Top headlines: Byju's raises $250 mn; ACC posts surprise Q2 loss

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Byju's raises $250 mn from existing investors, valuation remains at $22 bn

Byju’s has raised $250 million from its existing investors as the edtech giant targets profitability by March 2023. The valuation of the Bengaluru-based firm remains at $22 billion as there has been no change after this funding, according to the sources.

Byju’s has raised total funding of $5.5 billion from investors such as Sumeru Ventures, Vitruvian Partners, BlackRock, Chan-Zuckerberg Initiative, Sequoia, Silver Lake, Bond, Tencent, General Atlantic, Tiger Global and Qatar Investment Authority. The firm has over 150 million learners. READ MORE.

Cement maker ACC reports surprise quarterly loss in Sept as expenses surge

Indian cement maker ACC Ltd on Monday reported a surprise loss for the September-quarter, hurt by a surge in fuel and power expenses.

The company's standalone loss was Rs 91 crore ($11.05 million) for the three months ended Sept. 30, compared with a profit of Rs 449 crore a year ago. READ MORE.

PVR posts wider-than-expected Q2 loss at Rs 71 cr; revenue jumps 71% YoY

India's top multiplex operator PVR Ltd on Monday reported a bigger-than-expected second quarter loss, as lacklustre Bollywood and Hollywood movie performances drew fewer crowds, hitting ticket prices.

PVR's consolidated net loss for the quarter ended September narrowed to Rs 71.2 crore ($8.64 million) from Rs 153 crore in the pandemic-hit period a year ago, but was bigger than analysts' expectations for a loss of Rs 9.92 crore, according to IBES data from Refinitiv. READ MORE.

Nokia bags multi-year deal from Reliance Jio for mega 5G network

Finnish company Nokia on Monday said it has won a multi-year deal from Indian telecom operator Reliance Jio to build one of the largest 5G networks in the world.

Under the contract, Nokia will supply equipment from its AirScale portfolio, including base stations, high-capacity 5G Massive MIMO (multiple input multiple output) antennas, and Remote Radio Heads (RRH) to support different spectrum bands, and self-organising network software. READ MORE.