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Classplus Invests In Gujarat-Based Test Prep Platform GyanLive
Inc42
·
1y ago
Medial
Edtech unicorn Classplus has made a strategic investment in Gujarat-based startup GyanLive, which offers test preparation courses for state government job aspirants. GyanLive plans to use the funds to expand into national-level government job exams and school exam preparation in regional languages. The partnership will also allow GyanLive to leverage Classplus' technology to improve its tech stack. Classplus has previously made investments in edtech startups like Abhay Maths and Saarthi, although some of these investments have been involved in controversies. Classplus reported a net loss of INR 256.6 crore ($34 million) in FY23, with operating revenue of INR 102.04 crore.
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Edtech startup Classplus named in cheating, forgery case by Abhinay Maths
Economic Times
·
1y ago
Medial
Edtech startup Classplus is facing allegations of cheating and breach of trust by Abhinay Maths, a math-focused test prep platform operator. Abhinay Maths, which initially started as a YouTube channel, later developed an app with the help of Classplus. The founder of Abhinay Maths has accused Classplus of engaging in activities that caused financial losses and damage to the company's reputation. The allegations include forging digital signatures, unauthorized acquisition of assets, and creating forged documents. Classplus, valued at over $600 million, has not yet responded to the accusations.
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Abhinay Maths and Classplus founders stuck in a legal tussle
VCCircle
·
1y ago
Medial
Abhinay Sharma, founder of online test prep platform Abhinay Maths, has filed a police complaint against edtech startup Classplus and one of its investors. This comes after a court directed Sharma to pledge property as collateral in a related case. Abhinay Maths was founded in 2017 and offers math tutorials. The legal tussle between the two parties is ongoing.
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Manipal Group launches medical learning and test prep app MedAce with live tutoring feature
Business Today
·
1y ago
Medial
Manipal Global Education Services has launched an app-based medical learning and medical PG preparation product called Manipal MedAce. This is Manipal’s first product in the live learning and test prep segment. In 2021, it launched UNext, an online learning platform for professional courses.
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Google-backed Adda247’s revenue doubles, losses grow fourfolds in FY23
Money Control
·
1y ago
Medial
Adda247, a vernacular test prep platform backed by Google, reported a 2x increase in revenue for FY23, reaching Rs 129.65 crore. However, the company's losses also escalated, growing nearly fourfold to Rs 109.72 crore, primarily due to increased expenses in investing in its UPSC and vernacular segments. With a focus on test prep and skilling, Adda247 aims to achieve profitability by FY25 and is eyeing an IPO within the next two to three years. The company currently serves 50 million monthly active users and over 2 million paid users.
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The Netflix model may just save India’s online learning apps
Economic Times
·
1y ago
Medial
Indian edutech companies, such as Physics Wallah and Byju's, have experienced contrasting fortunes in recent times. Physics Wallah, an online test-prep platform, has seen significant growth, attracting 2 million daily users and achieving a valuation of $1.1 billion. In contrast, Byju's has faced challenges, with its K-12 business declining and a $1.2 billion loan remaining unpaid, leading to a proposed rights issue. The rise of Indian edutech followed the clampdown on tutoring in China, causing capital to flow to India. However, online education in India remains viable, particularly in the test-prep market, which experiences high demand.
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Veranda Learning acquires 40.41% Stake in BB Virtuals and 65% in Navkar Digital
Entrackr
·
4m ago
Medial
Veranda Learning acquires 40.41% Stake in BB Virtuals and 65% in Navkar Digital Veranda Learning Solutions has acquired a 40.41% stake in the CA coaching class BB Virtuals and a 65% stake in the offline coaching provider in Gujarat, Navkar Digital. Veranda Learning will buy an additional 10.59% stake in BB Virtuals by June 2025. This will strengthen Veranda Learning's position in commerce education across India, and its commerce division is expected to reach a pro forma EBITDA of over Rs 120 crore for FY25. Founded in 2018 by Kalpathi AGS Group, Veranda is a publicly listed digital learning platform offering test prep for government exams, banking, insurance, railways, and more. In December last year, Veranda Learning Solutions received approvals to raise Rs 250 crore through a preferential issue. Started by Bhanwar Borana, BB Virtuals is an online platform for CA and commerce aspirants. BB Virtuals claims to have trained over 200,000 students online, producing more than 500 all-India rank-holders. With BB Virtuals’ strong online presence, Veranda will amplify its reach, offering a wider range of resources to support students pursuing professional qualifications in the Commerce segment. Navkar Digital is a well-established offline education platform for chartered accountancy (CA), company secretary (CS), and cost & management accountancy (CMA) aspirants in Gujarat.
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Manipal Group Launches MedAce App For PG Medical Test Prep
Inc42
·
1y ago
Medial
Manipal Group has launched the "Manipal MedAce" app, a cloud-first super app that caters to both current MBBS students and medical postgraduate aspirants in competition with Unacademy-owned PrepLadder. The app offers two products: Learn, a curated learning platform for MBBS students, and Prep, personalized test preparation courses for medical PG aspirants. Manipal Group's experience in the medical field will enable effective competition against existing players in the edtech industry. The app is available on Android and iOS.
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Edtech startup Classplus unveils second Esop buyback, over 150 employees eligible
Economic Times
·
1y ago
Medial
Edtech startup Classplus has announced its second offer to repurchase shares held by employees under its employee stock ownership plan (Esop). More than 150 employees will have the opportunity to sell their vested shares back to the company. Founded in 2018, Classplus is a mobile-first software-as-a-service platform that helps creators monetize their skills through content creation. With backing from investors like Tiger Global, the company serves over 50 million students across 3,000 cities and was last valued at $600 million. The announcement comes as Classplus competes with Teachmint, another virtual classroom platform.
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Jabil invests $125 mn in Gujarat for silicon photonics unit
Inshorts
·
4m ago
Medial
Apple vendor Jabil plans to establish a silicon photonics manufacturing factory in Gujarat with an investment of around $125 million. As per news agency PTI, the electronics manufacturing company signed a memorandum of understanding (MoU) with the Gujarat government for setting up the plant during the IESA Vision Summit in the state capital Gandhinagar.
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Unacademy cofounder and CTO Hemesh Singh quits
Economic Times
·
1y ago
Medial
Hemesh Singh, co-founder of edtech platform Unacademy, has announced his decision to step down as Chief Technology Officer and transition to an advisory role. Singh, who helped build the platform alongside Gaurav Munjal and Roman Saini, expressed gratitude for the journey and the positive impact they made on the test prep industry. Unacademy, which began as a YouTube channel and became an influential edtech unicorn, recently changed its goals for Munjal and Singh to access additional voting rights ahead of a potential IPO. The company raised $440 million in a funding round last year, valuing it at $3.4 billion.
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