OXSHOTT VENTURE FUND

Byju Raveendran, founder and CEO of education-technology start-up Byju's, has been in crisis mode since his company was raided in late April.

This pandemic-led boom in subscriptions helped drive valuations manifold. But with schools and physical tuition classes now back to full swing, the demand for online K-12 tuition and enrichment classes are on a steep decline.

Speaking to ET, Raveendran said the company had recorded "significant growth in revenue compared to financial year 2020 but because of revenue recognition changes, it’s getting pushed to the next financial year".

Company may hold board meeting next week to discuss auditor's financial report for FY21 and FY22

Karti Chidambaram said that "Byju's has not yet gotten its financial statements for FY2020-21 audited from its auditor Deloitte, and will take more time to file the cost audit Report to the Ministry".

​Amid a funding crunch globally, frugality and unit economics are the new buzzwords among startups as they focus more on cutting costs and making a profit. Investors, founders and recruiters we spoke to said there will be cost-cutting drives across ...

Raveendran, 42, the son of educators, founded his startup in 2015. Byju’s, whose parent company is formally known as Think & Learn Pvt, is the largest of a crop of startups that over the past decade have thrived on India’s growing mobile connections...

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.

​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.

On Monday, Facebook, WhatsApp and Instagram went offline for six hours. That was only the second worst thing to happen to the social media behemoth this week.

This is part of a broader funding round that could see the Bengaluru-based edtech major raise as much as $1.5 billion.

India’s biggest startup got even bigger in the week to Oct. 8, even as the unicorn club added three more members. The ‘Unicorn Class of 2021’ has 31 startups now.

PharmEasy is in talks with a clutch of new investors, including two hedge funds, to join its pre-IPO funding round.