BYJU
MP consumer court asks Byju's, SRK to return fees & pay compensation
The action came on the basis of a complaint filed by an Indore-based woman Priyanka Dikshit. The woman had complained that she was encouraged to take admission to Byju's coaching (course) for preparation of IAS in 2021 and had deposited Rs 1.8 lakh fees, but no coaching facility was provided to her.
Remitted money for overseas acquisitions, cross-border transactions duly vetted: Byju Raveendran
The ED conducted search and seizure operations at three premises of Raveendran and his company Think & Learn Private Limited, under the provisions of the Foreign Exchange Management Act (FEMA). The ED said that BYJU's "remitted Rs 9,754 crore to various foreign jurisdictions in the name of overseas direct.
ED raids: BYJU's yet to submit financial results since FY21
Think & Learn Pvt Ltd, BYJU's parent company, is yet to disclose the audited financial accounts for the last two fiscal years. BYJU's was also not able to meet its March 2023 deadline to achieve group-level profitability, as it envisioned in its earnings in October last year, amid delayed results.
ED raids BYJU's; claims it remitted Rs 9754 cr to foreign jurisdictions
The company runs a popular online education portal by the name of BYJU's. During the searches, various incriminating documents and digital data were seized. "FEMA searches also revealed that the company has received foreign direct investment to the tune of Rs 28,000 crore between 2011 and 2023. Further, the company has also remitted Rs 9754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment," said the official.
BYJU's all set to raise $500-$700 mn led by top VC firm
The funding round, anticipated for quite some time amid the deepening funding winter, will not only help BYJU's pay off some of its existing debt but also consolidate and grow its business further, according to people privy to the development."The round is led by top VC firms and some existing investors in BYJU's are also keen to participate, which may take the funding round to its maximum," sources told IANS.
US-based investors significantly cut market valuation of BYJU's, Swiggy
New York-based investment firm BlackRock in a private assessment has slashed the valuation of edtech major BYJU's to $11.15 billion from its $22 billion valuation that the company keeps referring to, according to a report in The Arc, citing the filings. "BYJU's is India's most valued startup. If other investors follow BlackRock, it may translate into the first major downgrade of an Indian decacorn after Flipkart in 2016," the report said.
BYJU's set to close $250 mn funding round soon at a lower valuation
BYJU's declined to immediately comment on the development. However, the $250 million round comes at a lower valuation and according to sources, it cannot be at a "flat valuation" and this is why the edtech company is unable to raise funds it was widely expected to (to the tune of $500 million as reported earlier).
BYJU's to miss March 2023 deadline for group level profitability, results delayed again
In October after firing 2,500 employees and consolidating its business in the country, Mrinal Mohit, CEO, BYJU'S India business, had said that "these measures will help us achieve profitability in the defined time frame of March 2023". At a group level, BYJU's had said its top priority is to achieve "overall profitability by March 2023".
Why Prosus' $578 mn fair value doesn't put BYJU'S valuation at $6 bn
In its September quarter results, Prosus classified BYJU's as a non-controlling financial investment rather than an associate, as its shareholding dropped below 10 per cent. Prosus told IANS in a statement on Wednesday that the investment group has changed the accounting treatment for BYJU's and in the subsequent reporting periods, "the company will be accounted for as an investment".
Edtech major BYJU's sacks thousands, and then hires Lionel Messi
The long-term engagement, which begins as Messi embarks on his final campaign to win the World Cup as captain of Argentina, will see him feature in campaigns promoting BYJU'S 'Education For All'. Abhishek Desai, Founder, CricHeroes, told IANS that it does sound like an irony that where you are laying off people on one side and hiring Messi as your global brand ambassador.
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