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No credible competition in school edtech space: LEAD’s Sumeet Mehta

BUSINESS

No credible competition in school edtech space: LEAD’s Sumeet Mehta

“Revenue growth in FY22 over FY21 was 2.5x, and in FY23 over FY22 could be about 2x. We will aim to double our business in the next year also. In terms of profitability, we are on track,” Mehta told Moneycontrol.

NEP and NCF: Tailwinds for school edtech

BUSINESS

NEP and NCF: Tailwinds for school edtech

Indian agri-foodtech startups clock $4.6 billion in funding in FY22, overtake China in funding inflow: Report

BUSINESS

Indian agri-foodtech startups clock $4.6 billion in funding in FY22, overtake China in funding inflow: Report

In a statement shared on November 30, AgFunder and Omnivore said the deal activity for agri-foodtech startups also increased to 234 deals in FY22 compared to 189 deals in FY21.

Investors favour upskilling platforms as other edtechs struggle with funding winter

BUSINESS

Investors favour upskilling platforms as other edtechs struggle with funding winter

Higher education and upskilling startups have raised $1.1 billion in private equity and venture capital funding so far this year, slightly less than the $1.25 billion raised in the first 11 months of 2021, according to data by Tracxn Technologies.

Classplus is overvalued, Unacademy's Gaurav Munjal says citing Graphy's growth

BUSINESS

Classplus is overvalued, Unacademy's Gaurav Munjal says citing Graphy's growth

“Graphy is now doing almost Rs 25 crore in monthly GMV (Gross Merchandise Value). That’s 50% of ClassPlus which is the Market Leader with a valuation of $500 million. ClassPlus is definitely overvalued,” said Munjal, in an internal memo shared with his employees.

Can edtech unicorn Vedantu pull an Aakash with Deeksha buy?

BUSINESS

Can edtech unicorn Vedantu pull an Aakash with Deeksha buy?

Faced with falling demand for online classes, Vedantu is betting on a hybrid strategy, where it plans to offer online and offline coaching in rural and lower-tier towns at a lower price point.

India has very promising two-three decades ahead of it: Tata Sons' N Chandrasekaran

BUSINESS

India has very promising two-three decades ahead of it: Tata Sons' N Chandrasekaran

According to Chandrasekaran, a company's fitness depends on its cash flow. One cannot build a company for valuations alone. Valuation will come and go.

India is setting the benchmark for innovation and unique products: Ajit Mohan

BUSINESS

India is setting the benchmark for innovation and unique products: Ajit Mohan

Mohan added that a decade ago, India used to refer to successful Western models that could be replicated in India. "You had a model that worked elsewhere; you could replicate it and make it work here in India," he said.

What is "spray and pray" in VC investing?

MCMINIS

What is "spray and pray" in VC investing?

YC-backed edtech startup Skill-Lync acquires Binny Bansal-backed Crio

BUSINESS

YC-backed edtech startup Skill-Lync acquires Binny Bansal-backed Crio

In a statement, Skill-Lync also said the founders of Crio will continue to focus on and run Crio’s business and growth, after the acquisition. The company, however, did not disclose the deal size.

At 22, this engineer creates software to check call drops in crowded places

BUSINESS

At 22, this engineer creates software to check call drops in crowded places

Have you ever been in a crowded, public place, trying to connect a crucial phone call, but kept experiencing call drops? Niranjan Akella, a 22-year-old engineering graduate, is trying to solve this pesky problem with a software.

Edtechs focus on cutting monthly spends as demand, funding fall

TRENDS

Edtechs focus on cutting monthly spends as demand, funding fall

Spending on the advertising and marketing front and offers like free trials, especially in the early days, are hurting companies. The higher education and upskilling space seems to be faring better.

White Venture Capital to back executives, former founders to build startups

BUSINESS

White Venture Capital to back executives, former founders to build startups

White Venture’s ‘Call to Adventure’ programme will fund executives to build startups and pay salaries to entrepreneurs while they are at it

K-12 edtech firm Practically lays off staffers, holds salaries citing funds crunch

BUSINESS

K-12 edtech firm Practically lays off staffers, holds salaries citing funds crunch

So far this year, Indian edtech companies have laid off over 7,000 employees, citing financial headwinds

Byju’s gears up for $1-billion listing of subsidiary Aakash in India next fiscal

BUSINESS

Byju’s gears up for $1-billion listing of subsidiary Aakash in India next fiscal

The size of the IPO could be in the range of a billion dollars, valuing Aakash at $3.5-$4 Billion. While it expects to file papers with the market regulator in January next year, it plans to list by June 2024, or the first half of FY24.

Byju's gives in, rolls back decision to shut Kerala operations

BUSINESS

Byju's gives in, rolls back decision to shut Kerala operations

According to a post shared on Facebook, the world’s most valued edtech company has also agreed to take back employees who were asked to resign last month, in a meeting on November 2.

BITS Pilani allows students a year off to build startups

BUSINESS

BITS Pilani allows students a year off to build startups

With this move, BITS is also taking on the Indian Institutes of Technology (IITs), which continue to dominate the startup and unicorn ecosystems in the country

Startups limit hiring senior staffers, gig workers get a pay hike

BUSINESS

Startups limit hiring senior staffers, gig workers get a pay hike

Payments to gig workers have also seen a growth of over 150 percent since October 2021. The report highlighted that many companies have started to employ a gig workforce over their permanent employees as well

You are not just 5% of my company, you are 5% of me: Byju Raveendran to laid-off employees

BUSINESS

You are not just 5% of my company, you are 5% of me: Byju Raveendran to laid-off employees

Raveendran also said that the company will prioritise rehiring of the laid off employees as it restructures and hires again for ‘newly created relevant roles.’

Green shoots? Agritech startups brave funding winter as investments nearly double compared to last fiscal

BUSINESS

Green shoots? Agritech startups brave funding winter as investments nearly double compared to last fiscal

Agritech continues to attract investors who say the nascent sector has potential to grow on rising demand for quality food amid tailwinds like climate change and food security concerns.

CCI order against Google a win for Indian app developers, battle still goes on: Indus OS' Rakesh Deshmukh

BUSINESS

CCI order against Google a win for Indian app developers, battle still goes on: Indus OS' Rakesh Deshmukh

"The CCI order gives a window of opportunity for Indian app developers. But Google has still not provided a level playing field to players like us. We will continue fighting this battle," says Deshmukh.

Vedantu strengthens offline test prep foray with $40 mn Deeksha buy

BUSINESS

Vedantu strengthens offline test prep foray with $40 mn Deeksha buy

Vamsi Krishna, co-founder of Vedantu said the edtech unicorn will work with Deeksha to scale in the three states where the latter has an offline footprint, and in time move to other cities. He added that Deeksha will continue to operate as a separate brand.

Lightspeed-backed edtech startup FrontRow lays off 130 more employees

BUSINESS

Lightspeed-backed edtech startup FrontRow lays off 130 more employees

“We have scaled down our team massively and are rethinking our acquisition channels and our go-to market from scratch. We have a 40 people team now who are committed to it and we still plan to build in the segment,” cofounder told Moneycontrol.

Edtech startup Adda247 raises $35 million led by WestBridge Capital, Google

BUSINESS

Edtech startup Adda247 raises $35 million led by WestBridge Capital, Google

The company has said it will invest the raised fund in enhancing its tech and product profile, expanding its student counseling team, and hiring for some key leadership roles. Interestingly, Adda247 said it also aims to explore a few strategic acquisitions in the coming months.