Page 3 - Byju's

Is Byju's experiencing growing pains?

Creditors of India's most-valued unicorn Byju's are pressuring it to sell off its US assets to repay loans. Is the edtech major still facing the growing pains of a start-up or spiralling downhill?

NCPCR summons BYJU's CEO Raveendran over allegation of malpractice

Apex child rights body NCPCR has summoned edtech BYJU's CEO over allegations that it is indulging in malpractices to lure parents and children to buy their courses. According to a media report, BYJU's is facing a range of complaints on social media platforms and consumer websites with customers alleging that they were exploited and deceived as they had to put their savings and futures in jeopardy. The National Commission for Protection of Child Rights, taking cognisance of the matter, has summoned BYJU's CEO Byju Raveendran to appear before it next week. "The Commission is in observance that indulging into malpractices to lure the parents or children into entering loan based agreements and then causing exploitation is against the welfare of children and in pursuance of the functions and powers under Section 13 and 14 of CPCR Act, 2005," NCPCR said. The Commission asked the company to appear in person before it along with the details of all the courses run by BYJU's for children the

BYJU's problems to continue in 2023 as lenders seek $1.2 bn loan repayment

No end to BYJU's troubles as after sacking employees, alleged harsh and "abusive" work culture, reports on "working capital crisis" emerge with lenders asking the edtech unicorn to repay part of loan

Lenders ask Byju's to liquidate US assets to part-repay $1.2-bn loan

The company is seeking a restructuring of the loan, but it faced steep losses. Around this time, some activist investors bought some of the bonds

Byju's lenders seek immediate part-repayment of $1.2 billion loan

The lenders have hired Houlihan Lokey Inc. to advise them on amending covenants after the edtech titan breached terms, including a September deadline for filing its results

Layoff fallout: Outplacement firms have their hands full with flood of CVs

Tough trade-off: Companies want job guarantee for people they've laid off, but on a bargain

Byju's seeks easier terms on $1.2 bn loan as it struggles with losses

Byju's, valued at $22 billion, has appointed an adviser to discuss tweaks in covenants of the term loan B with creditors

Mulling an IPO for Ola ride-share business next year, says Bhavish Aggarwal

'Looking at synergies with EV business, will announce details soon'

Serum Institute, Byju's top Burgundy-Hurun unlisted companies list

The Pune-based vaccine producer's value has increased 20 per cent to Rs 2.2 trillion in the past one year

Amazon to shut down its edtech platform in India, refund customers

Edtech offering was launched last year to cater to students preparing for engineering colleges' JEE

Byju's-owned Great Learning likely to cross Rs 1,000 crore revenue in FY23

The firm is expanding in regions such as India, North America, Latin America, Africa, and Southeast Asia and is also planning to acquire various companies in these markets

Will look into financial disclosures of Byju's, says ICAI president

Move comes in backdrop of Congress MP Karti Chidambaram's letter airing concerns over results

Looking into financial disclosures of Byju's: ICAI head Debashis Mitra

Chartered accountants' apex body ICAI is looking into the financial disclosures made by edtech major Byju's amid concerns that there are issues related to them, according to a top official. The development also comes against the backdrop of Lok Sabha member Karti Chidambaram flagging concerns about the financials of the edtech startup, which has significantly expanded its operations in recent years. Last month, the Congress leader had also written to the ICAI (Institute of Chartered Accountants of India) to review the company's financials. ICAI President Debashis Mitra said the Institute is aware of the issues at Byju's and that was not just because Karti Chidambaram had written to it about the alleged issues. "We don't see any serious lapses at the company but yes it looks like there are issues around its financial disclosures. The FRRB (Financial Reporting Review Board) is also looking into the matter," he told PTI here. The institute's FRRB, constituted in July this year, works

Ronnie Screwvala-led upGrad to hire 1,400 amid edtech sector turbulence

Signs up new leases for 335K sq ft space in Mumbai, Bengaluru, Pune and Noida

BYJU's expects 3-fold revenue growth, losses halved in FY 2022: Official

Edtech major BYJU's expects to register a three-fold growth in revenue and losses to be halved in financial year 2022, according to a top company official. BYJU's Founder and CEO Byju Raveendran, at a startup event on Friday, also defended roping in football star Lionel Messi as its global ambassador amid job cuts at the company, saying the decision was taken six months ago. "Addressing a gathering of entrepreneurs and investors at Tech Sparks 2022, Raveendran said that the company with over 150 million learners, is well on its path to profitability as it expects revenue growth of 3 times and losses to be more than halved in FY'22," as per an excerpt of the event shared by BYJU's with PTI. BYJU's had booked a loss of Rs 4,588 crore and revenue of Rs 2,428 crore for the fiscal year ended March 31, 2021. BYJU's co-founder Divya Gokulnath had announced laying off around 2,500 people from the company as it chalks out a path to profitability by March 2023 and hires 10,000 more teachers

Best of BS Opinion: Another lotus blooms, a fresh beginning and more

Here are the best of Business Standard's opinion pieces for today

Brand ambassadors: An illusory fascination

Byju's appointment of Messi is a good example of the illusory fascination that companies harbour for celebrity endorsements

Hiring of top-level professionals slowing down in Indian startups: Report

In most startups, the CEOs are now participating in the hiring process for senior-level professionals

Byju's ropes in Messi as global brand ambassador for its social initiative

Earlier this year, edtech giant Byju's became the official sponsor of the FIFA World Cup 2022 in Qatar

Byju's ropes in Messi as global brand ambassador for social initiative EFA

Edtech major BYJU's has roped in football star Lionel "Leo" Messi as the first global brand ambassador of its social impact arm Education For All, the company said on Friday. Messi, who plays for Paris Saint-Germain and captains the Argentinian football team, has signed an agreement with BYJU'S to promote the cause of equitable education, BYJU'S said in a statement. "We are honoured and excited to collaborate with Lionel Messi as our global ambassador. He rose from the grassroots to become one of the most successful sports persons ever. That is the kind of opportunity that BYJU'S Education For All (EFA) wants to create for the nearly 5.5 million children it currently empowers. No one represents the power of enhancing human potential more than Lionel Messi," BYJU'S co-founder Divya Gokulnath said. The engagement of BYJU's with Messi will enhance visibility of the edtech firm overseas as football has roughly 3.5 billion fans worldwide, and Lionel Messi has a social media following of