Page 2 - Byju's

Byju's in funding talks with TPG, West Asian sovereign funds as debt weighs

Negotiations are ongoing and it's unclear if the prospective investors will go ahead with a deal, the people said, who asked not to be identified as the information is private

BYJU's to miss group level profitability deadline, results delayed again

BYJU's will not be able to meet its March 2023 deadline to achieve group-level profitability, as it envisioned in its earnings in October last year, reliable sources said on Monday

Top headlines: Adani group ratings under surveillance, Rs 8,083 cr for PLIs

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Edtech giant Byju's lays off nearly 1,000 employees across verticals

According to the company sources, the layoffs are part of the"optimisation" strategy announced last year where the company plans to sack 2,500, or 5 per cent, of its employees

Edtech major Byju's lays off over 1,000 employees from engineering teams

The edtech sector has laid off the most employees, with 16 edtech startups laying off more than 8,000 employees to date

Budget will lead India towards self-reliance: Byju's Divya Gokulnath

The co-founder of Byju's Divya Gokulnath has said the Union Budget 2023-24 will take the country to become a self-reliant economy. The Indian multinational education technology company co-founder said the push for infrastructure in the budget, which was presented by Union Finance Minister Nirmala Sitharaman on Wednesday, will create huge jobs and encourage investment in this sector. "The budget strengthens India's progress towards becoming a self-reliant economy. It also reinforces the government's commitment to making India a major player in the global economy," Gokulnath told PTI here. "The allocation of substantially more funds towards infrastructure development will create millions of jobs and encourage the private sector to invest more, she added. Speaking about the education sector, she said, "The budget proposals like teachers training and National Digital Library align with the NEP schools and by investing in cutting-edge digital infrastructure and nurturing an innovation .

Facebook co-founder's investment fund closes third series at $2.1 bn

Firm will invest in financial services, healthcare tech, enterprise software space

After criticism, Byju's introduces new process to verify customer consent

Technology-drive policy to check all sales thrice, says edtech giant

Byju's seeks more time from lenders to renegotiate $1.2 billion debt

Byju's is scrambling to appease creditors and investors already concerned about mounting losses at the once high-flying startup

Star India asks BCCI for Rs 130-crore discount in the existing deal

India's home season media rights holder Star India has asked the BCCI for a Rs 130 crore discount in the existing deal while jersey sponsor BYJU's, which is on its way out, wants the board to encash bank guarantee worth an estimated Rs 140 crore to honour the current agreement. The BCCI top brass deliberated on the two subjects for more than an hour in the emergent meeting of the Apex Council on Monday. It was a virtual meeting. In November, BYJU's had communicated to the BCCI that it wants to exit as the jersey sponsor of the Indian cricket team but the board asked the ed-tech company to continue until at least March 2023. However, in June, BYJU's had extended its jersey sponsorship agreement with the BCCI until November 2023 for an estimated USD 35 million. While an approximately Rs 140 crore will be paid to the BCCI through bank guarantee, the remaining, around Rs 160 crore, will be paid via installments. "Only BYJU's and Star India issues were discussed in the meeting but that

Byju's founder raising funds to buy back as much as 15% of firm: Report

Raveendran is in the midst of overhauling the company's strategy and cutting marketing spend with a goal to be profitable by March

After many rocking years, we needed a rocky year: Byju's CEO Raveendran

He said 2022 was the year of learning for all tech businesses, of every kind. "We had our share of learnings and growing, too. This was the year of introspection and action.

For tech industry, 2022 was a year of mass layoffs; 2023 likely to be worse

The tech layoffs this year have exceeded the job cuts the sector faced globally during the financial crisis of 2008-2009 triggered by the Lehman Brothers' collapse

98.5% refunds in 48 hrs; no incentive to pursue those un-interested: Byju's

BYJU'S processes 98.5 per cent refunds within 48 hours of receiving such requests from customers, the edtech company said in its submission to child rights body NCPCR on Friday. Defending itself on the allegation of mis-selling, BYJU'S said it does not encourage, order or incentivise its sales staff and managers to pursue customers who are uninterested in or unable to pay for its products. "BYJU'S stated that it has robust written refund policy for all products and services. At every purchase touch point, the customer is informed about the terms of the refund policy. It also stated that 98.5 per cent of the refund requests that are submitted to it through official channels are processed within 48 hours," the company said in a statement. The National Commission for Protection of Child Rights (NCPCR), taking cognisance of the matter, has summoned BYJU'S CEO Byju Raveendran to appear before it on December 23. BYJU'S denied the allegation of "mis-selling", saying that such question doe

No question of mis-selling, sales team doesn't have rights: Byju's to NCPCR

Says that by design, every sale is unapproved until it is verified by a triple-layered audit mechanism that reaches out to the interested customer through SMS, audio and video calls

Byju's to undertake affordability test of parents before selling courses

The child rights organisation will meet with Byju's officials again on Monday for additional information and documents from the company

Byju's denies buying student databases after NCPCR Chief's allegation

Edtech major Byju's strongly denied reports by NCPCR that the company is allegedly buying phone numbers of children and their parents and threatening them to buy its courses

Byju's may terminate jersey sponsorship deal with BCCI, MPL may exit too

Two of Indian cricket team's main sponsors, edtech major Byju's and MPL sports, want to exit from their sponsorship agreements with the BCCI. In June, Byju's had extended its jersey sponsorship agreement with the Board until November 2023 for an estimated USD 35 million. Byju's now wants to terminate its agreement with the BCCI which has asked the company to continue at least until March 2023. "BCCI received an email from Byju's on 4.11.2022 requesting terminating the association post the recently concluded T20 World Cup. As per our discussions with Byju's, we have asked them to continue the current arrangement and continue the partnership at least until 31.3.2023," read a BCCI note on the matter. The matter was discussed at the BCCI Apex Council meeting on Wednesday. The brand had replaced Oppo back in 2019. Byju's was also one of the sponsors of the 2022 FIFA World Cup in Qatar. The edtech company had recently announced plans to lay off not more than five per cent of its total .

Byju's allegedly buying contacts of children, threatening parents: NCPCR

The child panel took action based on a news report that the company's sales team was engaging in dishonest behaviour to persuade parents to purchase their courses for their kids

TMS Ep327: Reliance FMCG, Byju's pains, Markets, EAGLE Act

Is FMCG the new battlefield between Ambani and Adani? Is Byju's experiencing growing pains? Will US Fed's hawkish pivot push Sensex to 58,000? How will EAGLE Act help Green Card seekers? Answers here