BUSINESS
Funding to Indian startups stagnates in May in spite of large, late-stage deals
While the amount of funding in the late stage almost tripled to $458 million from $149 million in May last year, investors made only four investments in May, over eight deals in the year-ago period.
BUSINESS
NCLT issues 3 notices to Byju’s over non-payment of dues, next hearing on July 3
The three cases have been filed by publisher McGraw Hills, BPO service provider Cogent E-services and supplier of automation control products AG automation
BUSINESS
Byju’s crisis: Employees grapple with financial distress, humiliation, emotional trauma
A group of Byju’s employees is planning to take the company to the National Company Law Tribunal, where the edtech firm is already embroiled in legal battles with seven of its stakeholders.
BUSINESS
Quess Corp eyes larger market share in GCCs with majority of demand coming from segment
This comes at a time when the company has recorded a third of expected open mandates from IT companies.
BUSINESS
Counsel, don't sell, Byju's Raveendran tells staff; does away with sales call targets, slashes course prices
Byju’s CEO urged employees to ask their 'friends' to join the company to sell courses while they act as their managers, sharing a desire to build a 50,000-strong sales force again within the next year
BUSINESS
Pay-after-placement platform Masai School adds IIT-backed prepaid courses to turn the corner
While the company typically provides pay-after-placement courses to full-time students, these new offerings are prepaid and extend to part-time students as well, guaranteeing a refund if placement is not achieved by the end of the programme
BUSINESS
Byju’s links sales staff salaries to weekly revenue amid cash crunch
Byju’s said that the base salaries for sales team associates will be “suspended temporarily” during this period.
BUSINESS
April brings funding cheer to Indian startups
In April, Indian startups recorded $726 million in 68 deals, from $298 million in 43 deals in April of 2023 - a spike of about 144 percent.
BUSINESS
Breaking Boundaries: High profits, growing demand drive Indian edtechs into study-abroad segment
Over the past two years, edtech startups in India have been treading rough waters, chasing profitability and cutting costs . Companies are now foraying into segments that inherently command higher profit margins.
BUSINESS
Japanese firm Mynavi acquires Indian HR tech startup Awign
Mynavi will now have a majority shareholding in the company, with Awign's founding team continuing to run the operations
BUSINESS
Investors vs Byju's: NCLT defers hearing to June 6 amid claims of violation
The dissenting investors accused Byju's of violating NCLT order on the rights issue, an accsuation denied by the edtech firm
BUSINESS
Byju’s clears part of salary dues for March ahead of NCLT hearing
Byju Raveendran, the founder and CEO of the company has taken on more personal debt to make payroll for the month of March, a source told Moneycontrol.
BUSINESS
States should take lead in promoting ease of doing business for India's $30 trillion economy goal: Amitabh Kant
Kant believes that India needs at least 10 to 12 states growing at over 10 percent in the next 10 years to become a $30 trillion dollar economy.
BUSINESS
Techies with Generative AI skills see a 30-50 percent jump in salaries
Techies in India are driving up salaries with additional AI, generative AI and adjacent skills, commanding a 30-50 percent premium over those without such expertise.
BUSINESS
Tiger Global-backed edtech Scaler lays off 150 employees
The layoffs will impact about 10 percent of the total workforce in the marketing and sales department of the company.
BUSINESS
Byju’s begins salary disbursements amid delay in payments for two months
In an email, the company added that despite efforts, it has not yet secured approval to access the rights issue funds, because of the action of four of its investors.
BUSINESS
Byju’s’ Aakash selects former Pearson India MD Deepak Mehrotra as CEO
The new appointment comes months after reports said that Aakash Chaudhry, the promoter of Aakash Educational Services won't be returning as CEO of the coaching company.
BUSINESS
Byju’s initiates layoffs via phone calls; lets go staff without PIP, notice period amid dire financial strain
Byju's new round of layoffs may impact anywhere between 100 to 500 employees, especially within the sales function of the company, sources told Moneycontrol. The names of employees in the story have been changed to preserve confidentiality.
BUSINESS
Byju’s holds off staff salaries second month in a row amid wait for NCLT nod over rights issue funding
Earlier, Byju’s held back February salaries and later paid a part of the dues to employees in the middle of March. The company is yet to pay the remaining February salaries to its staff.
BUSINESS
Byju's investors refuse to budge, may stay away from rights issue despite extension
The dissenting investors — Peak XV Partners, General Atlantic, Chan-Zuckerberg Initiative and Prosus — will wait for the next hearing in the case at the National Company Law Tribunal on April 4
BUSINESS
Late-stage startups see a surge in funding despite muted investments in March
Startups in late-stages only raised a total corpus of $239 million from seven rounds over $505 million in two rounds in March last year, signally at smaller funding checks
BUSINESS
Byju’s concludes EGM without objections to increase share capital in absence of dissenting investors
According to sources, none of the four dissenting investors - Peak XV Partners, General Atlantic, Chan-Zuckerberg Initiative, and Prosus joined the EGM that went on for about half an hour.
TECHNOLOGY
Byju's gets a breather as NCLT refuses to defer EGM over rights issue
The EGM scheduled for March 29 will include a vote on increasing Byju's' authorised share capital which will give effect to the rights issue floated by the company to raise funds to tide over its massive liquidity crisis
TECHNOLOGY
Going all in: Edtech unicorns eye growth again after brutal cost-cutting
After hunkering down for two years in the face of a funding winter, edtechs are getting ready to ramp up their offline offerings, diversify into new segments and invest in Generative AI products
