BYJU
'No compliance issues' as BYJU's files FY21 tax returns, Deloitte audit report soon
The audited financial statement for FY21 from Deloitte may also be made public "within a week" as the consolidation of businesses is complete after "ironing out the complexities" as the edtech unicorn made at least 10 acquisitions for a cumulative transaction value of about $2.5 billion last year, according to the people close to the matter. According to them, there are "no compliance issues" as the company has filed its tax returns in the "due diligent manner" and the Deloitte audit report will be made available soon.
Another Rs 1,200 cr vanishes from BYJU'S funding round: Report
In September 2021, New York-based Oxshott invested Rs 1,200 crore as part of a Series F round at Rs 285,072 per share, according to regulatory filings reported by researcher Tofler. Other investors in the round included Edelweiss (Rs 344.9 crore), IIFL (Rs 110 crore), Verition Multi-Strategy Master Fund (Rs 147 crore) and XN Exponent Holdings ( Rs 150 crore).
Balance in $800 mn round 'expected soon', Aakash payments closed: BYJU'S
In March, BYJU'S announced to raise $800 million from Sumeru Ventures, Vitruvian Partners and BlackRock. Byju Raveendran, Founder and CEO of BYJU'S, was also part of the funding round and made a personal investment of $400 million. Reacting to a report by The Morning Context, the company said that "its fundraising efforts are on track and majority of the $800 million has been already received".
Vedantu follows BYJU's, Unacademy to offset online losses, launches tuition centre
The tuition centre will primarily cater to students preparing for IIT-JEE and NEET exams. "These hybrid centres are well equipped with hi-tech technology, the teaching model offers learning from the most inspiring master teachers across the country enabled by innovation to offer best-in-class live and interactive features in tier 3 and tier 4 cities," said Vamsi Krishna, CEO and Co-Founder, Vedantu.
BYJU's says Aakash acquisition process on track, to be completed by August
For the layoff at Toppr which it acquired last year for $150 million, BYJU's confirmed the development, saying it has completed "the integration of Toppr and has absorbed almost 80 per cent of its talented workforce into the BYJU'S ecosystem". After the acquisition was completed, Toppr's employees from the sales and marketing division were retained while those in other departments were asked to go.
BYJU's-owned WhiteHat Jr lays off 300 employees in latest churn
In a statement, the company said that "to realign with our business priorities, we are optimising our team to accelerate results and best position the business for long-term growth". The edtech sector has been hammered by the global macroeconomic conditions and reopening of schools, colleges and physical tuition centres.
BYJU's rejigs global team as part of expansion plan as edtech space shrinks
Vedati, Co-Founder and CEO of Tynker, will report to BYJU's Co-Founder and CEO Byju Raveendran. Srinivas Mandyam, Co-Founder and CTO of Tynker, will replace Vedati as Tynker's CEO, and Kelvin Chong, Tynker Co-Founder and Chief Architect, now takes on the expanded role of Chief Technology Officer (CTO), the company said in a statement.
Byju Raveendran set to focus on global biz as India edtech market shrinks
BYJU's, which was last valued at nearly $22 billion making it India's most valued start-up, declined to comment on the development but according to reliable sources, an official confirmation about Raveendran taking a bigger global role would come soon as new designations for Raveendran and Mohit are currently being discussed.
BYJU'S appoints ex-Facebook tech lead Majid Yazdani as VP
Edtech company BYJU'S on Monday announced the appointment of Majid Yazdani as Vice President at BYJU'S Lab to propel and further shape the future of education. Yazdani will work on personalisation and other AI applications to the education sector. He will also be responsible for incubating new ideas and delivering breakthrough solutions across BYJU'S ecosystem of learning products at the Lab.
Centre advises parents to be cautious about ed-tech companies
As the pandemic disrupted the traditional brick-and-mortar education, the ed-tech startups rushed to help schools transition from offline to online. However, there have been various claims made by the students and parents about the companies' duping people with "free services", and even lack of refunds and deficiency of services; and parents being pushed into a debt burden.
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