Peerzada Abrar

All stories by Peerzada Abrar

2nd rights issue: Byju's moves K'taka HC against NCLT order

2nd rights issue: Byju's moves K'taka HC against NCLT order

Rediff.com1 days ago

Beleaguered edtech firm Byju's has moved the Karnataka high court challenging the order of the National Company Law Tribunal (NCLT) restraining it from going ahead with the second rights issue. The plea is likely to come up for hearing on Monday. The orders of NCLT were expected to be challenged before the National Company Law Appellate Tribunal (NCLAT).

'There's a noticeable trend towards blending Western and Indian styles'

'There's a noticeable trend towards blending Western and Indian styles'

Rediff.com16 Jun 2024

'The demand for international fashion labels, particularly from tier-II cities and beyond, has seen a notable uptick.'

2,000 Ex-Byju's Staff Fight For Dues

2,000 Ex-Byju's Staff Fight For Dues

Rediff.com30 May 2024

'When I called the HR department, they abused me.'

Licious gears up for IPO with new CFO, profit pursuit

Licious gears up for IPO with new CFO, profit pursuit

Rediff.com29 May 2024

Fresh meat and seafood delivery unicorn Licious is intensifying its talent acquisition endeavours as it pursues profitability and readies for an initial public offering (IPO) within the next 24 months. Delightful Gourmet, Licious' parent company, has named 39-year-old Karishma Gupta as its new chief financial officer (CFO). Her appointment aligns with Licious' drive for profitable growth through an omnichannel strategy.

India's internet economy likely to reach $1 trillion by 2030: Experts

India's internet economy likely to reach $1 trillion by 2030: Experts

Rediff.com17 May 2024

India's internet economy is estimated to reach $1 trillion by 2030, primarily due to e-commerce, which is expected to be worth $325 billion and rank third globally, according to industry experts. Last year marked a crucial turning point for India's e-commerce sector, with notable changes in consumer trends, technology, and regulations. InGovern Research Services, a leading corporate governance advisory firm, hosted a virtual roundtable to deliberate on the notable developments in India's e-commerce sector in 2023, with a particular focus on the essential role of customer trust in fueling its ongoing expansion.

Amazon infuses Rs 1,600 crore into India entity

Amazon infuses Rs 1,600 crore into India entity

Rediff.com15 May 2024

Ecommerce firm Amazon has infused ~1,600 crore into its India entity Amazon Seller Services, according to its regulatory filings. The funding comes at a time when the company is seeing opportunities in emerging geographies, including India. The regulatory filings are dated April 15. This is the second time in five months that Amazon invested in its India arm Amazon Seller Services. Before this, Amazon had infused over ~1,000 crore into its Indian entity this year.

Byju's unveils new sales model for growth, managers to act as mentors

Byju's unveils new sales model for growth, managers to act as mentors

Rediff.com9 May 2024

In a bid to democratise education, cash-strapped edtech firm Byju's has significantly reduced the prices of its products. The annual subscription fee for the Byju's Learning App now stands at Rs 12,000 (inclusive of taxes) per year, while Byju's Classes and Byju's Tuition Centres (BTC) are priced at Rs 24,000 and Rs 36,000 respectively for a full year of classes, according to the sources.

Nilekani-backed people+ai rolls out AI strategy...

Nilekani-backed people+ai rolls out AI strategy...

Rediff.com8 May 2024

An initiative of Nandan Nilekani's EkStep Foundation, people+ai on Tuesday unveiled its vision for the future of Artificial Intelligence (AI) in India, dubbed 'Adbhut India' (Amazing India). It aims to harness AI as a powerful tool to enhance the lives of all Indians. The event marked the rollout of several initiatives by people+ai that are focused on discovering, demonstrating, and disseminating population-scale AI use cases for India.

Byju's may pay April salary to employees this week

Byju's may pay April salary to employees this week

Rediff.com3 May 2024

Cash-strapped edtech firm Byju's is likely to pay its employees the April salaries this week, according to sources. The company is grappling with the issue of delays in paying salaries to employees. "There has been a delay in salary. It is expected to be now paid sometime this week," said a person.

Licious eyes IPO in 24 months, 500 stores in five years

Licious eyes IPO in 24 months, 500 stores in five years

Rediff.com2 May 2024

The fresh meat and seafood delivery startup Licious plans to set up 500 stores nationwide within the next five years as part of an omnichannel strategy. The aim is to attract new users in the offline channel and encourage them to transact online as well. The move would also help the company in its efforts to achieve profitability and go for an initial public offering (IPO) in the next 24 months, according to the sources.

Byju: 'We'd like you to be part of our turnaround story'

Byju: 'We'd like you to be part of our turnaround story'

Rediff.com6 Apr 2024

'Despite the animosity shown by some of the investors in pursuing uncalled for legal actions, we continue to show good faith towards all our shareholders.'

Startups call for swift measures to ensure robust safety

Startups call for swift measures to ensure robust safety

Rediff.com4 Mar 2024

The blast at The Rameshwaram Caf has caused distress and concern among the startup and information technology (IT) community, raising questions related to safety and security. Approximately 10 people were reportedly injured in a low-intensity bomb blast at The Rameshwaram Caf, a popular restaurant in Bengaluru's Brookfield. The surrounding area is a major hub for the Indian technology (tech) industry, housing many startups and top IT companies such as IBM, SAP, Accenture, International Tech Park Bangalore, and Prestige Technostar.

India one of the toughest markets for Uber: CEO Dara Khosrowshahi

India one of the toughest markets for Uber: CEO Dara Khosrowshahi

Rediff.com23 Feb 2024

Uber Chief Executive Officer (CEO) Dara Khosrowshahi sees India as one of the toughest markets and a standard to succeed in any other part of the world. One of the biggest challenges for the ride-hailing firm, according to Khosrowshahi, is the expectation of Indian consumers for more services at lower spending. "India is one of the toughest markets out there.

Committed to restructuring board: Raveendran tells Byju's shareholders

Committed to restructuring board: Raveendran tells Byju's shareholders

Rediff.com22 Feb 2024

Ahead of Friday's extraordinary general meeting (EGM), Byju Raveendran, chief executive officer (CEO) of Byju's, told shareholders that he is committed to restructuring the board of the embattled educational technology (edtech) firm. He also committed to appointing two non-executive directors to the board by the mutual consent of the founder and shareholders. The development comes at a time when a consortium of key shareholders, holding over 30 per cent stake in Byju's, issued a notice to the embattled edtech firm this month, calling for an EGM to address "persistent issues", including a proposed change of management at the firm.

Key investors may drag Byju's to NCLT

Key investors may drag Byju's to NCLT

Rediff.com21 Feb 2024

A consortium of shareholders with over 30 per cent stake in cash-strapped Byju's might approach the National Company Law Tribunal (NCLT) seeking a management change, if the extraordinary general meeting (EGM) scheduled for Friday failed to yield an 'amicable settlement' or faced further delays, sources said. Earlier this month, these shareholders had issued a notice calling for an EGM to address "persistent issues", including a change in management. They will vote for a revamp of the existing board, an exercise which would include asking Byju Raveendran to step down as chief executive officer (CEO) and relinquish his operational role, according to sources.

Swiggy may file papers with Sebi for IPO in 2 weeks to raise Rs 8,000 cr

Swiggy may file papers with Sebi for IPO in 2 weeks to raise Rs 8,000 cr

Rediff.com16 Feb 2024

Swiggy is planning to file its draft red herring prospectus with the Securities and Exchange Board of India for its initial public offering (IPO) in the next two weeks, aiming for an $11 billion IPO valuation target. The Bengaluru-based firm plans to raise an estimated $1 billion (Rs 8,300 crore) through the IPO this year. The company is targeting a valuation in the range of $10-11 billion, and it currently has approximately $800 million in cash from the previous funding round, according to sources.

Byju's pays Jan salaries; Raveendran says moving mountains to make payroll

Byju's pays Jan salaries; Raveendran says moving mountains to make payroll

Rediff.com5 Feb 2024

Byju Raveendran, the founder and chief executive officer of the beleaguered edtech firm Byju's, said the company credited all pending January salaries to employees over the past few days. This was communicated to the employees in another letter sent on February 4. Byju's has about 15,000 employees. "I know you were told that you would get your salaries by Monday.

'BYJU's showing green shoots towards profitability'

'BYJU's showing green shoots towards profitability'

Rediff.com5 Feb 2024

'If you look at assets truly working for us, you should look at Aakash and Great Learning.'

Cash-strapped Byju's to raise $200 mn after taking 99% valuation cut

Cash-strapped Byju's to raise $200 mn after taking 99% valuation cut

Rediff.com30 Jan 2024

Cash-strapped edtech firm Byju's' parent company said on Monday it will raise $200 million by way of a rights issue to all its equity shareholders, aiming to support growth and achieve operational sustainability. The proposed rights issuance by Think and Learn Private Limited (TLPL) will fund capital expenditure and support general corporate purposes. As the largest shareholders, the founders of Byju's have personally invested more than $1.1 billion in the company in the last 18 months.

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