BYJU
CXO-level shifts rearrange top deck at Indian startups
The world of startups witnessed a series of top-level movements in the first half of 2024, including Naveen Tahilyani taking the helm as CEO of Tata Digital and the resignation of Surinder Chawla, managing director and chief executive officer of Paytm Payments Bank.
Unacademy fires 250 employees in fresh round of layoffs
Unacademy layoffs: Unacademy has laid off around 100 people from core functions like business development and marketing and the rest are from the sales department, sources told ET.
Proceedings initiated against Byju's under companies law 'still ongoing': MCA
Last year, the ministry ordered the inspection of the books of Byju's in the wake of various developments at the edtech company, including its inability to finalise the statements and the resignation of an auditor.
MCA probe report on Byju’s; Walmart on Flipkart, PhonePe profitability
An investigation by the central government into Byju's cleared the edtech firm of financial fraud charges, according to a report by Bloomberg. The Ministry of Corporate Affairs, however, denied it on Wednesday evening. This and more in today's ETtech Top 5.
Probe finds Byju’s failed investors but didn’t commit fraud
Byju's governance lapses led to financial troubles, legal battles, and Raveendran's efforts to innovate and manage debts for the ed-tech company's survival.
Flipkart-Swiggy deal talks; Corning’s India plan
Flipkart considered buying a stake in Swiggy months ago amid the rise of quick commerce. This and more in today’s ETtech Morning Dispatch.
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Prosus writes off Byju's stake; Swiggy, PayU India report card
Dutch investment major Prosus said its investment in Byju’s is worth zero. This and more in today’s ETtech Top 5.
Prosus writes off investment in Byju's marking $493 million loss
Prosus writes off 9.6% stake in Byju's worth $493 million due to value decrease as per HSBC note. Also marks investment in Primrose Hill (ZestMoney) to zero against $38 million FY22.
Byju’s challenges NCLT order restricting fund use in Karnataka High Court
Byju’s faces protests from investors over $200 million rights issue conducted at 99% discount. Lenders within consortium loaned $1.2 billion to Byju’s file bankruptcy petition in US court.
NCLT directs Byju’s to maintain status quo; ETtech Done Deals
NCLT has asked Byju's to maintain status quo in its shareholding, pausing its controversial rights issue, this and more in today’s ETtech Top 5.
Prosus stake in Byju’s worth zero: HSBC
This comes at the time of Byju's controversial $200 million right issue at 99% discount to its peak valuation of $22 billion, meaning any investor not investing in the rights issue will see its holding wiped off.
NCLAT dismisses appeal by investors against Byju’s
The National Company Law Appellate Tribunal has rejected an appeal filed by a group of investors of Byju’s seeking intervention in the case between the two parties in the National Company Law Tribunal (NCLT). These investors had requested an order to halt the ongoing proceedings at the NCLT’s Bengaluru bench.
Byju’s lenders petition to put subsidiaries in bankruptcy in the US
Creditors led by HPS Investment Partners filed involuntary Chapter 11 cases in Delaware against Neuron Fuel Inc., Epic! Creations Inc. and Tangible Play Inc. on Wednesday. All three were once affiliated with Byju’s Alpha, a unit of the once high-flying startup that was put into bankruptcy earlier this year after defaulting on $1.2 billion of debt.
Startup layoffs in 2024: Ola Electric, Byju’s, Flipkart among firms shedding jobs
Indian startups and large new-age companies have been cutting down their workforce since the beginning of this year.
Byju's processes employees' May salaries from business collections
BYJU'S processed employees' May salaries from business collections. Salaries paid from company's collections, highlighting financial health and debt-raising challenges. Company raised debts, implemented strategic initiatives. Investors, including Prosus, General Atlantic, Sofina, Peak XV, Tiger, Owl Ventures, approached NCLT Bengaluru.
Byju's saga: Vendors' claims before NCLT touch Rs 190 crore
Vendors claim Rs 190 crore at NCLT against Byju's. Oppo, BCCI, Cogent E-Services, Teleperformance also file claims. Disputes impede Byju's access to USD 200 million funds. Investors challenge management. Next NCLT hearing on June 6.
Byju’s pays part of March salaries to employees, yet to clear Feb payouts
Byju's CEO covers March salaries with personal debt. Blocked rights issue, $200 million raised earlier. Investors like Prosus, General Atlantic, Sofina involved in NCLT case. Partial payouts made on April 20.
Exclusive: Byju’s India CEO Arjun Mohan resigns, founder Raveendran to comeback at helm of daily ops
Byju Raveendran's return to the top of daily affairs after nearly four years is of significance as as a group of Byju’s investors voted in February to oust him as CEO of the company in an extraordinary general meeting.
Investor funding in edtech drives behaviour which is not good for industry: Byju's Aakash CEO
Byju's AESL's CEO Deepak Mehrotra raised concerns about investor-driven behavior in edtech, emphasizing the inadequacy of digital tools for medical and engineering aspirants. He highlighted the need to address new learners' requirements and discussed industry challenges and his background.
Byju’s arranges for alternative credit, begins March salary payouts
ET had reported on April 1 that Bengaluru-based Byju's delayed salaries for workers again as amid a severe cash crunch.
Byju's Aakash Institute appoints Deepak Mehrotra as MD and CEO
Deepak Mehrotra has been named as the MD and CEO at Aakash Institute. Byju's founder acknowledged his business acumen. Presently, the chairman of Manipal group Ranjan Pai owns 40% in Aakash.
Ranjan Pai initiates arbitration against Byju's for not repaying loans worth $42 million
In the latest dispute, MEMG Family Office, led by Ranjan Pai, in March initiated arbitration proceedings against Byju for allegedly not repaying its loans amounting to $42 million through a pre-agreed transfer of certain shares of a Byju's group company, Aakash Education.
Byju’s lays off about 500 staffers, nearly half from tuition centre business
Layoff at Byju's has hit 500 staffers, affecting Tuition Centre operations, amidst a funding crisis. Staff face delayed salaries amid NCLT hurdles and upcoming $200-million rights issue, with assurances of arrears settlement by April 8.
No objection to resolution in Byju's EGM; miffed investors await scrutiniser's report
Byju's raised share capital for a USD 200 million rights issue at the EGM, with investors opposing founder's ouster. NCLT and Karnataka HC are involved amidst mismanagement concerns and a USD 22 billion valuation.
NCLT refuses to stay Byju’s EGM over $200 million rights issue
The stay was sought by investors of Byju’s parent Think & Learn, led by Prosus, to block the rights issue.
Exclusive: Chaudhry unlikely to return to steer Byju's-owned Aakash Institute
Aakash Institute, under Byju's, shifts focus from Aakash Chaudhry's return as CEO. Ranjan Pai emerges as the largest investor, with ongoing legal battles and stalled stock-swap. Byju Raveendran and Anup Kumar Agrawal contribute to daily operations.
Karnataka HC extends interim stay on Byju's EGM till March 28
Byju's parent entity Think and Learn had approached the Karnataka High Court for a stay on the decision of the EGM, which was spearheaded by a group of investors. The edtech claimed that the EGM was invalid as none of the founders attended the meeting.
Byju’s vacates offices to cut costs, may give up Bengaluru HQ partially
Byju's is undergoing cost-cutting and restructuring by downsizing assets like offices and tuition centers. It aims to focus on top cities, generate revenue, and has identified assets overlapping with Aakash centres. Despite challenges, it initiated a rights issue to address issues.
Byju’s clears February salary in parts for some, rest get full payment after delay
Embattled edtech company Byju's on Sunday announced that it has disbursed a portion of the pending salaries for over 20,000 employees for the month of February.
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