AAKASH EDUCATIONAL SERVICES CONVERTIBLE NOTES
Canada Study Permit: Why a student visa may not be enough
For international students aspiring to study in Canada, obtaining a student visa and study permit is crucial for entry and attendance at designated learning institutions. A study permit allows staying and studying, while a student visa permits entry into Canada.
Court relief for Byju’s in TLB lenders’ suit
The lenders of Byju’s $1.2 billion term loan had moved the city court last Thursday seeking an ex-parte injunction on the transaction allowing Ranjan Pai to convert a loan of about $250-$300 million he had advanced to the brick-and-mortar coaching network into equity in Aakash Institute. Thursday’s legal challenge by the TLB lenders caught both Byju’s and Pai “by surprise”.
Bleak days ahead for IT firms as macro trends crimp spending; and other top, tech stories this week
Reluctance by clients to go for large spends on digital transformation over the past few quarters has taken a toll on big IT firms. Subdued macroeconomic trends have meant cutting down on discretionary spending and projects that do not immediately require investments.
Byju’s plans a PE lesson for Aakash; inside Udaan’s funding
Byju’s is talking to a few private equity firms to offload a controlling stake in Aakash Institute, one of the beleaguered edtech’s prime assets, sources told us. This and more in today’s ETtech Morning Dispatch.
Ranjan Pai closes in on $300 million Aakash deal; tech firms face Israel crisis
In what could be a shot in the arm for Byju’s, Manipal Education and Medical Group chairman Ranjan Pai may invest as much as $250-300 million in Aakash Institute, a subsidiary of the troubled edtech firm. This and more in today’s ETtech Morning Dispatch.
Navigating the future of fintech: Exploring the buy now pay later
Rapid growth in the UAE and India is attributed to digitization, ecommerce expansion, and appeal to the younger generation.
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Byju’s forms executive committee for new leadership at Aakash after exit of CEO, CFO
Byju Raveendran– chief executive officer at Byju’s, Ajay Goel–group chief financial officer of Byju’s, Anup Kumar Agrawal, chief business officer of AESL and Sachin Saxena, chief human resources officer (CHRO) of AESL are part of the executive council, as per an internal note sent by Raveendran.
Tata Cliq continues to bleed; Ola’s valuation trimmed to $3.5 billion
Smoke is billowing as the Tata Group continues to burn cash on its first ecommerce platform — Tata Cliq. Tata UniStore Ltd, which owns and runs Tata Cliq, saw its net losses rise in double digits and turnover drop more than 50% in fiscal 2022-23. The exit from certain categories of electronics is the reason behind the drop in revenues, per the company’s filings. But how about the rise in losses? This and much more in today’s ETtech Morning Dispatch.
Davidson Kempner sends legal notice to Byju's arm Aakash for loan covenant breach
In the legal notice which was sent to the company last week, Davidson Kempner said it reserves the right to invoke Aakash’s pledged shares which were offered as collateral and potentially take control of the company.
Byju’s troubles mount as board members, auditor Deloitte resign; Tata Digital rejigs top brass
On Thursday evening ETtech first broke the story of three of Byju’s key board members resigning. Soon after Deloitte, the edtech’s statutory auditor, too, resigned citing delay in furnishing the company’s financial results. This and more in a super packed Friday edition of ETtech Morning Dispatch.
Byju's and the debt trap haunting Indian tech startups
Loss-making startups taking on debt is a sure-shot recipe for disaster, said a founder who has seen several funding cycles. “In the era of easy money and low interest rates, investors and lenders drastically lowered the bar on asset quality as they were desperate to fill the hole in their P&L ( profit & loss). But lenders who burned their fingers will never come back to the product,” he said.
Sequoia India & SEA split from US, renamed Peak XV; Byju’s misses $40m loan payment, sues lender
Happy Hump Day! Silicon Valley’s blue-chip fund Sequoia Capital has parted ways with its India and China partnerships. This and more in today’s super packed edition of ETtech Morning Dispatch.
Wipro chief Thierry Delaporte wants bold bets; Byju’s plans Aakash IPO next year
Despite the fall in global tech spending and executive chairman Rishad Premji taking a 50% pay cut for FY23 due to a profit decline, Wipro CEO Thierry Delaporte says the company is taking bold bets and decisions to “transform” itself.
Byju's raises debt of Rs2K cr linked to future Aakash IPO
Byju's has raised a ₹2,000-crore structured credit transaction from Davidson Kempner Capital. The transaction is a three-year loan facility with an equity upside linked to Aakash's planned IPO, which roughly translates to a 12% annualised fixed coupon rate for the company.
Byju’s raises debt of Rs 2,000 crore linked to future Aakash IPO
The transaction, which closed on Friday, is a three-year tenor loan facility with an equity upside linked to Aakash’s planned public listing in the near future.
Byju’s is said to seek $250 million in Aakash pre-IPO funding
Aakash Educational Services will issue convertible notes that will convert into equity at a discount of 20% to the listing price of the unit’s planned initial public offering
Reliance, Aditya Birla Group, Tata to invest more than Rs 1 lakh crore in Uttar Pradesh
Reliance Industries will invest Rs 75,000 crore in rolling out 5G mobile telephony services, expanding retail network and setting up renewable energy capacity over the next four years, its Chairman Mukesh Ambani announced at the UP Global Investors Summit.
Exclusive: Dunzo likely to raise $100 million via convertible notes; data localisation norms hit roadblock
Over the past six months, convertible notes have emerged as a lifeline for many highly valued, growth-stage startups which were unsuccessful in raising funds through the traditional equity route. Today, we are reporting that Reliance-backed delivery startup Dunzo is likely to join the likes of B2B e-commerce company Udaan and epharmacy platform PharmEasy in tapping the convertible note route to shore up fresh funds. This and more in today’s packed edition of the ETtech Morning Dispatch.
Stocks in the news: HUL, Sun Pharma, Adani Enterprises, IndiGo, Paytm and Lupin
Adani Enterprises has acquired 100 percent stake in Alluvial Mineral Resources, from Adani Infra (India). Alluvial Mineral Resources is engaged in mining of minerals & ores activities and other allied activities.
Byju’s eyes another $250-300M funding; Musk’s seven-day Twitter blitzkrieg
Three weeks after it said it would sack about 2,500 employees, and a fortnight after it raised $250 million from Qatar Investment Authority and others, edtech giant Byju’s is in talks to rake in another $250-300 million from American private equity group TPG, sources told us. The company is also eyeing a 2023 IPO for its subsidiary Aakash Educational Services, according to a Bloomberg report.
'Byju learnt English from cricket commentary.' Divya Gokulnath posts emotional note about techpreneur husband
The Byju's CEO has had the toughest six months in the last ten years.
Byju’s yet to close $800M round; govt may quiz FB, Twitter on compliance rate
Fellow edtech giant Unacademy, meanwhile, is giving its founders and top management pay cuts and shutting its global test prep business as it looks to cut costs. Both companies have also laid off hundreds of employees this year.
Smear campaigns rife on Twitter; Byju’s defers Aakash deal payments
But Meesho isn’t the only company that has been the target of a Twitter smear campaign in recent months – Easemytrip and even Sequoia have faced similar attacks.
Byju’s defers payments for Aakash deal; Zomato sheds $1B market cap in two days
Online education provider Byju’s, India’s most valuable startup, is pushing back payments for its nearly $1 billion acquisition of Aakash Educational Services, announced last April.
Byju's-owned Aakash Educational Services eyes 60-70% growth this year; new centres, hiring on cards
Aakash Educational Services Ltd -- which provides test preparatory services to students gearing up for medical and engineering entrance exams, school and board exams, as well as other foundation-level examinations -- was acquired by Byju's in a mega deal valued at almost USD 1 billion, last year.
Byju's faces litmus test as edtech bubble bursts in India
As India reopens amid 'hybrid normal' and schools and colleges return to normal, edtech platforms see a significant dip in the demand for online learning and some of such firms have either shut shops or fired employees in recent days.
Can Budget convert India’s demographic dividend into skill dividend?
This year’s budget should create clear directives and frameworks for policy implementation and provide a much-required support ecosystem specific to the EdTech sector to help them optimise their operations.
Arunachal Deputy CM underlines lack of funding, urges Centre to take note
Chowna Mein urged the Government of India to give due consideration to the fact that the State is deprived of funding from any of the Multilateral Development Banks and as such the same needs to be duly compensated while planning for the investment decisions for the state of Arunachal Pradesh.
Byju’s valuation tops $15 billion after over $1-billion funding
Byju’s, India’s most valued edtech startup, has raised $1.51 billion in three tranches of Series F funding round. The capital raised is likely to be used for inorganic growth by way of acquisitions.
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