Page 13 - Byju's

Byju's CFO quits, rejoins Anil Agarwal's Vedanta to oversee restructuring

Ajay Goel will be returning to Vedanta, which he had quit in April, in time to help with splitting the metals firm into six listed companies, they said

Weekend Bites: More trouble in IT paradise, RBI's plans, and taxing expats

In which we munch over the week's platter of news and views

Manipal Group chairman Ranjan Pai in talks to invest $350 mn in Byju's

The capital from Pai is expected to help Byju's release the pledge on shares of Aakash, which were offered as collateral for the Davidson Kempner loan

TMS Ep545: Aakash & Byju's, cricket in Olympics, auto stocks, civil union

Can Aakash save Byju's? What does inclusion of cricket in the Olympics mean? How to play the auto theme this festive season? What is a civil union? All answers here

Will file much-delayed March 2022 financial results this week, says Byju's

Byju's, which has missed payment on a $1.2 billion term loan, said it's completed a long-awaited audit of all group units. Parent Think & Learn Pvt Ltd

Manipal Hospitals's Pai offers Rs 300 crore loan facility to Byju's parent

A source told Mint that Pai's total investment in the group might reach $300 million if the deal is finalised

Byju's creditors onboard Kroll to 'safeguard' Great Learning assets

Charged assets are used as collateral to secure a loan, allowing the lender to seize them if the borrower defaults

TMS Ep536: Sports performance, Byju's media gag, hotel stocks, quantum dots

What's behind India's best ever Asian Games showing? Are policies like Byju's media gag enforceable? Will World Cup serve more gains for hotel, restaurant stocks? What are quantum dots? Answers here

Edtech firm Byju's targets to reach break-even by March, hive off Epic

Edtech major BYJU'S has set the target to become profitable by March 2024 on account of consolidation and restructuring of the organisation and settlement on USD 1.2 billion loan, sources aware of the development said. The company has undertaken exercise to reduce workforce by about 3,000-3,500 this month by ending duplication in roles across the organisation. "Think and Learn Private Ltd (TLPL) restructuring will see the current operations spread across several business units streamlined into four core areas of K-12, test prep, online and hybrid. The business restructuring, aimed at matching resources with cash flows, will see the company achieve break-even by coming March, in fourth quarter of current fiscal," a source said. BYJU'S declined to comment on a query sent in this regard. TLPL operates under BYJU's brand name. BYJU'S had earlier set the target to become profitable by March 2023. BYJU'S booked a loss of Rs 4,588 crore for fiscal year ended March 31, 2021, 19 times more

Byju's to present FY22 financials at board meet amid investor concerns

The edtech firm is yet to file its FY22 results with Registrars of Companies and this delay has been a key concern among investors as well as the lenders

Focused on cutting costs, Byju's to skip campus placements this year

Even if Byju's were to visit their campuses, it is unlikely that students would be keen to sit for their placements, an official aware of the matter said

Byju's rolls out new social media policy for employees amid layoffs

Any violation will be taken up by the company seriously and may result in appropriate disciplinary and legal action initiated against the employees, according to the internal company document

Edtech firm Byju's to lay off 4,000 employees in major restructuring

The restructuring exercise will be undertaken by Arjun Mohan, who was recently elevated as chief executive officer (CEO) of its India business, replacing Mrinal Mohit, according to the sources

Byju's elevates Arjun Mohan as CEO of India business, Mrinal Mohit quits

Arjun Mohan, a member of the founding team who most recently served as the Chief Business Officer, has rejoined the company after a stint at Ronnie Screwvala-led UpGrad

Edtech giant Byju's regrets 'delays' in settling dues of laid-off employees

According to the new timeline provided in an email to sacked employees, employees can now expect to receive their outstanding payments by November 17, as against the earlier September 15 deadline

Lenders allege Byju's hid $533 million in obscure 3-year-old hedge fund

Byju's denied the charge, saying its credit agreement with lenders did not prohibit or restrict the usage, movement or investment of funds

Top headlines: iPhone15 series launched, Byju's hid $533 mn in hedge fund

Business Standard brings you the top headlines at this hour

Byju's hid $533 mn in hedge fund once run from Miami IHOP, allege lenders

"Byju's has gone to great lengths to conceal the whereabouts of borrower's $533 million for the admitted purpose of hindering and delaying" creditors, they argued in Miami-Dade County court filings

Byju's changing fortunes: From buying spree to selling crown jewels

The valuation of the company led by Byju Raveendran jumped to $15 billion by April 2021. Raveendran used the funds to acquire some 20 companies worldwide

Edtech company Byju's plans asset sale to pay off $1.2 billion loan

The lenders are evaluating Byju's proposed amendment and have reportedly asked for more information about the loan repayment proposal