Prepladder Neuros launch delayed till March as about 14 teachers have resigned over the last four months
Byju Raveendran said that the company is experiencing continued momentum in demand for its core business, which is online K-12 learning, even as some of the company's closest competitors are witnessing slower growth following the pandemic.
In a chat with Moneycontrol, Bjyu’s founder Byju Raveendran and co-founder Divya Gokulnath exuded confidence about turning profitable on a company level over the next quarter. They also spoke about exiting some branding contracts to optimise costs.
Byju's currently has three large branding partnerships with the BCCI (Board of Control for Cricket in India), ICC (International Cricket Council), and FIFA (Federation Internationale de Football Association) that will be up for renewal, but the company will not renew any of them, according to co-founder and CEO Byju Raveendran.
Raveendran also claimed that by the end of this quarter or by the next quarter FY24, Byju's will turn profitable on a company level
The change in sales strategy for Byju's follows the company's meetings with the National Commission for Protection of Child Rights (NCPCR) in December, where the company was asked by the child rights' body to make necessary changes to its sales tactics amid complaints of mis-selling and over-selling.
At least six doctor-teachers have decided to file a legal complaint against Unacademy's PrepLadder over nonpayment of dues after the company backed out of conciliation in an ongoing case filed by one doctor-teacher in December
The new funding round was a mix of long-term debt capital from venture debt firms Alteria Capital and Stride Ventures and working capital finance from banks such as Standard Chartered Bank, HDFC Bank, and ICICI BankLEAD plans to use the funding for financing the company's organic and inorganic growth.
upGrad will not be replacing Mohan and Mayank Kumar, co-founder and managing director of upGrad will be taking over Mohan's responsibilities, according to a person with direct knowledge of the matter.
The latest round of layoffs and Relevel's move to shut down its core business further highlights the predicament of the job guarantee vertical, which was struggling since August last year
The creditors have until Tuesday to sign a forbearance agreement, which will give the company time till Feb. 10 to negotiate broader terms on the term loan, the people said, asking not to be identified as the information isn’t public.
A few have laid out 'soft' mandates to investment banks to look for buyers, they said, requesting anonymity, the report added.
This comes as B2C K-12 online edtech startups in India have been suffering post-pandemic with demand falling, while those operating in the B2B edtech segments witnessed tailwinds of growth with schools more open to adopting innovation.
Virohan will use the funds to expand to more than 200 new campuses across India and is aiming to train over 7,000 students
The acquisition comes days after the school edtech unicorn reported a net loss of Rs 397.1 crore in FY22, which was more than triple of its losses in the previous fiscal
Leap Scholar's expenses grew more than 7 times to Rs 121 crore during the year, which led to the firm reporting a widening loss of Rs 80.3 crore for FY22
Byju Raveendran's comments on how users like Byju's courses come at a time when the company has been heavily criticised in the media about allegedly mis-selling and over-selling its courses, even to poor families in the country.
The startup superstar has gone from hero to zero rather rapidly. Will the picture be somewhat different in 2023? Coming soon to a screen near you
Compared to last year's total of 542, only 244 new unicorns have been created globally so far in 2022, while only 23 new unicorns have been minted in India this year, compared to 44 in 2021.
"They're targeting first-generation learners. We'll initiate action & if need be will make report & write to govt," the NCPCR Chief said.
Edtech was a sector with a lot of promise but it appears to be at risk of flaming out. Will it? What will it take to fix the mess? Pramath Sinha gives his view on the problems and the way ahead
While educational content has been available on YouTube for several years, this will allow creators to provide viewers with a more comprehensive, structured learning experience.
Amid the slowdown in the Indian market, many edtech players expanded abroad and acquired paying customers in North America, SEA, and Middleeast.
At present, educational services and products are in the 18 percent GST slab. The newly formed self-governing industry body, the Indian Edtech Consortium (IEC) weighed in on the demand and said the government should consider shifting educational products and services to a tax slab of 5-12 percent.
“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.