AAKASH IPO
How Unacademy board tweaked targets for founders’ voting rights
Edtech unicorn Unacademy has changed the target for its cofounders Gaurav Munjal and Hemesh Singh to access additional voting rights through bonus shares issued to them in 2022. Industry sources said this move throws light on Unacademy’s changing ambitions as well as the broader sluggishness in the startup funding ecosystem.
VCs looking for partial exits, investors eyeing IPO-bound firms push up secondary deals
Founders of mid-scale startups, who spoke to ET, said existing investors in their cos are demanding exits even at reduced valuations.
IPO-bound Ola Electric hires former Byju’s senior executive Jitesh Shah to lead after-sales
As part of his new responsibilities at the public markets-bound firm, Shah is spearheading an expansion of Ola’s service centres and fast-charging network, as well as an extension of warranty on all new scooter sales announced by the firm in February, they added.
Jaro Education plans IPO to raise Rs 600 crore
It has hired Nuvama Wealth, Motilal Oswal and Systematix to manage the public issue.
Byju's EGM in focus; Elevation's long Paytm bet
The investors have red-flagged the acquisition of Aakash Educational Services Ltd (AESL) saying Byju's agreed to “onerous” and “prejudicial” loan terms with Davidson Kempner (DK), among other matters.
Ranjan Pai turns white knight for Byju’s with 40% stake in Aakash
The Aakash board has approved the conversion into equity of the $300 million Pai invested during 2023, they added. This values the company — one of the remaining valuable assets for Byju Raveendran’s troubled edtech group — at around $700 million and renders it debt-free.
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Byju’s-owned Aakash Institute reports 82% rise in FY22 profit to Rs 79.5 crore
Operating revenue during the period grew 45% to Rs 1,421 crore, as per the company’s filings with the Ministry of Corporate Affairs on Saturday. It has not yet filed its FY23 numbers.
IPO ring to get louder in 2024 with companies looking to raise more than Rs 1 lakh crore
As many as 28 companies intending to raise over ₹30,000 crore have received approval for IPO from Securities and Exchange Board of India (Sebi).
ET Soonicorns Summit 2023 Delhi-NCR: Spotlighting future unicorns, tech evolution, startup IPOs, innovation in deeptech & cleantech sectors, and more
With over 35 speakers, including 30 unicorns and soonicorns, across 25 sessions and 10 diverse tracks, the Delhi-NCR edition of ET Soonicorns Summit 2023 paved the way for the next wave of India's innovation economy. The event also featured a report launch and multiple startup showcases, making it a holistic platform for tracking new frontiers of growth in the startup-tech ecosystem.
PayU’s global CFO Aakash Moondhra steps down
“September 30, 2023 will be my last day at PayU/Prosus Fintech in the capacity of global CFO. It has been an extremely enriching and a gratifying journey,” Moondhra said in a LinkedIn post.
Three Indian family offices pick up Rs 435 crore SoftBank stake in IPO-bound FirstCry
SoftBank, which held 29% in the company, is believed to have diluted its stake by about 1.5-2% as part of the secondary share sale.
Board rejig at Aakash; govt tables data bill in Lok Sabha; and Zomato delivers maiden profit
Happy Friday! US hedge fund Davidson Kempner has started reconstituting the board of Byju’s crown jewel, Aakash Educational Services Ltd (AESL), in an effort to turn around and improve the governance at the crisis-hit edtech company. This and more in today’s ETtech Morning Dispatch.
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.
Byju's seeks investors to sell stake in Aakash Education: report
Think & Learn, Byju's holding company, is looking to dilute up to 20% of its total 70% equity stake in Aakash Education, said a report from ET Now.
Amid board trouble, Byju’s promises investors September deadline for FY22 audited results
Founder Byju Raveendran and chief financial officer Ajay Goel, along with other leadership members, briefed about 75 shareholders on Saturday, addressing concerns about the company's financial affairs.
Byju’s weighs IPO of its test prep subsidiary Aakash by mid-2024
The announcement on the IPO for Aakash, which Byju’s acquired in 2021 for $950 million, has come amid the company reportedly facing a $40 million loan repayment deadline.
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 Aakash to launch IPO next year
BYJU'S, the leading edtech company, will launch the Initial Public Offering (IPO) for its subsidiary Aakash Education Services by mid-next year. AESL is expected to earn revenue of Rs 4,000 crores with operational profits of Rs 900 crores in FY23-24. The IPO will provide significant capital infusion to enhance Aakash's infrastructure and reach, extending high-quality test-prep education to a larger number of students.
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 under fire: our top stories covering controversies surrounding the edtech major
Byju’s, Indian highest-valued startup, had a torrid 2022 thanks to a series of controversies over its financials, unpaid loans, governance and layoffs, among other things. The ETtech team kept a close eye on all the developments surrounding Byju’s. Here are five-must read stories:
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
Byju Raveendran raising funds to buy back up to 15% in edtech firm: report
Currently, Raveendran owns about 25% of the edtech startup. Discussions with shareholders and financiers are still in the early stages and may not necessarily lead to a deal.
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’s finalising IPO valuing tutoring unit at up to $4 billion
The company is in talks with at least four foreign banks -- JPMorgan Chase & Co., Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley -- as well as Indian banks including Kotak Mahindra Bank. Ltd. and Axis Bank Ltd. as it seeks arrangers for the listing, said one of the people, who asked not to be named discussing confidential conversations. The unit may be valued at $3.5 billion to $4 billion, the person said.
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.
Byju’s closes $800 million pre-IPO fundraise at a valuation of $22 billion
The round, which comes ahead of its planned initial public offering (IPO), values the Bengaluru-based company at about $22 billion, people aware of the development told ET. The mammoth post-money valuation makes it India’s highest-valued startup.
Policybazaar IPO imminent
From Policybazaar's upcoming IPO to Byju's big acquisition and Netflix's gaming foray, here's a quick look at the top tech news today.
Riding out the Maha lockdown
In today's ETtech Morning Dispatch newsletter: Threat to businesses loom large in India's richest state, Swiggy and Meesho raise new funds and Byju's makes a big-ticket acquisition.
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