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News on Medial
Unacademy general counsel steps down, rejoins law firm
VCCircle
·
1y ago
Medial
Unacademy's general counsel, Siddharth Manchanda, has left his position and rejoined full-service law firm IndusLaw. This move comes shortly after the group general counsel of Unacademy's competitor, Byju's, also stepped down. Unacademy is a popular edtech startup with notable investors including SoftBank, Sequoia Capital, and Tiger Global Management.
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Former Ola Electric general counsel joins Economic Laws Practice as partner
VCCircle
·
1y ago
Medial
Former general counsel of Ola Electric, Sanjit Nagarkatti, has been appointed as a partner at Economic Laws Practice (ELP) in Bangalore. ELP is a full-service law firm and Nagarkatti's addition brings the partner count to 44. Prior to joining ELP, Nagarkatti had served as the general counsel for Ola Electric, the electric vehicle arm of ride-hailing company Ola.
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Unacademy Co-Founder Gaurav Munjal to Own Larger Share in AI App Airlearn Post Spin-Off
OutlookIndia
·
2m ago
Medial
Unacademy's co-founders, Gaurav Munjal and Roman Saini, are spinning off their AI-powered language app, Airlearn, from the main company. Munjal might hold a larger stake in Airlearn than in Unacademy, with the new entity expected to replicate its parent company's shareholding, involving investors like Peak XV, Nexus, SoftBank, and General Atlantic. Munjal and Saini will manage Airlearn full-time, marking a significant pivot, as Unacademy undergoes a leadership change, and Munjal steps down as CEO.
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Exclusive: Unacademy founders Munjal, Saini set to exit, shift focus to AirLearn
Economic Times
·
3m ago
Medial
Unacademy cofounders Gaurav Munjal and Roman Saini are stepping down from active roles amid strategic shifts at the edtech company. Munjal will focus on AirLearn, a language-learning app spinout, as Unacademy pivots from online test prep to offline coaching centers. Sumit Jain takes over as CEO. The company, facing a challenging post-pandemic edtech landscape, sees declining revenues and restructuring. Unacademy raised $880 million in funding, with major stakeholders including SoftBank and General Atlantic.
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Khaitan & Co ropes in former IndusLaw partners; CAM's former partner rejoins firm
VCCircle
·
1y ago
Medial
Full-service law firm Khaitan & Co has appointed Avik Biswas and Vaibhav Bhardwaj as partners for its employment practice in New Delhi and Bengaluru. Biswas, with over 8 years of experience, previously worked at IndusLaw and is currently the regional representative (Asia) of the anti-corruption committee of the International Bar Association. Bhardwaj, who also worked at IndusLaw, has over 15 years of experience in employment law and investigations. In another move, Cyril Amarchand Mangaldas has appointed Pranav Sharma as an equity partner for its finance practice in Mumbai. Sharma has over 23 years of experience in banking and finance.
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General Atlantic India COO Alok Misra retires
YourStory
·
1y ago
Medial
Alok Misra, COO of General Atlantic India, is stepping down from his position after almost 11 years. This move comes at a challenging time for General Atlantic, as it navigates its investment in BYJU's, which recently admitted insolvency following legal battles, cash crunch, and operational troubles. General Atlantic holds a 4.8% stake in BYJU's and has invested over $300 million in the company. Additionally, General Atlantic's investment in Unacademy has also faced challenges, with the company recently experiencing a round of job cuts. Anand Agarwal has been appointed as the new Operating Partner at General Atlantic.
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Bharat Serums shortlists three bidders; Unacademy lays off 250 people
VCCircle
·
1y ago
Medial
Bharat Serums & Vaccines (BSV), a biopharmaceutical company backed by Advent International, has shortlisted three potential buyers for its ongoing sale. The shortlisted bidders include a consortium of EQT and Abu Dhabi Investment Authority, Indian drugmaker Mankind Pharma, and a consortium of ChrysCapital, Warburg Pincus, and Mubadala. In another development, edtech firm Unacademy, supported by SoftBank and General Atlantic, has laid off 250 employees. The layoffs come amidst reports of a potential merger between Unacademy and K12 Techno, the operator of Orchids International Schools.
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Gautam Adani rejoins $100 billion club after Hindenburg report
Livemint
·
1y ago
Medial
Adani Group chairman Gautam Adani has recovered much of his wealth after the attack by Hindenburg Research in 2023, rejoining the $100 billion club. His net worth has risen to $100.7 billion, making him the 12th-richest person globally. Adani's conglomerate, which lost over $150 billion in market value, has taken steps to regain investor confidence and repay debt. The group received fresh equity capital from investors including GQG Partners LLC and Qatar Investment Authority in 2023. Adani's rebound coincides with increasing global investor interest in India.
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SpaceX illegally fired workers critical of Elon Musk, US labor agency says
Reuters
·
1y ago
Medial
Rocket and satellite maker SpaceX has been accused by a U.S. labor agency of wrongfully terminating eight employees for circulating a letter criticizing CEO Elon Musk. The National Labor Relations Board (NLRB) issued a complaint stating that SpaceX violated federal labor law by suppressing the workers' right to advocate for improved working conditions. The letter addressed Musk's controversial tweets and their inconsistency with the company's diversity and misconduct policies. The NLRB's general counsel will seek to resolve the issue, with a hearing scheduled for March 5.
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Former LetsVenture general counsel joins early-stage incubator Turbostart
VCCircle
·
1y ago
Medial
Gandhimadhy Varadarajan, former general counsel of LetsVenture, has joined early-stage startup incubator Turbostart as the general counsel. Varadarajan brings over three decades of experience in corporate advisory, private equity, venture capital transactions, regulatory matters, and employment laws. Turbostart offers funding, mentorship, and access to excellence centers to startups. In recent years, Turbostart has led funding rounds for AI-based mixed reality platform Flam and seed funding for Tap Invest, among others. LetsVenture is a marketplace for angel startup investments and has received backing from several prominent investors.
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Shardul Amarchand Mangaldas elevates six lawyers to equity partnership
VCCircle
·
1y ago
Medial
Indian law firm Shardul Amarchand Mangaldas (SAM) has promoted six existing partners to equity partnership, covering areas including general corporate, project finance, dispute resolution, insolvency and bankruptcy, and competition law. The firm has offices across major Indian cities and counts more than 800 lawyers as part of its team. The new equity partners will play crucial roles in shaping the firm's future trajectory, according to executive chairman Shardul S Shroff.
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