BUSINESS
Byju’s misses deadline to pay final settlements of laid off employees again
This comes at a time when many such employees have not been able to find another job after their termination due to the challenging hiring landscape.
BUSINESS
Edtech soonicorn Brightchamps gives India business a makeover; acquires 90% of learners via schools
The company, which was founded in 2020, ran a platform to teach co-curricular skills to kids aged 6-16 in India until the beginning of 2023. This B2C model now only makes up for 10 percent of its India revenue.
BUSINESS
Byju’s-owned Great Learning’s revenue crosses Rs 800 cr in FY23, losses reduce 21%
While the company's Singapore business turned loss-making, Great Learning managed to reduce its overall losses in FY23 to Rs 210 crore from Rs 266 crore in the preceding fiscal.
BUSINESS
Byju's settles dispute with Davidson Kempner as Ranjan Pai buys out debt in Rs 1,400-cr transaction
An entity of Pai purchased all the NCDs of Davidson Kempner on NSE Cbrics platform, putting an end to the longstanding troubles between the edtech and investment management firm Davidson Kempner. As per the terms of the deal, Pai will also secure a seat on Aakash's board.
BUSINESS
Agritech Waycool in talks to raise $40 million in internal funding round led by Lightrock
Sources say the new round will either be a bridge or a down round. Waycool was last valued at $700 million in June 2022 and is unlikely to see an uptick in valuation in the ongoing round.
BUSINESS
Private companies not chasing profitability are only 'postponing the trouble': Info Edge’s Sanjeev Bikhchandani
The Info Edge founder said that apart from players chasing profitability in the listed space, private investors have also made it clear to portfolio companies that funding will only follow profitability
BUSINESS
Body cameras, facial recognition, analytics: Govt institutions tap AI to fight exam cheating
While these efforts by state-run institutions may enhance the integrity of exams, concerns remain on privacy and harvesting of data on students.
BUSINESS
Byju's CEO Raveendran tells staff FY23 audit soon, to be completed in 'coming months'
The Byju’s management had earlier agreed with its investors that the edtech company would put out its FY23 results by the end of December 2023
BUSINESS
India will be the skill capital of the world: SAP India MD Kulmeet Bawa
For SAP, the Indian market is important, especially for research and development (R&D) as it provides a skilled workforce at a better cost, Bawa said
BUSINESS
SAP launches generative AI offerings to support developers
This also follows the launch of SAP’s Joule, a natural-language, generative AI copilot, in September this year, that is embedded throughout SAP’s cloud enterprise portfolio.
BUSINESS
India Quotient-backed Masai School launches AI-powered tech recruitment platform
The idea behind AI-powered Level Up is 'to disrupt LinkedIn in the next three years. If the platform is going to explode, we will be able to do that much faster', Masai School co-founder and CEO Prateek Shukla has said
BUSINESS
Google-backed Adda247’s revenue doubles, losses grow fourfolds in FY23
Adda247 CEO and co-founder Anil Nagar said the company plans to go public in the next 2-3 years
BUSINESS
Trade body representing Big Tech urges govt to extend DPDP Act implementation by 1.5 years
MeiTY had earlier indicated that it would extend more time to companies on specific clauses of the DPDP Act that would mean significant changes for them
BUSINESS
Reduced IPO size as investors think current valuation not attractive enough to sell, says Mamaearth
Mamaearth’s current valuation of Rs 10,423 crore (around $1.25 billion) is unchanged from what it commanded during its fundraise in January 2022.
BUSINESS
Byju Raveendran out of Hurun India rich list amid valuation markdowns
This comes even as the startup founders on the 360 ONE Wealth Hurun India Rich List experienced a collective wealth dip of Rs 85,000 crore amid the funding winter, according to Anas Rahman Junaid, MD and Chief Researcher, Hurun India.
BUSINESS
Canadian universities offer mental health support, security to students amid India-Canada faceoff
University support for the Indian diaspora comes after advisories for applicants from India to skip the current intake in light of potential delays in visa approvals.
BUSINESS
Indian startups have laid off over 30,000 employees since the beginning of 2022
From 2022 to date, approximately 95 startups have laid off nearly 31,965 employees, according to Moneycontrol's layoff tracker, as they aim to reduce expenses and prioritise profitability.
BUSINESS
Byju’s lays out new social media policy for employees amid layoffs
The company-wide communication comes amid growing discontent voiced by both current and former staff on mistreatment of its workforce across media platforms.
BUSINESS
Study-abroad platforms advise students to skip Canada, explore UK, US options
Students who are mid-way through the application process are the worst affected by the uncertainty. Companies that offer study abroad consultancy focussed on Canada will also see the largest impact if the row escalates further.
BUSINESS
WhatsApp Business' big India push: in-chat payments, paid verification, more
With over 500 million users, India is Meta’s biggest market in terms of user base for WhatsApp. The company is now looking to capitalise on its popularity and widespread adoption to drive monetisation for the world's largest messaging app.
BUSINESS
iPhone 15 draws interest but high price of Made-in-India phone a letdown for customers
While there were expectations among customers of lower pricing for iPhone 15 since it is made in India, experts note that Apple's strategy of assembling in India was never about selling phones at a lower price point but about establishing India as an export hub for Apple.
BUSINESS
Westbridge-backed LEAD’s losses down 19%, revenue more than doubles in FY23
The company’s co-founder and CEO Sumeet Mehta, during an interaction in August, told Moneycontrol that LEAD's revenue has doubled from about Rs 133 crore a year ago
BUSINESS
Global Fintech Fest 2023: India’s attempt to become world’s fintech thought leader
GFF 2023 was bigger than it was in 2022 and next year promises to be even bigger. The fest provided a platform for anyone with a presence in finance, technology and banking and investing, to forge new ties and exchange new ideas.
BUSINESS
AI may make 90% of workforce lose job-relevance in 10 years: CRED’s Kunal Shah
Shah believes that while some argue that upskilling can save jobs, humans cannot upskill so quickly. The time to upskill is going to be a real challenge. Unless you are a very curious compounding person, everybody's job is at risk, he said
