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News on Medial
Byju’s bankrupt: Is the edtech crisis deepening?
Livemint
·
12m ago
Medial
Edtech giant Byju's is facing insolvency after being admitted to the National Company Law Tribunal (NCLT). Founder Byju Raveendran will relinquish control to an interim resolution professional (IRP), who will establish a committee of financial creditors. Byju's also faces a deadline to reach a settlement with the Board of Control for Cricket in India to avoid a court battle. Other edtech companies have struggled due to overspending during a funding boom, with Unacademy experiencing top-level departures and Vedantu implementing cost-cutting measures. Online education firms are reportedly exploring offline expansion, while edtech investments have declined.
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Byju’s India CEO Arjun Mohan resigns, founder Raveendran to return to helm daily ops
Economic Times
·
1y ago
Medial
Arjun Mohan, CEO for Byju's India, is stepping down from his role after just six months. This comes as the edtech firm faces challenges with investors and a deepening crisis. Byju Raveendran, the founder, will now take control of the company's daily operations. Mohan led the clean-up of the company's workforce and was involved in the restructuring, but the firm still faces financial issues, including pending salaries for employees. Raveendran plans to consolidate the India business into three divisions: App & AI, test preparation, and tuition centers.
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Macquarie Capital Trims Valuation Of BYJU’S By Nearly 98%
Inc42
·
1y ago
Medial
Macquarie Capital, an Australia-based investment firm, has reduced the valuation of its stake in edtech giant BYJU'S by almost 98%. This translates to $440 million, compared to BYJU'S peak valuation of $22 billion in 2022. The move came after Swiss bank Julius Baer accused Macquarie Capital of charging management fees based on an inflated valuation. Macquarie Capital joins a growing list of investors that have marked down the value of their stakes in BYJU'S. The edtech company has faced several challenges, including a debt crisis, legal cases, and a public feud with investors and lenders.
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BYJU’S Relinquishes Most Office Spaces, Adopts Work-from-Home Policy
Inc42
·
1y ago
Medial
Amid financial struggles and ongoing legal battles with investors, edtech startup BYJU'S has reportedly given up all but one of its office spaces in India. The company has downsized its premises from five to three floors in Bengaluru's IBC Knowledge Park and reduced its headcount significantly. The move is part of CEO Arjun Mohan's restructuring plan. Additionally, all BYJU'S employees outside of its headquarters and 300 tuition centres will be working from home indefinitely. BYJU'S has faced a series of challenges including delayed salaries, investor disputes, debt crisis, legal cases, layoffs, and regulatory scrutiny.
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Byju’s employees rush to file claims for their unpaid salaries as deadline nears
Livemint
·
11m ago
Medial
Byju's employees are rushing to claim unpaid salaries and benefits after the edtech company was declared bankrupt and admitted to insolvency. With a deadline of July 31st, employees have hired legal professionals to help them recover their dues. Byju's founder and CEO, Byju Raveendran, has been unsuccessful in his attempts to overturn the insolvency order through appeals. Employees must file their claims individually or as a group with supporting documents, and if Byju's goes into liquidation, former employees who have filed claims are expected to recover their money as workmen compensation.
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Online deceits and AI are making the truth a casualty of war
Economic Times
·
1y ago
Medial
Major social media platforms are facing an authenticity crisis as false and misleading information, sometimes intentionally spread, overshadows real-world events, particularly in times of conflict. The proliferation of inaccurate claims is causing people to question the veracity of all information, deepening societal divisions. This issue is not confined to a single platform; various social networks have struggled to manage disinformation. The consequences of this crisis include heightened political polarization and skepticism about traditional news outlets, leading to increased reliance on alternative news sources and making it harder to discern fact from fiction.
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BYJU’S Slashes Product Prices, Revamps Sales Model
Inc42
·
1y ago
Medial
Indian edtech company BYJU'S has reportedly slashed prices and revamped its sales model amidst ongoing financial and legal challenges. The annual subscription for BYJU'S Learning App has been reduced to INR 12,000, while offline BYJU'S Tuition Centres courses are priced at INR 36,000 per year. BYJU'S CEO, Byju Raveendran, introduced a new sales strategy that links team salaries to weekly revenue generation. The company aims to have a workforce of 50,000 salespeople by next year. BYJU'S has faced a debt crisis, cash crunch, and legal cases, prompting these changes.
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Supreme Court declines Byju’s plea to block formation of creditors’ committee | Mint
Livemint
·
11m ago
Medial
The Supreme Court has denied Byju's plea to prevent the resolution professional of the bankrupt edtech company from forming a committee of creditors. The court has agreed to hear the case in detail on 22 August. Byju's had earlier revived the insolvency case against them, following an appeal by US-based lender Glas Trust Inc, claiming that Byju's owed them over ₹8,000 crore. The court has directed the Board of Control for Cricket in India (BCCI) to deposit a settlement amount of ₹158 crore from Byju's in a separate escrow account until the resolution of an appeal by the US lender.
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Turmoil at Byju’s highlights hurdles for India startup scene
Economic Times
·
2y ago
Medial
The recent turmoil at edtech giant BYJU'S sheds light on the challenges faced by the Indian startup ecosystem. Delayed regulatory approvals, operational disruptions, and mounting troubles in maintaining growth are among the hurdles. The incident underscores the need for startups to adapt swiftly to changing market dynamics and navigate a complex business environment to sustain their success. Already stuck in a 15-month funding slump, India’s young companies are in danger of becoming collateral damage to the country’s highest-profile startup crisis in years.
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Byju’s, Pharmeasy among biggest underperformers in Prosus' India portfolio in H1
Money Control
·
1y ago
Medial
Edtech firm Byju's and health-tech company Pharmaeasy are the biggest underperformers in Prosus's India portfolio, according to the technology investor's financial report for H1 FY24. Byju's recorded a negative internal rate of return (IRR) of 24 percent, while Pharmaeasy gave negative returns of 41 percent. This comes as Byju's faces challenges such as a liquidity crisis and top-level exits, leading to a valuation markdown. However, Prosus earned profitable returns from other Indian firms in its portfolio.
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Gensol Woes Deepen: More Directors Quit, Shares Plunge 90%
OutlookIndia
·
2m ago
Medial
Gensol Engineering is facing a deepening crisis as two more independent directors resigned, following previous resignations and allegations from the Securities and Exchange Board of India (Sebi). The co-founders, Anmol Jaggi and his brother, are accused of misusing company funds for personal expenses. Amidst these governance issues, Gensol's stock value has plummeted by 90%, hitting investor confidence and causing further instability in the company.
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