BYJU
Overall job cuts no more than 5% to avoid role duplication: Byju Raveendran
In a letter to employees seen by IANS, Raveendran said that bringing those who are parting ways "back by putting our company on a sustainable growth path will now be the number 1 priority for me". "I want to emphasise that the overall job cuts are not more than five per cent of our total strength," he said.
Employees not forced to resign, it's part of 5% workforce reduction: BYJU's
Earlier this month, BYJU's had announced to reduce 5 per cent of its 50,000-strong workforce (about 2,500 people), which will be "rationalised across product, content, media, and technology teams in a phased manner" in a bid to consolidate its India business.
Sequoia India may invest $50 mn in homegrown edtech startup
According to a TechCrunch report on Tuesday, K12 Techno Services which has raised more than $75 million in previous rounds and also engaged with TPG and Accel decided to go with existing backer Sequoia India. "The terms of the investment might change because the round has not yet concluded. It is unknown if any other investors, outside Sequoia, are participating in the round," the report said, citing sources.
This is why Byju Raveendran's last 6 months were toughest ever, reveals wife
In a LinkedIn post, she said that Raveendran was travelling around the world twice, sometimes thrice, a week to be by his father's side as much as he could. "These two teachers fought this tough battle the same way they had fought all the other challenges - together, with positivity and perseverance. Byju is relaxed today because a critical surgery last week went well," Gokulnath posted.
BYJU's clears Rs 2,000 cr dues to VC firm Blackstone in $1 bn Aakash deal
People close to the development told IANS that BYJU's paid the remaining dues to Blackstone within the extended deadline that ended on September 23. According to BYJU's financial report FY21, "as per the terms of the agreement for acquisition of Aakash Educational Services, consideration to the extent of Rs 1,983 crore was due to be paid by the company to the sellers in June, 2022. This has been deferred to September 23, 2022".
BYJU's is a blockbuster like 'Brahmastra', says co-founder Divya Gokulnath
In a LinkedIn post, Divya Gokulnath said that she hasn't seen "Brahmastra" yet, "but I do happen to know BYJU'S results because, as its Director, I was involved in its making". She mentioned that while BYJU's reported Rs 4,500 crore loss in FY21 due to accounting change, (or Rs 12.5 crore loss daily), "we made Rs 27 crore in revenue per day in FY22".
BYJU'S have to pay Rs 2,000 cr to clear Aakash acquisition deal on Sep 23
According to BYJU's financial report FY21, "as per the terms of the agreement for acquisition of Aakash Educational Services, consideration to the extent of Rs 1,983 crore was due to be paid by the company to the sellers in June, 2022. This has been deferred to September 23, 2022".
BYJU's logs nearly Rs 10K crore revenue in FY22, tops estimates
BYJU's investors were ecstatic at the company's growth in the core business in the recently-concluded meeting, sources told IANS, as the company logged 50 per cent growth (year-on-year) in its core K12 India business at Rs 1,205 crore, leaving no competition anywhere near it.
BYJU's set to release FY21 financial report, sales may see significant drop
Facing intense scrutiny from the government over the long delay, the company had received an 'unqualified' report from auditor Deloitte late last month. According to sources, there is going to be a substantial difference between the projected sales and the audited revenue in BYJU's FY21 financial results.Last valued at $22 billion, the edtech company faced larger scrutiny from the government as it failed to submit its audited financial report.
BYJU's gets clean FY21 audit from Deloitte after 17 months delay
An 'unqualified' report means that the financial statements of a company are fair and transparent based on thorough research, putting to rest all speculations about BYJU's poor financial health. People privy to the development told IANS that the edtech firm will hold a board meeting in a day or two, before making the audited financial results for FY21 public next week, in all likelihood on September 6.
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