Page 6 - Byju's

Cash-strapped Byju's may pay salary to employees for April this week

Last month, Byju Raveendran, the founder and chief executive of Byju's, secured a private debt of about Rs 30 crore to pay the March salaries of employees

Byju's introduces revenue-linked salary policy for sales staff: Report

Base salaries of sales staff will be suspended while this policy is in place between April 24 and May 21

Byju's continues facing cash crunch as NCLT defers hearing to June 6

Byju's and its investors are fighting at the National Company Law Tribunal (NCLT) over the company's rights issue of $200 million in a petition alleging oppression and mismanagement

Raveendran secures pvt debt to pay March salaries of employees at Byju's

The development comes ahead of the April 23 hearing at NCLT and company may request the tribunal allow it to use the rights issue money

Raveendran raised debt to pay March salaries of Byju's employees

Edtech firm Think and Learn, owner of Byju's brand, credited partial salaries of employees for the month of March, according to sources. Byju Raveendran, the Founder and CEO of Think and Learn, has raised debt in his personal capacity to pay the salaries of employees for March. Byju's salary expenses for partial payouts is estimated to be in the range of Rs 25-30 crore. The salary was credited on Saturday, April 20, in the account of employees. According to the source, the amount paid is between 50-100 per cent of salary. "Byju raised more personal debt to pay salaries this month. While the rights issue money is still blocked by the foreign investors, " a source said. "Teachers and people at the lower end of the pyramid have been paid 100 per cent," the source said. The company had raised USD 200 million through a rights issue to meet its operational requirements, including expenses related to employees' salaries. A group of four investors -- Prosus, General Atlantic, Sofina, a

NCLT grants one week to Byju's, Teleperformance to settle debt dispute

The decision came after Byju's counsel, Senior Advocate Pramod Nair, informed the NCLT that it was trying to resolve the issue with Teleperformance, the creditor

Byju's India CEO Arjun Mohan moves on, company divided into three divisions

Byju's is consolidating its businesses into three focused divisions. These include The Learning App, Online Classes and Tuition Centres, and Test-prep

Edtech company Byju's shareholders approve $200 million rights issue

The culmination of the rights issue will also set the stage for the launch of Byju's 3.0, the suite of AI-first products

Byju Raveendran to take over firm's daily ops after CEO Mohan's resignation

Founder of the edtech company Think and Learn, which owns the Byju's brand, Byju Raveendran will handle the firm's day-to-day operations following the resignation of CEO Arjun Mohan, the company said on Monday. Following the move, the company has announced a major rejig of the business that will consolidate its business into three focused divisions -The Learning App, Online classes and Tuition centres, and Test-prep. "The changes follow an extensive seven-month operational review and cost optimisation exercise led by outgoing BYJU'S India CEO Arjun Mohan. This new phase will also see Byju Raveendran taking a more hands-on approach in spearheading the daily operations of the company," the company said. Mohan will now transition to an external advisory role, lending his deep edTech expertise to the company and its founders during this transformation phase. Over the past four years, Raveendran had focused primarily on strategic aspects such as raising capital and driving global ...

Investor funding in edtech driving unwarranted behaviour: Byju's Aakash CEO

Investors' funding in the edtech space is driving an unwarranted behaviour which is not good for the industry, Byju's Aakash Education Services Ltd (AESL) Managing Director and CEO Deepak Mehrotra has said. Speaking to PTI, Mehrotra also said that digital alone can't meet aspirations of medical and engineering students looking to get into premium institutions, and it is important to address requirement of new learners. "Investors' funding is very clearly driving behaviours which are not good for anyone, I only hope sanity prevails," said Mehrotra who was appointed AESL's CEO on Monday. He was replying to a query about the need for consolidation in the edtech and test preparatory space where there has been a lot of changes in the business models of several firms. During the edtech's growth stage, several brick-and-mortar test preparatory firms entered the online space, while online education firms added brick-and-mortar centres. Mehrotra said digital alone is not enough to address

'Pleased to inform': Byju's begins salary payout after delay of 2 months

Byju's said that despite its efforts, the company is yet to secure approval to access the funds from the rights issue

Layoffs by Indian tech startups dip 60% in Jan-March this year, says report

Tech startups let go of more than 2,000 workers in the first quarter as funding capital reduced

Investor funding in edtech drives unwarranted behaviour: Byju's Aakash CEO

Investors' funding in the edtech space is driving an unwarranted behaviour which is not good for the industry, Byju's Aakash Education Services Limited (AESL) Managing Director and CEO Deepak Mehrotra said on Monday. Speaking to PTI, Mehrotra also said that digital alone can't meet aspirations of medical and engineering students looking to get into premium institution, and it is important to address requirement of new learners. "Investors' funding is very clearly driving behaviours which are not good for anyone, I only hope sanity prevails," said Mehrotra who has been appointed AESL's CEO on Monday. He was replying to a query about the need for consolidation in the edtech and test preparatory space where there has been a lot of changes in the business models of several firms. During the edtech's growth stage, several brick-and-mortar test preparatory firms entered into the online space, while online education firms added brick-and-mortar centres. Mehrotra said that digital alone i

Edtech firm Aakash Educational Services appoints Deepak Mehrotra as CEO

The appointment of Deepak Mehrotra is part of AESL's strategic vision to enhance its offerings and expand its reach, the company said

Edtech firm Aakash Educational Services appoints Deepak Mehrotra as new CEO

Edtech firm Byju's group firm Aakash Educational Services Ltd on Monday said it has appointed Deepak Mehrotra as its managing director and chief executive officer. The position of CEO at Aakash has been lying vacant after Abhishek Maheshwari resigned from the company in September 2023. Mehrotra's appointment fills in the position of CEO after a gap of about seven months. Mehrotra joined the office with immediate effect, the company said in a statement on Monday. "As we enter the next phase of growth, it's our pleasure to welcome Deepak to lead Aakash Educational Services Ltd. In his role as CEO, he will be responsible to deliver on our aggressive growth plan and to build on the significant momentum the company is currently experiencing. "His business acumen and stellar record as the Managing Director for Pearson India will be pivotal in leading Aakash BYJU'S into its next phase of growth and impact," Byju's, Founder and Chairman Byju Raveendran said. With over 35 years of experie

Emergency arbitrator asks Byju's to not sell around 6% stake in Aakash

Edtech firm Think and Learn, which owns Byju's brand, has been asked by an emergency arbitrator not to sell around 6 per cent stake in its subsidiary Aakash Education Services Limited as it has failed to pay back around Rs 350 crore raised from billionaire doctor Ranjan Pai-led MEMG Family Office. Arbitration proceedings were initiated by the MEMG Family Office in March to protect its rights, as per the undertaking given by Byju's at the time of securing the loan. "The emergency arbitrator has asked Byju's not to transfer or create any rights on around six per cent stake in Aakash as per the undertaking given by the company at the time of raising around Rs 350 crore loan from MEMG Family Office," a legal representative aware of the development on condition of anonymity said. The representative said that the directions were issued on April 4 by an emergency arbitrator, appointed under Singapore International Arbitration Centre rules, in India. An email query sent to Byju's and MEMG

Byju's 'breached' terms of loan worth $42 mn; stake sale in arm blocked

Byju's was India's biggest startup until 2022 when it was valued at $22 billion, but has seen its fortunes dwindle amid an auditor exit

Byju's seeks arbitration on NCLT trial; hearing adjourned to April 23

The plea for arbitration is interesting, as this will mean that the case will be moved away from NCLT's jurisdiction

Forbes list: Byju Raveendran no longer a billionaire, now has $0 net worth

Byju's has been grappling with delayed financial results, a wave of board member departures, and various other challenges

Retail, food and education top tech layoffs list so far in 2024, shows data

Numbers so far this year are lower than in 2023