ERUDITUS US BUSINESS
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.
Flipkart maps out India redux; QED’s Nigel Morris interview
Happy Monday! Ecommerce major Flipkart is in discussions to shift its domicile from Singapore to India. This scoop and more in today’s ETtech Morning Dispatch.
Post Byju’s, investors worried about governance at startups: GSV Ventures' Deborah Quazzo
GSV Ventures has backed Indian edtech unicorns including Eruditus, Lead, PhysicsWallah as well as startups like Classplus. Deborah Quazzo also spoke about the lack of equilibrium between edtech founders and investors on valuations, which is delaying fundraises in the sector.
Oyo may pause IPO plans; GSV Ventures' Deborah Quazzo on Byju's and edtech
Oyo's initial IPO attempt hit a snag in January 2023 when the regulator sent its papers back for revisions. Following this, the SoftBank-backed company resubmitted a toned-down version, aiming for a much smaller offering through a confidential filing. Oyo was among several companies asked to adjust their IPO plans.
Macquarie downgrades Paytm; IT headcount drops again
Global brokerage Macquarie has downgraded Patym’s stock and slashed its target price following the recent action by the central bank. This and more in today’s ETtech Top 5.
No spending freeze at startups; Swiggy, PharmEasy FY23 report card
Top internet firms didn’t let a ‘funding winter’ dampen their urge to spend in the last fiscal, an ET analysis found. Details of this and more in today’s ETtech Morning Dispatch.
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Eruditus plans India flip; Ayodhya boost for spiritual apps
Indian IT majors are eyeing upcoming US federal contracts as several large deals are set for renewal in the next two quarters. While it is still challenging for Indian companies to win these contracts, there is a more positive attitude towards Indian-heritage suppliers.
Skills for All: Bertelsmann Investments hosts Eruditus’ CEO for a Brunch Labs podcast on Building the world’s largest skilling platform, together!
Makkar's message to Eruditus was unequivocal: "To unlock real growth and scalability, you need to embrace the online realm," shared Ashwin Damera, CEO and Co-founder of Eruditus.“The feedback you gave us was very valid, and very constructive, which is why we came back (and asked for a second meeting). Bertelsmann has a lot of experience in education, Globally as well, and you (pankaj) gave us many examples from your portfolio companies that had long contracts with universities. And we realised that wow, there’s actually something to learn here. So you know, Even beyond the money, what we’ve learnt (from Bertelsmann) in our journey of going online, as well as going Global is tremendous.’’- Ashwin Damera, CEO, Eruditus & Emeritus.
From building blueprints to becoming unicorns: BrunchLabs uncovers Shiprocket's run with BII in revolutionising e-commerce logistics
Excerpts from the podcast - "It was a series of things that didn't work.” “Sometimes it's good to suck at something. Because then you overwork to fix it.” “My advice is to think big and do small."
Baron Capital marks up Swiggy, Pine Labs valuation; almost halves Byju’s value
In its April-June quarterly report, Baron Capital cut the valuation of Byju’s to $11.7 billion as of June 30, down 44.6% from $21.2 billion as of March 31.
GST officials visit UpGrad office; routine survey, says company
The news comes a day after ET reported that the directors of embattled edtech major Byju’s parent, Think and Learn Pvt Ltd, may be summoned by the Ministry of Corporate Affairs (MCA) in their probe over alleged corporate governance lapses.
Eruditus’ FY23 revenue jumps 63% to $400 million
Revenue rose to $400 million (around Rs 3,280 crore as per current exchange rates) in 2022-23 from $245 million the previous year, said Ashwin Damera. Eruditus follows a July-June fiscal year.
WhatsApp’s new pricing to hurt small businesses; Byju’s, Meesho hit by valuation cuts
Small and medium enterprises, which are heavily reliant on WhatsApp business messaging to push their products, are worried ahead of a change in the feature’s pricing.
Exclusive: Apple seeks ‘concrete reason’ to take down banned betting apps; Silicon Valley’s Tribe Capital eyes $250 million India fund
Apple has told the Indian officials that it needs "concrete reason or a legal requirement" to fully comply with its directive to disable betting apps from its App Store.
ETtech Scoop: Reliance enters zero-commission fashion marketplace; mid-to-senior hirings in startups plummet
Reliance Industries’ online fashion platform Ajio will launch Ajio Street — a zero-commission fashion marketplace aimed at value products for non-metro audiences, similar to ecommerce firm Meesho.
Eruditus FY22 revenue up 87%; loss excluding exceptional items at $66 million
In the financial year ending FY21, Eruditus had reported a cash loss of $31 million, filings reviewed by ET showed. The Mumbai-based edtech unicorn’s total net loss swelled by 46% to $386.82 million, including exceptional items, the filings showed.
Upskilling companies see brisk business as K-12, test prep stall
Upskilling startup founders told ET that they are expecting to clock a strong rate of growth in the ongoing year even as a funding crunch has set in the broader edtech sector.
Upskilling businesses bullish despite edtech carnage; startups may go legal against Google’s new payment policy
As executives in the tech world are looking to sharpen their talent as well as diversify their skill sets amid large-scale layoffs, upskilling startups are confident of growing their businesses this year. Edtech firms at the same time remain in dire straits post-Covid.
Edtech unicorn Eruditus lays off employees to focus on profitability
Eruditus Group owns Eruditus Executive Education and Emeritus. Eruditus partners with over 50 universities such as MIT, Columbia, Harvard, and Cambridge to offer executive education. It employs close to 2,300 employees in India and globally.
Despite layoffs, some edtech firms still on growth chapter
UpGrad managing director Mayank Kumar said the company’s diversified model had helped it remain stable. It continues to have many open hiring positions, but intends to maintain a tight team as it pursues growth plans and continues to be cautiously optimistic.
Stay ahead of the product management curve with the Kellogg Executive Education advantage
Learn how to build a prototype focusing on customer insights, understanding product requirements, designing your business model, and road mapping your strategy.
ETtech Deals Digest: Eruditus, Menlo Micro, CredAvenue raise funds
SoftBank-backed executive education-focussed startup Eruditus, technology company Menlo Micro and online debt marketplace CredAvenue were among the startups that raised funds this week.
Retail EV sales jump; Navi to file for IPO this week
According to the latest data from the Federation of Automobiles Dealers Association, retail sales of passenger EVs and two-wheelers saw a huge jump in February from the same period last year.
How IIM Lucknow’s Executive Programme in Digital Transformation will help take your career to the next level
Digital practices and agile business models are the change agents of transformation and to stay ahead of the game, aspiring digital leaders must understand the nature and impact of digital transformation.
Marketing the future: How the Digital Marketing and Analytics Programme from ISB Executive Education will help you land a lucrative career
The digital marketing career scope in India will be worth US$160 billion by 2025, making it three times the current value (Goldman Sachs, 2020). With such a promising career outlook, you can learn how to develop integrated digital marketing strategies with bottom-line business goals.
New edtech unicorn; Twitter locks Congress accounts
Eruditus’ mammoth funding has made it a unicorn, thrice over. Twitter locks Congress accounts days after complying with India IT rules. A bipartisan trio of US senators have sponsored a bill to rein in Apple’s App Store and Google’s Play Store.
ETtech Exclusive: Eruditus raises $650 million as valuation jumps four-fold to $3.2 billion
CPPIB to also join new round which will facilitate partial exit for Bertelsmann, founder & management selling $100 million in shares
Govt accuses WhatsApp, Prosus buys Stack Overflow
From WhatsApp vs Government saga to Prosus acquiring Stack Overflow and Facebook rolling out new business tools, here's a quick look at the top tech news today.
e-degrees may turn page for edutech
Finance minister Nirmala Sitharaman, in her budget speech, proposed to start degree level full-fledged online education programmes.
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