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Byju`s paying employee salaries for May from `collections` Embattled edtech company Byju’s was expected to release salaries for the month of May for its employees on Monday, after several delays earlier owing to a severe cash crunch and mounting legal battles.  Sources close to the development told IANS that the salaries for May have been processed for employees and “will be credited today”. The salaries this time have been paid from the company's "collections", they added. The ability to cover salary exp...
Byju`s paying employee salaries for May from `collections`
Byju`s paying employee salaries for May from `collections`
Source: IANS
2024-06-03 11:09:39 am
Byju`s pays April salary in full, except to sales employees Embattled edtech platform Byju's has paid full salary for April to employees in all functions, except sales staff, even as the company is facing a liquidity crisis. According to sources, the edtech firm managed to pay the full amount to employees on Friday after two months of partial payment. Byju's has yet to pay the remaining part of the salaries for February and March. Salaries had earlier been delayed for both months, with only part of the payments being paid to employees...
Byju`s pays April salary in full, except to sales employees
Byju`s pays April salary in full, except to sales employees
Source: IANS
2024-05-04 09:16:01 am
Indian edtech firm Byju`s streamlines business, with founder Raveendran in a `hands-on` role Indian education technology company Byju's will restructure its business into three divisions, with founder and CEO Byju Raveendran taking a more active role in day-to-day operations, the embattled startup said on Monday. Byju's, once one of India's hottest startups, has suffered numerous setbacks in the past few years, leading to a crisis of investor confidence, thousands of job cuts and its valuation nosediving to under $3 billion, from $22 billion in 2022. Byju's will...
Indian edtech firm Byju`s streamlines business, with founder Raveendran in a `hands-on` role
Indian edtech firm Byju`s streamlines business, with founder Raveendran in a `hands-on` role
Source: Reuters
2024-04-15 02:06:43 pm
Byju`s-owned Aakash Educational Services appoints Deepak Mehrotra as MD, CEO Aakash Educational Services, owned by Byju’s, has appointed former Pearson India executive, Deepak Mehrotra, as its Managing Director and CEO, effective immediately, the company said on Monday. Mehrotra has more than 35 years of experience in top roles in sectors like FMCG, telecom and education industries. “In his role as CEO, he (Mehrotra) will be responsible to deliver on our aggressive growth plan and to build on the significant momentum the company is currently experien...
Byju`s-owned Aakash Educational Services appoints Deepak Mehrotra as MD, CEO
Byju`s-owned Aakash Educational Services appoints Deepak Mehrotra as MD, CEO
Source: IANS
2024-04-08 12:08:03 pm
Byju`s saga: Financial discipline biggest lesson for startups, says Simplilearn Co-founder As embattled edtech firm Byju’s finds itself mired in several controversies, one learning that startups can take from this episode is to ensure "financial discipline”, Simplilearn Co-founder and COO Kashyap Dalal said on Sunday. Facing an uphill battle with the investors, Byju’s is yet to process the salaries of its more than 20,000 employees for the month of February. The amount raised through the rights issue is currently locked in a separate account "at th...
Byju`s saga: Financial discipline biggest lesson for startups, says Simplilearn Co-founder
Byju`s saga: Financial discipline biggest lesson for startups, says Simplilearn Co-founder
Source: IANS
2024-03-03 12:38:14 pm
Byju`s rights issue to raise $200 mn fully subscribed Edtech firm Byju's rights issue to raise $200 million at a 99 per cent valuation cut has been fully subscribed. In a shareholders' letter accessed by IANS, founder and CEO Byju Raveendran said that this $200 million raise will give the company "the capital it needs to ensure that we can take care of the current liabilities and also provide sufficient growth capital to get us back to our former glory". The company, valued at $22 billion in its last financing round in ea...
Byju`s rights issue to raise $200 mn fully subscribed
Byju`s rights issue to raise $200 mn fully subscribed
Source: IANS
2024-02-21 12:28:28 pm
Byju`s major investors seek leadership change, board reshuffle  Byju's major investors said on Thursday that they are seeking a reconstitution of the embattled Indian edtech firm's board, including a change in leadership, at an upcoming extraordinary general meeting. "We are deeply concerned about the future stability of the Company under its current leadership and with the current constitution of the Board," the shareholders said in the statement.
Byju`s major investors seek leadership change, board reshuffle
Byju`s major investors seek leadership change, board reshuffle
Source: Reuters
2024-02-01 05:05:29 pm
Byju`s aims to raise $200 mn via rights issue at drastic valuation cut Think and Learn Private Limited (TLPL), the parent company of Byju’s, on Monday announced to raise $200 million by way of a rights issue to all its equity shareholders, in its bid to achieve operational sustainability. The proposed rights issuance aims to fund the ongoing capital expenditure and support general corporate purposes, the company said in a statement. According to reports, the edtech major is going to raise funds at a drastic valuation cut of around $250 million, from ...
Byju`s aims to raise $200 mn via rights issue at drastic valuation cut
Byju`s aims to raise $200 mn via rights issue at drastic valuation cut
Source: IANS
2024-01-29 04:35:04 pm
Byju`s faces insolvency proceedings from foreign lenders in India, company says `baseless`  Byju's lenders, who extended more than 85 per cent of Byju's $1.2 billion term loan, have reportedly filed an insolvency petition against the edtech major at the Bengaluru bench of the National Company Law Tribunal (NCLT). Byju’s had secured $1.2 billion in debt through a term loan facility from a consortium of foreign investors in November 2021. The company said in a statement that the validity of lenders’ actions, including acceleration of the term loan, &quo...
Byju`s faces insolvency proceedings from foreign lenders in India, company says `baseless`
Byju`s faces insolvency proceedings from foreign lenders in India, company says `baseless`
Source: IANS
2024-01-26 10:34:12 am
Indian edtech firm Byju`s to raise funds at 90% valuation cut - Bloomberg News Embattled Indian edtech startup Byju's is looking to raise more than $100 million from existing stakeholders but at a steep 90% discount to its $22 billion valuation in its last funding round in 2022, Bloomberg News reported on Tuesday. Byju's, facing a host of legal and financial woes, is looking to sell fresh shares, including to founder Byju Raveendran, to raise funds to pay vendors and stabilise its business, Bloomberg reported, citing people familiar with the matter. The pr...
Indian edtech firm Byju`s to raise funds at 90% valuation cut - Bloomberg News
Indian edtech firm Byju`s to raise funds at 90% valuation cut - Bloomberg News
Source: Reuters
2024-01-23 03:05:18 pm
BlackRock slashes India`s Byju`s valuation by 95% to $1 billion - TechCrunch BlackRock has yet again cut the value of its holding in Byju's, slashing the implied valuation of the Indian education tech startup to $1 billion from $22 billion mark set in early 2022, TechCrunch reported on Friday, citing disclosures made by the asset manager. BlackRock, which owns less than 1% of Byju's, declined to comment, while Byju's did not immediately respond to a Reuters request for comment. Tech investor Prosus NV valued Byju's at under $3 billion in November...
BlackRock slashes India`s Byju`s valuation by 95% to $1 billion - TechCrunch
BlackRock slashes India`s Byju`s valuation by 95% to $1 billion - TechCrunch
Source: Reuters
2024-01-12 09:12:39 am
Shareholders approve Byju`s FY22 audited financials Edtech major Byju’s shareholders have approved the company’s audited financials for the fiscal year 2022 at its high-voltage Annual General Meeting (AGM). The AGM also cleared a resolution on reappointment of MSKA & ASSOCIATES, a member firm of BDO International, as Byju’s statutory auditor. “Think and Learn, the parent company of BYJU’s, held its Annual General Meeting (AGM) today with close to 60 shareholders in attendance. All the resolutions were pa...
Shareholders approve Byju`s FY22 audited financials
Shareholders approve Byju`s FY22 audited financials
Source: IANS
2023-12-21 11:50:51 am
Prosus cuts India`s Byju`s valuation to under $3 billion Tech investor Prosus NV said on Wednesday it was valuing Indian education firm Byju's at under $3 billion, 86% less than its peak valuation of $22 billion last year, after the company struggled with governance and cash-flow problems. The disclosure, made by interim CEO Ervin Tu during Prosus earnings call, is the latest cut to Byju's valuation after several executives and board members quit and it delayed filing its 2021/22 financial results by a year. Over the past year, shareh...
Prosus cuts India`s Byju`s valuation to under $3 billion
Prosus cuts India`s Byju`s valuation to under $3 billion
Source: Reuters
2023-11-29 02:34:20 pm
Byju`s names Jiny Thattil as CTO following exit of Anil Goel Edtech major Byju's on Monday announced the elevation of Jiny Thattil as its Chief Technology Officer (CTO) following the departure of Anil Goel, who is leaving the company after three years. Thattil, who has been serving as Senior Vice President, Engineering, brings extensive experience in building and scaling engineering teams, delivering business and customer outcomes, and driving innovation across multiple product lines and platforms, the company said. “We are delighted to...
Byju`s names Jiny Thattil as CTO following exit of Anil Goel
Byju`s names Jiny Thattil as CTO following exit of Anil Goel
Source: IANS
2023-11-28 10:23:47 am
Byju`s-owned Great Learning narrows losses in FY23, logs 25% revenue growth Byju’s-owned professional learning platform Great Learning cut its losses by nearly 28 per cent to Rs 222 crore in FY23 from Rs 307 crore in FY22. Great Learning, acquired by edtech major Byju’s for $600 million in July 2021, registered about 25 per cent growth, as its revenue reached Rs 391 crore in FY23 from Rs 313 crore in FY22, according to its financial statements filed with the Registrar of Companies (RoC). Income from digital content formed 48 per cent of the total re...
Byju`s-owned Great Learning narrows losses in FY23, logs 25% revenue growth
Byju`s-owned Great Learning narrows losses in FY23, logs 25% revenue growth
Source: IANS
2023-11-14 06:22:26 pm
India`s Byju`s in talks to sell U.S. unit Epic for $400 million  Indian ed-tech firm Byju's is in advanced talks to sell its U.S.-based kids' digital reading platform Epic! Creations for about $400 million to private equity fund Joffre Capital, seeking funds to ease its financial pressures, Bloomberg News reported on Monday, citing people familiar with the matter.
India`s Byju`s in talks to sell U.S. unit Epic for $400 million
India`s Byju`s in talks to sell U.S. unit Epic for $400 million
Source: Reuters
2023-11-06 02:12:14 pm
India`s Byju`s reports 2021-22 results after delay; losses fall 6% Embattled Indian ed-tech giant Byju's on Saturday reported audited results for 2022, but only for its core business, not including its multi-billion dollar acquisitions, after a year-long delay due to governance issues and its auditor resigning. Byju's parent Think & Learn's operating losses fell 6% to 24 billion Indian rupees ($288.67 million) for its core online education business, while revenue more than doubled to 35.5 billion Indian rupees ($426.99 million) for the yea...
India`s Byju`s reports 2021-22 results after delay; losses fall 6%
India`s Byju`s reports 2021-22 results after delay; losses fall 6%
Source: Reuters
2023-11-05 10:59:23 am
Byju`s rejigs top leadership in finance as it prepares for FY22 results Edtech major Byju's on Tuesday announced new leadership in its finance function with the appointment of industry veteran Pradip Kanakia as the senior advisor and Nitin Golani, currently the President-Finance, assume additional responsibility as Chief Finance Officer (CFO).The incumbent CFO, Ajay Goel, is returning to Vedanta Ltd, which he had quit in April.?The development comes as after a delay of more than 19 months, Byju's is expected to announce its financial results for FY22 this month.?...
Byju`s rejigs top leadership in finance as it prepares for FY22 results
Byju`s rejigs top leadership in finance as it prepares for FY22 results
Source: IANS
2023-10-24 12:21:51 pm
India`s Vedanta finance chief Sonal Shrivastava resigns India's Vedanta on Tuesday said Chief Financial Officer (CFO) Sonal Shrivastava has resigned amid a major structural overhaul announced last month.Ajay Goel, incumbent CFO at Indian edtech startup Byju's, will return as Vedanta's finance chief effective Oct. 30, the company said in a statement.Billionaire Anil Agarwal-led Vedanta announced plans to carve the metals-to-oil conglomerate into six separate businesses last month, a move aimed at shoring up the group's financial performance after e...
India`s Vedanta finance chief Sonal Shrivastava resigns
India`s Vedanta finance chief Sonal Shrivastava resigns
Source: Reuters
2023-10-24 11:03:38 am
After 19-months delay, Byju`s to finally file FY22 results this week After a delay of more than 19 months, edtech major Byju's on Monday said it is expected to announce its financial results for FY22 by the end of this week.In a statement to IANS, the company said the audit of all the group subsidiaries has been completed and adopted."Think and Learn Pvt Ltd, the parent company of Byju's, is expected to adopt the consolidated results this week to factor in certain positive developments in the company," the company said.In June this year, the company?s long-sta...
After 19-months delay, Byju`s to finally file FY22 results this week
After 19-months delay, Byju`s to finally file FY22 results this week
Source: IANS
2023-10-16 06:19:49 pm
Aakash Chaudhry likely to return as CEO of Byju`s-owned Aakash Educational Services In some cheers for edtech unicorn Byju?s which is facing a myriad of issues, Aakash Chaudhry is reportedly set to return as CEO of Aakash Educational Services that Byju?s acquired in April 2021.According to sources, the companies are finally set to reach a deal after months of dispute.Chaudhry was the CEO till November 2020, and later resigned from the board last December.The Economic Times was first to report about the development.Byju?s acquisition of Delhi-based offline test preparatory se...
Aakash Chaudhry likely to return as CEO of Byju`s-owned Aakash Educational Services
Aakash Chaudhry likely to return as CEO of Byju`s-owned Aakash Educational Services
Source: IANS
2023-10-16 02:46:19 pm