TECHNOLOGY
Byju's accuses investors of 'conspiring' against company in an email to employees
The management also said that the $200 million rights issue that was announced earlier this week for existing shareholders has already been oversubscribed.
TECHNOLOGY
Byju’s delays January salaries for employees amid liquidity crunch
The development follows a communication Byju’s sent to its employees in December, assuring that the salaries will be credited the first day of every month
TECHNOLOGY
Agritech players hail govt's emphasis on PPP model for post-harvest innovation in interim Budget
While there was no mention of the Agriculture Accelerator Fund in FM’s budget speech, the report on implementation of last year’s budget announcements said that the government is all set to identify problem statements and selection of startups by 15th February 2024.
TECHNOLOGY
IIM Lucknow taps alumni network, seeks jobs for 72 unplaced students from 2024 batch
According to sources, students that are yet to be placed include graduates from esteemed institutes like IITs, NITs, Birla Institute of Technology & Science, Pilani (BITS) and Shri Ram College of Commerce (SRCC), among others. Some of them are also Chartered Financial Analysts and Chartered Accountant professionals, added the sources.
TECHNOLOGY
January brings funding cheer for early-stage startups
The plummeting late-stage investments have pushed the overall investments in the red. Indian startups recorded only $366 million in 53 deals in January, a fall of about 64 percent from $1,027 million in 48 deals in December.
TECHNOLOGY
Byju's launches rights issue to raise $200 million from existing investors at $225 million valuation
Rights issues are typically valued much lower than the fair market valuation of a company to attract existing investors to double down on their bet
TECHNOLOGY
Practo makes offline bet with co-branded dental clinics in Bengaluru, Delhi, Mumbai
Practo plans to expand this offering to Pune, Hyderabad, and Chennai initially and then eventually reach tier two cities in the country. It has a target to launch over 100 Practo Dental clinics across the country.
TECHNOLOGY
Byju’s cutbacks: Employees struggle with deteriorating workplace amid massive cash crunch
Byju's slashed its monthly operational expenses by 63 percent in December. The result? Badly maintained washrooms, no coffee machines, non-operational elevators, and low employee morale in its Bengaluru offices.
TECHNOLOGY
Angels tighten purse strings, startup investments halved in 2023 over previous year
The total number of angel deals also decreased to 420 in 2023, from 816 deals the year before, data showed.
TECHNOLOGY
Funding to Indian startups plummets 70% in 2023, lowest in 7 years; but December kindles recovery hopes
In December 2023, startups breathed a sigh of relief amid better investment numbers compared to the last three months. The month recorded $1,027 million in funding in 48 deals closed, which surprisingly was better than last year's $961 million in the same month in about 57 funding deals.
BUSINESS
Edtech in 2023: A year of course correction amidst Byju’s turmoil, record low funding, and investor scepticism
The initial allure of Byju’s, which once attracted funding for the entire sector, has given way to a contrasting narrative, casting a shadow on the overall confidence in edtech. Startups are now pulling out all the stops to woo investors.
TECHNOLOGY
Exampur delays pay, holds dues to ex-staff for months after UpGrad calls off buyout
Founder Vardaan Gandhi told Moneycontrol that the company plans to pay off salaries and full and final settlements in the next four months, with the first tranche being remitted by January 31.
TECHNOLOGY
Byju’s FY22 accounts, other resolutions passed amid high drama at stormy AGM
Shareholders abstained to vote initially on resolutions as new statutory auditors MSKA and associates had failed to join. The auditor later flagged lack of internal controls and its ability to continue as a going concern
TECHNOLOGY
Unacademy ex-COO Vivek Sinha raises $11 million from Lightspeed, Matrix for edtech venture
Sinha’s previous bosses, Unacademy CEO Gaurav Munjal and Oyo founder Ritesh Agarwal, are also backing his latest venture
TECHNOLOGY
Global AI Conclave: 'Impatient' VC-led models often drive firms down unsustainable paths: Narayana Health’s Viren Shetty
Shetty added that when such third-party VC investors, looking for quick wins, invest in healthcare, they mostly back products and companies that customers can find immediate value in
TECHNOLOGY
Revenue growth concerns keep startup founders up at night: Report
In the report, about 50 percent of founders see fundraising becoming easier over the next year. However, over 55.5 percent of the founders which makes up about 139 in total said that startups need to have a minimum runway of about 18 months.
BUSINESS
Online to offline: Upskilling startups vie to launch new-age colleges in shift from edtech model
PhysicsWallah and Scaler are among the highly valued tech startups that have launched such ‘new-age’ colleges, taking on top tech institutions. Bootstrapped startup Masters’ Union introduced the idea of a modern college.
BUSINESS
Byju Raveendran to meet senior management as liquidity situation turns precarious, banks on borrowings, asset sale
Sources says Byju Raveendran is confident of pulling through via asset sales, without depending on capital from existing investors
BUSINESS
Byju's pays delayed November salaries to 1,000 employees
Byju's had earlier said that a technical glitch while uploading details from the company system to the payroll service provider system caused the issue.
BUSINESS
Eruditus plans foray into study abroad segment in 2024, says CEO Ashwin Damera
Damera added that while many companies tie up with tier-2, -3 and -4 institutions, Eruditus will likely send students to top 100 or 150 universities of the country it focuses on
BUSINESS
VC funding in Indian startups sinks to a 6-year low in November
Startups in India recorded about $7.05 billion in funding till November, down 71 percent from $24.36 billion in 2022
BUSINESS
Peak XV-backed Cuemath forays into offline space with first physical centre in Gurugram
The company plans to set up five such centres in 2024, majorly focusing on Gurugram, Bengaluru and Abu Dhabi, where it has strong office presence.
STARTUP
ED confirms notice to Byju's and its founder for FEMA violations of Rs 9,362 crore
This comes hours after the company issued a swift denial following reports, saying that it has not received any notice from the Enforcement Directorate.
BUSINESS
Byju Raveendran assures investors on FEMA compliance after ED notice
This comes hours after CNBC-TV18 reported on November 21 that ED sent a show cause notice to Byju's for alleged FEMA violations amounting to Rs 9,000 crore.
