goods and services tax (GST) for its cab service. This and more in today’s ETtech Top 5.
Ola Electric IPO; Rapido turns unicorn
E-scooter maker Ola Electric’s long-awaited IPO, one of the country’s biggest this year, is set to hit the markets on Friday.
Byju’s vacates offices to cut costs, may give up Bengaluru HQ partially
Byju's is undergoing cost-cutting and restructuring by downsizing assets like offices and tuition centers. It aims to focus on top cities, generate revenue, and has identified assets overlapping with Aakash centres. Despite challenges, it initiated a rights issue to address issues.
Byju’s arranges for alternative credit, begins March salary payouts
ET had reported on April 1 that Bengaluru-based Byju's delayed salaries for workers again as amid a severe cash crunch.
Byju’s vs BCCI: SC stays NCLAT order that set aside insolvency case against edtech
Earlier, US-based Glas Trust, which represents some lenders of a Byju's group company, had filed an appeal before the Supreme Court challenging an earlier order that had quashed insolvency proceedings against Byju's.
Ranjan Pai’s stake buy in Byju's Aakash Educational Services gets CCI green signal
The board of Byju’s-owned Aakash Institute earlier approved the conversion into equity of the $300 million Ranjan Pai, chairman of Manipal Education and Medical Group, invested in January 2024. ET had earlier reported that Pai had started distancing himself from thetroubled edtech firm Byju's.
Byju’s Rs 158 crore BCCI settlement; FirstCry IPO details
Embattled edtech startup Byju's has arrived at a settlement with the Board of Control for Cricket in India. Details on this and more in today’s ETtech Top 5.
Byju’s investors vote to oust CEO Raveendran
Investors in Byju's led by Prosus filed a petition at NCLT alleging oppression and mismanagement by the present management of Byju’s. They seek to remove Raveendran as CEO, overhaul the board, conduct a forensic audit, and declare the rights issue invalid.
Ola Electric IPO pricing; insolvency order against Byju’s
Ola Electric's initial public offering (IPO) may hit the market at 30% below its last valuation. This and more on today’s ETtech Top 5.
Byju's investors call for EGM on Friday to oust founder, his family members
Investors at Byju's are calling for an extraordinary general meeting to oust founder CEO Byju Raveendran and his family members over alleged mismanagement and failures. The shareholders listed financial mismanagement, erosion of value, and concealment of material information as reasons for seeking ouster.
Face-off likely at EGM over plan to oust Byju’s CEO
Investors demand ouster of Byju Raveendran and family, accuse management of non-compliance, misinformation, and withholding information. They seek details on AESL acquisition, loan terms, investigations, audits, and board restructuring for improved oversight and governance.
Byju’s secures stay on EGM resolutions from Karnataka HC
In a statement Wednesday evening, Byju’s said the court has passed an order saying any resolutions proposed during the EGM by investors will be considered invalid until the final hearing and disposition of the petition.
Read the full text of Byju Raveendran's letter to shareholders on rights issue, board restructuring
Byju Raveendran informs shareholders that the $200 million rights issue is fully subscribed, emphasizes the importance of all shareholders participating, and assures transparency in fund usage. He expresses faith in the company's resilience and commitment to creating shareholder value.
Exclusive: Byju’s India CEO Arjun Mohan resigns, founder Raveendran to comeback at helm of daily ops
Byju Raveendran's return to the top of daily affairs after nearly four years is of significance as as a group of Byju’s investors voted in February to oust him as CEO of the company in an extraordinary general meeting.
Byju Raveendran, Divya Gokulnath and Riju Ravindran to skip company's EGM
Byju’s in a statement said, “This EGM is procedurally invalid, contractually in contravention of our AOA (article of association) and SHA (shareholding agreement), legally on the wrong side of the Companies Act, 2013.”
NCLT refuses to stay Byju’s EGM over $200 million rights issue
The stay was sought by investors of Byju’s parent Think & Learn, led by Prosus, to block the rights issue.
IPO-bound Ola Electric hires former Byju’s senior executive Jitesh Shah to lead after-sales
As part of his new responsibilities at the public markets-bound firm, Shah is spearheading an expansion of Ola’s service centres and fast-charging network, as well as an extension of warranty on all new scooter sales announced by the firm in February, they added.
Read the full text of Byju Raveendran's letter to employees after EGM by investors
On Friday, a group of investors unanimously voted to oust Raveendran as the CEO of Byju's and revamp the board, which includes wife and cofounder Divya Gokulnath and brother Riju Ravindran.
Worst of layoffs likely over, startups hand out fewer pink slips in H1
Startups cut about 11,250 jobs during the January-June period this year, compared with 21,000 in the first half of 2023 and 15,000 in the second, according to data from executive search firm Longhouse Consulting.
Byju's US unit files for bankruptcy in Delaware
Byju's Alpha unit listed its assets in the range of $500 million to $1 billion, according to a court filing, which showed estimated creditors in the range of 100 to 199.
Karnataka HC to hear Byju’s plea against NCLT’s insolvency order on July 31
The NCLAT has listed Byju’s petition for hearing on Monday. Earlier, Raveendran had filed a writ petition in the HC to suspend the NCLT order until the appellate body reviewed his appeal.
Unable to process salaries because of investor dispute: Byju Raveendran to staff
In an internal memo, he blamed a select few investors, and added that the amount raised through the rights issue is locked in a separate account.
Byju’s ex-director Riju Ravindran fined $10,000 a day over missing $533 million
After imposing the sanctions on Riju Ravindran, US Bankruptcy Judge Brendan Shannon also rejected a request to put the US debt fight on hold so Ravindran and the company could find new lawyers. American lawyers for Ravindran and Byju’s units want to quit defending their clients in the bankruptcy dispute, blaming “an irreparable breakdown.”
Court relief for Byju’s in TLB lenders’ suit
The lenders of Byju’s $1.2 billion term loan had moved the city court last Thursday seeking an ex-parte injunction on the transaction allowing Ranjan Pai to convert a loan of about $250-$300 million he had advanced to the brick-and-mortar coaching network into equity in Aakash Institute. Thursday’s legal challenge by the TLB lenders caught both Byju’s and Pai “by surprise”.
Byju’s rights issue gets $300 million commitment
Byju's floated a rights issue in January to raise $200 million through equity rights issue at an enterprise valuation in the range of $220-250 million which is a 99 per cent reduction in its peak valuation of $22 billion.
Macquarie slashes Byju’s valuation by 98% after Julius Baer protest
The unit of Australia’s Macquarie Group Ltd. is cutting the value of its stake in the beleaguered education provider by about 98%, the people said, asking not to be identified because the matter is private. Macquarie Capital invested a few hundred millions of dollars in Byju’s in 2021, said the people.
I continue to remain CEO: Byju Raveendran to staff
Byju Raveendran's note comes a day after a group of investors unanimously voted to oust him as the CEO of the online education platform.
Byju’s seeks $200 million in rights issue at 99% valuation cut
Byju’s, which is facing multiple crises and is in urgent need of a fresh cash infusion, is likely to price the share offering at as low as $5 per share, which would ascribe it a post-money valuation of around $220-250 million, people aware of the matter said. The rights issue will be open for subscription for 30 days.
New-age stocks recover post poll results; Ixigo IPO launch
A day after election results, shares of new-age companies like Zomato and Delhivery made a sharp recovery on the bourses. A look at the numbers and more in today’s ETtech Top 5.
Investors move NCLT against Byju’s; file oppression, mismanagement lawsuit
A group of four investors of Byju's – led by Prosus – has sought the present management to be declared as unfit to run the company and appoint a new chief executive and change the board.
Byju’s clears February salary in parts for some, rest get full payment after delay
Embattled edtech company Byju's on Sunday announced that it has disbursed a portion of the pending salaries for over 20,000 employees for the month of February.
Startup layoffs in 2024: Ola Electric, Byju’s, Flipkart among firms shedding jobs
Indian startups and large new-age companies have been cutting down their workforce since the beginning of this year.
How consolidation is taking hold in fund-starved edtech sector
According to industry executives, the consolidation is being driven by the fact that smaller companies often offer unique propositions and specialisation in niche categories. Such companies could also be acquired at attractive valuations due to the prolonged funding winter. Funding in edtech sector plunged to $319 million in 2023.
MCA probe report on Byju’s; Walmart on Flipkart, PhonePe profitability
An investigation by the central government into Byju's cleared the edtech firm of financial fraud charges, according to a report by Bloomberg. The Ministry of Corporate Affairs, however, denied it on Wednesday evening. This and more in today's ETtech Top 5.
Byju’s credits January salaries; CEO says moving mountains
On Friday, Byju's said an “artificially induced crisis” by a select group of investors for a delay in paying the January salaries. Raveendran also said the support from employees helped strengthen the fight against the odds.
Byju’s asset sale hangs fire amid investor flare-ups
Unlike Epic — which is also on the block — the sale of Great Learning is being overseen directly by its founder Mohan Lakhamraju, along with the TLB investors. Byju’s is seeking around $600 million from sale of the higher education asset but is yet to find a buyer with a binding term sheet.
NCLT reserves orders on Byju’s rights issue; gives three days to file written submissions
Four key Byju’s investors, led by Dutch investment firm Prosus, told the NCLT that the company was allowed to issue capital of Rs 6 crore through the rights issue, but it was instead issuing Rs 40 crore, as mentioned in the offer letter. This violated the Companies Act, they said.
US lenders drag Byju’s to bankruptcy court in India
The lenders have been in negotiation with the company over prepayment of a $1.2 billion term loan taken by its US subsidiary, Byju's Alpha, even as the two sides also continued to fight a legal battle in US courts.
Prathyusha Agarwal to head Flipkart's Shopsy
Prathyusha Agarwal has joined Flipkart as vice president (VP) and head of Shopsy, a spokesperson for the firm confirmed to ET. She was previously the chief business officer of edtech firm Byju’s, with earlier stints at Zee Entertainment, Tata Cliq and Unilever.
About 13,500 employees from Byju’s, Paytm get on job-hunting mission
The job market currently has over 6,500 active and accessible professionals from Paytm and another 7,000 from Byju’s, showed data from popular job boards and portals put together for ET by specialist staffing co Xpheno. Amid a hiring slowdown in the startup ecosystem, the going isn’t likely to be easy for jobseekers despite many of them being willing to take substantial salary cuts, recruiters said.
Post Byju’s, investors worried about governance at startups: GSV Ventures' Deborah Quazzo
GSV Ventures has backed Indian edtech unicorns including Eruditus, Lead, PhysicsWallah as well as startups like Classplus. Deborah Quazzo also spoke about the lack of equilibrium between edtech founders and investors on valuations, which is delaying fundraises in the sector.
Schoolnet acquires Housing cofounder's startup Genius Teacher in edtech consolidation
Amid consolidation in the sector, Housing.com cofounder Advitiya Sharma's edtech startup Genius Teacher, a quiz-based e-learning platform focussed on the K-12 category, was acquired by Schoolnet. The segment has seen multiple deals over the past year. Genius Teacher has raised nearly $3 million since inception.
Byju’s lenders petition to put subsidiaries in bankruptcy in the US
Creditors led by HPS Investment Partners filed involuntary Chapter 11 cases in Delaware against Neuron Fuel Inc., Epic! Creations Inc. and Tangible Play Inc. on Wednesday. All three were once affiliated with Byju’s Alpha, a unit of the once high-flying startup that was put into bankruptcy earlier this year after defaulting on $1.2 billion of debt.
News Updates: Data breach at BSNL again; MCA probe findings on Byju’s
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Ranjan Pai turns white knight for Byju’s with 40% stake in Aakash
The Aakash board has approved the conversion into equity of the $300 million Pai invested during 2023, they added. This values the company — one of the remaining valuable assets for Byju Raveendran’s troubled edtech group — at around $700 million and renders it debt-free.
NCLT directs Byju’s to maintain status quo; ETtech Done Deals
NCLT has asked Byju's to maintain status quo in its shareholding, pausing its controversial rights issue, this and more in today’s ETtech Top 5.
Byju’s EGM: Sharp noises, ‘phishing’ attack delay cloud investor-led meeting to oust CEO Raveendran
The EGM has been called by a group of investors who are seeking to remove founder Byju Raveendran, his wife and brother from the board. The investors have flagged concerns about the management's failure to enforce the company’s rights related to the acquisition of Aakash Institute.
Byju’s shareholder group calls for EGM, to vote for ouster of Byju Raveendran, board
While investors of Byju's have been asking Raveendran to step aside from an operating role, this is the first instance of shareholders banding together to issue a statement seeking a change of guard at the company. The current board of Think & Learn comprises Raveendran, his wife and brother Riju Ravindran and Divya Gokulnath, cofounder of Byju’s.
Byju’s wants BCCI dispute in arbitration; NCLT defers matter to February 7
Byju's has referred its dispute with the Board of Control for Cricket in India (BCCI) to an arbitrator and is trying to settle the matter. The company has filed objections to the insolvency petition filed by BCCI and has applied for reference of the dispute to arbitration.
Udaan valuation dives to $1.8 billion in down round
Bengaluru-based Udaan was last valued at $3.2 billion following a funding round in January 2021. It closed a $340 million financing last December by largely converting debt notes into equity. The round also included a fresh equity infusion. It did not disclose the valuation.
Byju’s-owned Aakash Institute reports 82% rise in FY22 profit to Rs 79.5 crore
Operating revenue during the period grew 45% to Rs 1,421 crore, as per the company’s filings with the Ministry of Corporate Affairs on Saturday. It has not yet filed its FY23 numbers.
A reset is on cards at Byju’s cap table post rights issue value cut
Depending on the final set of investors subscribing to the share sale, Byju’s founder Byju Raveendran may also end up owning more in the co if he manages to arrange capital for the financing.
Ranjan Pai may put $50-60 million more to grow Byju’s Aakash
Manipal chief Ranjan Pai will invest the new tranche of capital sooner in Aakash ahead of key student enrolment season, people aware of the discussions said. Sources at Aakash also said the coaching unit will require additional investment from Pai for it to be able to run operations and scale the business during the next few months when students enroll in these centre.
CXO-level shifts rearrange top deck at Indian startups
The world of startups witnessed a series of top-level movements in the first half of 2024, including Naveen Tahilyani taking the helm as CEO of Tata Digital and the resignation of Surinder Chawla, managing director and chief executive officer of Paytm Payments Bank.
Byju’s founder Byju Raveendran pledges homes to raise funds for staff salaries
Two homes owned by the former billionaire’s family in Bengaluru, in southern India, and his under-construction villa in Epsilon — a plush gated community in the city — were offered as collateral to borrow $12 million
BCCI initiates insolvency plea against Byju's over unpaid dues
The complaint has been registered with the Bengaluru bench of the National Company Law Tribunal (NCLT). Justices K Biswal and Manoj Dubey have scheduled the next hearing for December 22.
Byju’s general counsel Roshan Thomas resigns from crisis-hit edtech
In a post on LinkedIn, Thomas said the decision to move on came after “careful consideration of various factors”
Byju’s may have to dip into Epic sale funds to keep lights on
Troubled edtech reduces notice period to 15-30 days across staff level to cut costs
From $22 billion to $1 billion: Byju’s valuation at BlackRock bottom
Previously, BlackRock had valued Byju's at $8.2 billion at the end of the March quarter of 2023. For Byju's, this is not the first valuation markdown. Last year, Prosus cut Byju’s valuation to below $3 billion, while Peak XV Partners, formerly Sequoia Capital India, told its limited partners (LPs) it would have to significantly mark down the value of its holding.
ED issues show cause notice of Rs 9,362 crore to Byju’s for forex violation
Earlier in the day, ET reported that ED had found alleged forex violations to the tune of Rs 9,000 crore by edtech giant Byju’s, citing sources. In response to ET’s request for comment on the matter, a spokesperson said the company “unequivocally denies media reports that insinuate it has received any notice from the Enforcement Directorate.”
Cards vs UPI; Byju’s advisory council dissolved
Happy Monday! UPI's ease of use is driving a shift to cashless payments, leaving debit cards behind. This and more in today’s ETtech Morning Dispatch.
Byju’s says fully compliant with Fema regulations amid ED probe
The APRs were with respect to duly compliant overseas direct investment (ODI) of about Rs 8,000 crore that arose from the delayed statutory audit of the financial year ended March 2022 (FY22), it added in the statement.
For more capital, Byju’s must pass a tough test
These investors have asked the company to file its audited financials for the year ended March 31, 2023, at the earliest. In addition, they want founder Byju Raveendran to loosen his day-to-day control over operations at the firm, the sources added.
Prosus writes off investment in Byju's marking $493 million loss
Prosus writes off 9.6% stake in Byju's worth $493 million due to value decrease as per HSBC note. Also marks investment in Primrose Hill (ZestMoney) to zero against $38 million FY22. Prosus said, in its annual report for FY24, that it wrote off the fair value of its stake because of "significant decrease in value for equity investors."
Byju’s lenders win fight over loan default, control of unit
Lenders have been pushing hard for the repayment of the $1.2 billion loan amid the company’s mounting distress after a pandemic-era boom in online learning fizzled out. Byju’s had been working to sell assets and deal with the loan issue when government investigators searched company offices this year.
Byju’s elevates Jiny Thattil to CTO replacing Anil Goel
Jiny Thattil, had been serving as a senior vice president of engineering of Epic, an acquired business of the Bengaluru-headquartered major.
Byju’s delays November salaries for section of employees
The edtech giant's salary cycle resets on the first of every month. While the impacted employees are housed under Byju's parent Think & Learn, this does not include its test prep subsidiary, Aakash Institute.
Inspiring! This IIT Kanpur graduate left a high-paying job to become a fitness trainer
Gupta, a graduate of the esteemed Indian Institute Of Technology Kanpur, surprised the world with a daring career transition—she departed from her position at a major multinational corporation to pursue her passion for becoming a fitness coach. Her LinkedIn post garnered widespread attention as she discussed the challenging decision she made and her determination to persevere, even after facing setbacks with her initial startup venture.
Byju’s tells shareholders it is fully compliant with FEMA rules
His letter on Tuesday afternoon comes following the news that the Enforcement Directorate has found alleged forex violations to the tune of Rs 9,000 crore by the edtech giant.
Byju’s has ED trouble, as agency finds alleged forex violations of Rs 9,000 crore
The Enforcement Directorate has found FEMA violations to the tune of Rs 9,000 crore by edtech major Byjus, sources told us.
NCLT directs Byju’s to maintain status quo, halts $200 million rights issue
The National Company Law Tribunal (NCLT) has directed edtech major Byju's to maintain status quo in its shareholding, pausing its controversial rights issue conducted at a 99% discount to its last peak valuation of $22 billion. Byju's faces a petition from investors in the NCLT and is restrained from proceeding with the rights issue. The matter will be heard next on July 4, and the tribunal has asked for details of Escrow bank accounts and US court actions.
Cleartrip appoints Anuj Rathi as chief business and growth officer
Anuj Rathi has been appointed as the chief business and growth officer of Cleartrip, Flipkart's travel booking unit, replacing Ayyappan R. He announced this in a LinkedIn post on Thursday.
Byju’s in talks to sell US unit Epic for $400 million to Joffre
The potential sale of Epic! Creations Inc. would help Byju’s raise funds to pay down a disputed $1.2 billion term loan, people familiar with the matter said. Other bidders, including Duolingo Inc., have also expressed interest in buying the platform, they said, asking not to be named as the information isn’t public.
Rajnish Kumar, Mohandas Pai to exit Byju’s advisory council
Both Mohandas Pai and Rajnish Kumar had joined the advisory council after the edtech's investors–Peak XV Partners, Prosus and Chan Zuckerberg Initiative–left the board of the company last year
US court says Riju Ravindran’s testimony “lacks credibility”, imposes penalty: Byju’s lender group
An Indian tech firm, Think & Learn Pvt, faces penalties for concealing $533 million from lenders. Riju Ravindran, a director, failed to locate the funds, prompting US Bankruptcy Judge Dorsey to call his testimony dishonest. Despite no extradition treaty, fines loom. The dispute centers on creditors versus Think & Learn, embroiled in US courts.
Startups’ pink slip count falls to 10,000 amid funding blues
Firing in first half of 2024 lesser than H2, H1 of ’23, signalling a slight recovery. Ola Electric is in the final stages of laying off over 600 after sister company Ola Cabs fired around 200 workers in late April. Industry executive told ET, even with the slowdown in layoffs, startups are still not out of the woods.
