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Indian ed-tech giant Byju’s faces total shutdown if insolvency proceeds, says CEO
Livemint · 1y ago
Medial
Insolvency proceedings against Byju's, India's leading ed-tech startup, may result in a complete shutdown of its services and force mass employee resignations, according to a court filing. Byju's, once valued at $22 billion, has faced a series of challenges including job cuts, a drop in valuation, and disputes with investors over corporate governance issues. The current crisis follows a complaint from the Indian cricket board over an unpaid sponsorship fee, triggering insolvency proceedings and freezing Byju's assets. The court will review the case on Monday, and Byju's CEO, Byju Raveendran, has expressed willingness to settle the outstanding dues.
Crisis-hit BluSmart’s 500 staffers await clarity on their salary dues
Economic Times · 3m ago
Medial
BluSmart, an all-electric cab service provider, is facing a cash crisis, leaving 500 employees awaiting clarity on unpaid salaries since March. Despite founder Anmol Singh Jaggi's previous assurances, there’s no update on salary payments. The company, transitioning to a fleet operator for Uber, may lay off staff linked to its ceased ride-hailing operations. Senior executives have resigned and are job hunting as fundraising and private equity discussions falter amidst financial and regulatory challenges.
Central banks set to boost gold holdings amid economic and geopolitical uncertainty: World Gold Council
Economic Times · 1m ago
Medial
Central banks plan to boost gold reserves amid geopolitical and economic uncertainties, according to the World Gold Council's survey. A record 95% of reserve managers expect increased gold holdings in the next year. Emerging markets show greater intent to expand their reserves compared to advanced economies. Gold remains valued for its stability, portfolio diversification, and crisis performance despite high prices. Additionally, more banks are storing gold domestically, with a shift toward reduced US dollar reserves in favor of other currencies and gold.
About 13,500 employees from Byju’s, Paytm get on job-hunting mission
Economic Times · 1y ago
Medial
Around 13,500 employees from Indian startups Paytm and Byju's are actively seeking jobs elsewhere. Both companies have faced investor and regulatory challenges, leading to a decline in employee morale. Byju's, once valued at $22 billion, has experienced cash crunch, legal battles, and valuation markdowns, while Paytm faced a directive from the Reserve Bank of India to stop banking services. The tough job market, coupled with macroeconomic uncertainties, presents challenges for employees seeking new opportunities despite being willing to take salary cuts.
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.
'No coders in 5 years': Saurabh Mukherjea says India’s middle class will take the hardest hit - BusinessToday
Business Today · 1m ago
Medial
Saurabh Mukherjea of Marcellus Investment Managers warns that India's middle class is facing a financial crisis due to historically low household financial savings and high non-mortgage debt levels. The country is unprepared for tech-driven job disruption, with 10 million graduates annually and insufficient savings. White-collar employment indicators show distress, contrasting with Western economies' aging populations and labor scarcity concerns. Mukherjea emphasizes the peril of this "deadly combination" for India's young population.
Tata Group Chief N Chandrasekaran takes charge amid Air India troubles
Economic Times · 1m ago
Medial
Tata Group Chairman N Chandrasekaran has taken charge of Air India's operations amid a crisis following a tragic air crash. He is focusing on safety, government coordination, and maintaining employee morale. Expat CEO Campbell Wilson assists in long-term planning, regulatory matters, and operational reviews. The crash resulted in 241 fatalities, and Air India has pledged compensation. Chandrasekaran, drawing on past crisis management experiences, aims to restore confidence and pride in Air India.
Peak XV to launch perpetual ‘Anchor Fund’ backed by its partners, team members
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IndianStartupNews · 1y ago
Medial
Peak XV Partners, a venture capital firm, is introducing the Peak XV Anchor Fund, a permanent capital vehicle that allows the firm's leaders and team members to invest in future funds and collaborate with other fund managers. The fund aims to institutionalize internal funding and deepen the commitment and alignment of Peak XV managers with the firm's investment strategies. Unlike similar funds, the Anchor Fund will exclusively source its capital from the firm's partners and team members, with a focus on investing in global seed and early-stage venture funds. This move follows Peak XV's separation from Sequoia Capital and positions the firm as a major player in the startup ecosystem.
Byju's to challenge insolvency proceedings initiated by Karnataka NCLT
VCCircle · 1y ago
Medial
Indian education technology company Byju's is set to challenge insolvency proceedings initiated against it in an attempt to halt the process. The company, once valued at $22 billion, is facing the crisis after the National Company Law Tribunal in Karnataka ordered insolvency proceedings over a complaint by the cricket board for unpaid dues. Byju's has been facing multiple challenges in recent years, including corporate governance accusations, job cuts, and a significant decrease in valuation. The company plans to file an appeal this week to block the insolvency process.
An AI That Helps You Get a Job? | AI Unlocked
Gizmodo · 1y ago
Medial
Gizmodo recently interviewed LinkedIn about their premium AI tools designed to assist users in finding work. LinkedIn offers various features powered by artificial intelligence, such as intelligent job recommendations, personalized learning recommendations, and interview preparation tools. These tools aim to enhance the user experience by providing relevant and tailored content to help individuals navigate the job search process effectively. With these advancements in AI technology, LinkedIn is working to make job hunting more efficient and successful for its users.
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