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News on Medial
Byju’s starts layoffs across departments amid standoff with lenders
Money Control
·
2y ago
Medial
Byju's, the prominent edtech startup, has initiated layoffs across various departments amidst an ongoing standoff with lenders. The company's decision to downsize its workforce comes as it faces financial challenges and seeks to address its financial obligations. The layoffs are part of Byju's efforts to navigate the current situation and ensure the company's long-term sustainability. The move to start laying off permanent staff across departments comes a couple of weeks after the company skipped paying $40 million in interest on a term loan B (TLB) it had raised in November 2021
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Ola Electric shares slide 5% after CTO and CMO resign amid leadership exodus
Economic Times
·
7m ago
Medial
Ola Electric's shares fell 4.6% after the resignations of two senior executives, CTO Suvonil Chatterjee and CMO Anshul Khandelwal, amid a wider leadership exodus. Both joined Ola Cabs before moving to Ola Electric. Their departures follow recent top-level exits and layoffs affecting 300-400 employees across various departments. Despite citing personal reasons for their resignations, this turnover signals challenges for Ola Electric, which also faces declining market share and increased customer complaints.
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Byju’s lenders win fight over loan default, control of unit
Economic Times
·
1y ago
Medial
Byju's lenders have won a legal battle over a $1.2 billion loan default, allowing them to take control of a unit of the education technology provider. The lenders replaced a company founder's relative on the board with their nominee. The judge ruled that the lenders were within their contractual rights to take over the unit, citing the defaults. Byju's has been facing difficulties in repaying the loan amid a slowdown in the online learning sector. The company had been attempting to sell assets and resolve the loan issue when government investigators searched its offices.
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BYJU’S IRP Ousts Glas Trust From Committee Of Creditors
Inc42
·
11m ago
Medial
IRP Pankaj Srivastava has decided to replace Glas Trust as the representative of lenders in the consortium providing a $1.2 billion TLB loan to BYJU'S. Glas Trust has subsequently filed a plea to remove Srivastava as the IRP. This situation adds to BYJU'S challenges as it faces insolvency proceedings, financial difficulties, staff layoffs, losses, and conflicts with investors.
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Kenko Health lays off 50-60 employees
Entrackr
·
1y ago
Medial
Healthtech startup Kenko Health has reportedly downsized its workforce by 20%, affecting approximately 50-60 employees across various departments. The layoffs come amid difficulties in securing a Series B funding round, which the company had been attempting. Kenko Health had previously raised $12 million in a Series A funding led by Peak XV Partners in February of the previous year. The startup, which offers subscription-based health expense coverage, has not provided an official response to the reports. The company recently formed a partnership with Tata 1mg to enhance its service delivery.
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No, the great tech layoffs of 2023 aren’t happening again
Wired
·
1y ago
Medial
Tech companies like Amazon, Google, Duolingo, and Twitch have recently announced job cuts, but experts suggest that these layoffs may not indicate a continuing decline in the tech industry. Unlike the large-scale layoffs seen in previous years, these cuts are more targeted and focused on specific departments and products. The tech sector as a whole remains healthy, with stable consumer habits after the pandemic. While smaller job cuts may continue, experts do not foresee a widespread wave of layoffs across the industry.
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Simpl Trims 30 More Jobs In Second Layoff Round Within Month
Inc42
·
1y ago
Medial
A startup has implemented a second round of layoffs, affecting around 30 employees across different departments. The company stated that this move is part of its efforts to reach profitability by mid-2025. Simpl, founded in 2016, offers buy now, pay later (BNPL) services to customers during online transactions.
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Low-code software platform Airtable to lay off 27% of workforce
Economic Times
·
1y ago
Medial
Airtable, a low-code collaborative app platform, is cutting 27% of its workforce, approximately 237 employees, in its second round of layoffs. The move is part of a strategy to shift focus towards large enterprise clients and control spending. CEO Howie Liu stated that Airtable had been caught up in the hiring frenzy during the tech industry's rapid growth following the COVID-19 lockdowns of 2021. The layoffs will impact various teams, with a focus on product and sales teams serving smaller clients. Last year, the company laid off over 250 employees across different departments.
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BYJU’S AGM: FY22 Audited Financials Approved, BDO Reappointed As Auditor
Inc42
·
1y ago
Medial
Troubled edtech giant BYJU's stakeholders have approved its financial statements for the fiscal year 2021-22 at their annual general meeting (AGM). The company faced challenges including a lack of funds, layoffs, leadership exits, and conflicts with lenders. The AGM, attended by around 60 shareholders, also saw the reappointment of BDO as the statutory auditor. The audited financial results have finally been approved after delays, resulting in the resignation of previous auditor Deloitte and the departure of three board members. BYJU's has been seeking investors and considering the sale of subsidiaries to repay its $1.2 billion loan.
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Court relief for Byju’s in TLB lenders’ suit
Economic Times
·
1y ago
Medial
Byju's secured a legal win as a civil court in Bengaluru rejected a plea by its lenders challenging Manipal Group Chairman Ranjan Pai's acquisition of a 40% stake in Aakash Institute. The lenders sought to block the conversion of debt into equity by Pai, claiming it would hurt the lenders. The court dismissed the injunction and stated that the jurisdiction was incorrect. Pai has also approached the Competition Commission of India for approval. Byju's has been facing financial difficulties, with lenders filing an insolvency plea and its US subsidiary filing for bankruptcy.
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BYJU’S seeks $300 Mn infusion from investors in exchange for larger shareholding
Inc42
·
1y ago
Medial
BYJU'S CEO Byju Raveendran has requested investors to infuse $300 million into the troubled edtech firm in exchange for a larger shareholding. Shareholders have also urged Raveendran to revamp the company's board to have a greater say in its operations. The negotiations are ongoing, and a deal could materialize in the coming months. This development comes amid multiple legal and governance challenges faced by BYJU'S, including a legal battle with lenders and the Enforcement Directorate's investigation for alleged violations.
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