The recent notification by the Insolvency and Bankruptcy Board of India (IBBI) allowing part-resolution of stressed assets of companies under the insolvency process has sent many resolution professionals (RPs) and committees of creditors (CoCs) back to the drawing board to reassess their strategies for resolving corporate insolvencies.
'Many were caught in a burnout race, chasing unsustainable growth without innovating.'
The stock-and-cash deal is the biggest in the education space.
Byju's has quietly moved into other global markets such as the UK, Australia and New Zealand. It recently launched operations in Latin America.
The Qatar Investment Authority deal follows Byju's raising money from the Canada Pension Plan Investment Board, which was also the first direct investment by the Canadian pension fund in an Indian start-up. In March, Byju's had raised $540 million at a valuation on $5.4 billion, making it the most-valued ed-tech company in the world.
'Now, because of COVID-19, we have become the only way to learn.'
Byju's has emerged as the leader in the Indian education-tech sector. They are pioneering technology shaping the future of learning for millions of school students in India.
After a prolonged winter, the Indian edtech sector seems to be witnessing some signs of a thaw. The sector has received $608.8 million of funding across 68 deals in 2024 so far - 153 per cent more than the $240.9 million across 106 deals during the same period last year - according to data from market intelligence platform Tracxn.
'It's the second-largest market for us after the US, and should be the largest market at some point.'
Bajaj sold his 18-month-old start-up WhiteHat Jr to Byju Raveendran for $300 million in an all-cash deal - over the video conferencing platform Zoom. The deal is the biggest in the Indian edtech sector by far.
Valued at $5 billion, Byju's has seen growth sky rocket in the last two years on the back of mega VC top-ups.
While BlackRock is an existing investor in Byju's, T Rowe joined as a new investor.
This year's list includes 40 influential people under 40 years of age in five categories -- finance, technology, healthcare, government and politics, and media and entertainment.
Jay Shah will not step down from his current role as BCCI Secretary during the upcoming AGM, as he is scheduled to assume his new position only from December 1.
A source said that the transfer is a "tripartite agreement" between Oppo, Byju's and the BCCI and will be signed on Thursday.
'We want to be in kids' learning like what Disney is to kids' entertainment.'
The firm has raised $204 million from nine investors such as Sequoia Capital, Light Speed Ventures, and Aarin Capital, and hopes to hit the $ 1 billion valuation mark this year.
'Criticism is one thing, and cynicism is quite another.' 'However, we are undaunted by this negativity because we know the truth.'
'I always say I am a teacher by choice and an entrepreneur by chance.'
Tencent reinforces India's consumer internet story. Ranju Sarkar reports.
The BCCI top brass deliberated on the two subjects for more than an hour in the emergent meeting of the Apex Council on Monday.
According to an official, the march took a different turn in the town instead of going towards KB Road as permitted, and it led to a "chaotic situation" in the area.
The ministry is of the opinion that there is a need for a rigorous regime for large unlisted companies, in contrast with the current "light-touch" regulation. "There is a defined regime for listed companies, by the Securities and Exchange Board of India (Sebi). "There is a view in the ministry that it needs to look at a framework for large unlisted companies," the senior official said.
Funding winter and corporate governance woes separated the men from the boys in the country's startup space in 2023 that saw funds into the segment tapering to just around $8 billion. All said, investors are hopeful of strong growth of the maturing startup ecosystem in the new year. Edtech and health tech segments that grew exponentially during the pandemic plunged into an abyss of financial uncertainties, with several firms shuttering their business, and valuation of prominent players like BYJU'S and PharmEasy plummeting 85-90 per cent.
Karan Bajaj, founder of WhiteHat Jr, on Wednesday announced his exit from the company, a year after the coding platform was acquired by edtech giant Byju's. Trupti Mukker, who was the head of customer experience and delivery, will now lead the organisation. In a post on LinkedIn, Bajaj shared the announcement of his departure from a company he founded in 2018.
Dream11 will be seen on Team India jerseys starting from the Test series against the West Indies.
For the startup ecosystem in India, the scorecard so far has been a mixed bag, observes Akhil Gupta.
Live lessons help students strengthen their JEE preparation. They can also track their progress over time, identify strong and weak areas, get insights on overall test-taking strategy.
Anurag Tiwari, national academic director, medical, Aakash+BYJU'S, answers queries from students who will appear for the exam the first time this year.
Deteriorating ties between India and Canada could have a bearing on flows into the domestic capital markets. At present, Canada is the seventh largest country for foreign portfolio investor (FPI) flows into India. According to the National Securities Depository Ltd (NSDL), the assets under custody (AUC) of FPIs domiciled in Canada stood at nearly Rs 1.8 trillion ($21 billion) at the end of August. Almost 85 per cent of these investments are in listed equity, while the remaining in debt and hybrid instruments.
'In a country like India where entrepreneurship is not common except in commercial or merchandise families, the situation is different today.'
38 auditors resigned in 2022-23, compared with 46 the previous year.
Start-up entrepreneurs nearly doubled their contribution to philanthropy in 2022 but their numbers shrank. They decreased to only three (from five) in the top 100 of the Edelgive Hurun India Philanthropy List of 2022 which was released on Thursday. Over the year, no new start-up whizz kid joined the list either. The three start-up entrepreneurs who made it to the list contributed collectively Rs 166 crore in FY22, nearly double that of Rs 83 crore in FY21.
Unacademy is conducting another round of job cuts and laying off 350 employees or 10 per cent of its workforce of 3,500, as the SoftBank-backed edtech firm targets profitability and reduces costs, according to an internal note sent by Gaurav Munjal, co-founder and CEO of Unacademy group, to the staff. Munjal said the restructuring exercise would affect about 10 per cent of employees across the group. "I am deeply saddened to share that we will have to say goodbye to some of our extremely talented Unacademy employees," said Munjal in the letter addressed to employees and reviewed by Business Standard.
Billionaire Mukesh Ambani's Reliance Industries Ltd is the most valuable private company in the country, as per Hurun India's 2022 Burgundy Private Hurun India 500 list. The list, which was released on Tuesday, stated that with a value of Rs 16.4 lakh crore, Reliance is India's most valuable company, followed by Tata Consultancy Services (TCS) with Rs 11.8 lakh crore and HDFC Bank with Rs 9.4 lakh crore. Reliance is also the highest taxpayer with a payout of Rs 16,297 crore and the most profitable company with a bottomline of Rs 67,845 crore in 2022-23.
Edtech unicorn Vedantu has laid off 385 employees, nearly 11.6 per cent of the company workforce, according to sources. This move is being seen as part of a drive in the edtech sector towards profitability via cost-savings and consolidation, as funds dry up, they said. The Bengaluru-based firm has laid off over 1,100 employees (both full-time and contractual), so far, this year.
BCCI could lose as much as Rs 955 crore if the government sticks to its decision to levy 21.84 percent tax surcharge on ICC's broadcast revenue from the 2023 ODI World Cup.
The only answer to 'How to crack the NDA exam' is to recognise what you need to work on and then get into it, advises Kamal Gupta, a BYJU'S Exam Prep Expert.
How do you avoid being laid off? If you have been let go, what should you do next? Ask rediff Career Gurus to find out.
The fate of the C K Nayudu Trophy and Senior women's T20, which were postponed due to the COVID-19 pandemic, and the Local Organising Committee for 2023 ODI World Cup is likely to be formed when the BCCI Apex Council meets virtually on March 2.
