Page 6 - Byju's

We are being penalised far more than we should have been: Byju Raveendran

In growing fast, we would have overlooked a few things and that's why we are being penalised a lot more than we should have been

Top headlines: Byju's FY21 losses widen; India's Aug trade deficit doubles

The wholesale price-based inflation eased to 11-month low of 12.41 per cent in August, on softening in prices of manufactured and fuel products, even as food items remained expensive.

Byju's audited revenue expected to be lower than projected numbers

Byju Raveendran, co-founder and the CEO of the unicorn, has briefed the shareholders and the board members about the difference

Andhra govt to procure over 500,000 tabs with Byju's content for students

The Andhra Pradesh government on Monday said it would be purchasing over five lakh tablet computers (tabs) with pre-loaded Byju's e-learning content, meant to be provided to students of state-run schools while over 72,000 TV sets would be set up in classrooms in a phased manner, at a total expenditure of Rs 512 crore. Chief Minister YS Jagan Mohan Reddy held a meeting with senior officials to review Nadu Nedu (our school: then and now). The government would be purchasing 5,18,740 tabs with pre-loaded Byju's content besides smart TVs and interactive TVs. The officials said that 72,481 TV sets are needed and would be set up in classrooms in phases and the expenditure would be Rs 512 crore. By March next, the first phase of digitization would be complete, a release said quoting officials. Reddy categorically stated that monthly audit should be carried out at schools revamped under Nadu Nedu scheme about the amenities and other aspects. He said the scope of audit should also cover th

India edges out China in creating new unicorns in H1CY22: Hurun report

As many as 147 unicorns worldwide saw their valuations drop in the last six months

Byju's to make financial results for 2020-21 public next week: Report

Edtech major Byju's is expected to make financial results for 2020-21 public next week after meeting with shareholders, according to sources privy to the development. The company had informed the Ministry of Corporate Affairs in July that it will announce its financial result on September 6. "Byju's has now obtained an unqualified report from our audit partner Deloitte. The board has approved the audited financial results. Byju's is waiting for the shareholder meeting (expected later this week) before announcing the results in the coming week. Byju's is also in the midst of a round and it hopes to share details of that equally soon," a source told PTI. The MCA had issued a notice to Byju's for the delay in filing the financial result. The company had posted around 82 per cent increasing operating revenue of Rs 2,381 crore in the financial year 2019-20 and its losses were Rs 262 crore. Byju's has set a target to close FY2023 with revenue of around Rs 17,000 crore. The company is l

Byju's likely to raise over $500 mn at $23-bn valuation: Report

Edtech major Byju's is likely to raise over USD 500 million (about Rs 3,900 crore) at a valuation of around USD 23 billion in about a week, sources privy to the development said. The company is planing to use the funding for acquisition in the US, they added. The company is in discussion with Abu Dhabi's Sovereign Wealth Funds (SWF) and Qatar Investment Authority (QIA) for raising in the range of USD 400-500 million and USD 250-350 million, respectively, according to the sources. "Byju's is in an advanced stage of discussion with some investors. The company is likely to raise over USD 500 million in about a week. The transaction is expected to be closed at a valuation of around USD 23 billion," one of the sources told PTI, who did not wish to be named. Byju's declined to comment on the development. According to the source, the funding is part of the company's plan to use the fund for inorganic expansion, especially in the US. The company has already acquired US-based reading plat

MCA mulls imposing fines on unicorns over delay in filing financials

Swiggy had delayed its FY21 result filing by 11 months and Ola Electric was at least 13 months late in filing the financials with the RoC

BYJU's receives clean FY21 audit from Deloitte, to make it public next week

India's edtech startup BYJU's has finally received a clean report from auditor Deloitte on its financial results for FY21 that will be shared with the equity and debt investors next week

Top headlines: S&P ups India inflation forecast, green hydrogen, and more

S&P Global Ratings raises India's inflation forecast to 6.8% for FY23. India Inc's next big thing could be green hydrogen

Govt asks Byju's to explain delay in filing audited financial accounts

Ministry of Corporate Affairs sent a letter to Byju's parent company asking them to explain the seventeen-month delay in filing audited accounts

Govt seeks Byju's reply on delayed filing of audited accounts: Report

Earlier this month, the Ministry of Corporate Affairs sent a letter to Byju's parent company asking them to explain the 17-month delay in filing audited accounts, say people familiar with the matter

Teenagers' share in India's gig sector grows 8 times in last 4 yrs: Report

Around 40% of the gig workers now come from the age group of 16 to 23, says a study by Taskmo, an on-demand staffing platform

Deloitte audit report very soon as BYJU's files FY21 tax returns: Report

BYJU's, which faced intense scrutiny recently over several issues, made multiple acquisitions in FY21 and each of these acquisitions had a different accounting style and year

India at 75: The Maharajah and 14 other brands that had great impact on us

From the Air India mascot to bicycles and Aadhaar, from stationery to automobile and cosmetics, some brands have come to define the segments they represent. Here's a look at 15 such brands

Confluent's Neha Narkhede enters Hurun's ten richest Indian women list

Confluent head India's wealthiest new entrant in Hurun rankings, Roshni Nadar Malhotra tops second year in a row

Edtech startup Creative Galileo raises $7.5 million in Series A funding

The latest round brings Creative Galileo's total funding to $10 million, including a pre-series A round of $ 2.5 million announced in October 2021

'Sponsor Byju's allegedly owes Rs 86 cr to BCCI, Paytm may exit as sponsor'

Indian cricket team's jersey sponsor Byju's allegedly owes Rs 86.21 crore as dues to the BCCI while title sponsor Paytm has requested the board to transfer its rights to a third party. It was only in April that the Edtech company and the BCCI had agreed on the extension of their partnership until the end of the 2023 ODI World Cup in India at a 10 percent increment. The issue was discussed by the BCCI Apex Council on Thursday. "As of today, Byju's owes dues of Rs 86.21 crore to the Board," a BCCI source told PTI after the meeting. However, a Byju's spokesperson told PTI: "We have extended the contract with the BCCI but it is not yet signed. After the contract signing is done, the payments will happen as per the contractual payment terms. So there are no dues pending from our side." Byju's first came on board back in 2019 when mobile manufacturer Oppo transferred the sponsorship rights to the online tutorial firm. The start-up last month said that 500 people have been laid after re

Karti Chidambaram wants govt to probe edtech giant BYJU's finances

Congress MP Karti P. Chidambaram on Thursday said he has written a letter to the Serious Fraud Investigation Office (SFIO) to investigate the finances of edtech major BYJU

Facebook co-founder Eduardo Saverin's B Capital closes $250 mn fund

Ascent Fund II is B Capital's first dedicated early-stage fund. It invests in pre-seed through series A rounds globally, with an emphasis on the US and Asia, including India