Morning Tidings

Tag: BYJUS

  • BYJU’s Denies Receiving Any ‘Show-Cause Notice From Enforcement Directorate’ Over Alleged Violations Under FEMA Act Worth USD 1.08 Billion

    BYJU’s Denies Receiving Any ‘Show-Cause Notice From Enforcement Directorate’ Over Alleged Violations Under FEMA Act Worth USD 1.08 Billion

    New Delhi, November 21: Edtech major Byju’s on Tuesday denied reports that Enforcement Directorate (ED) has issued any show-cause notice to the company over alleged violations under the Foreign Exchange Management Act (FEMA) worth $1.08 billion (about Rs 9,000 crore). In a statement to IANS, the company “unequivocally denied” media reports that it was going to receive any ED notice.

    “The company has not received any such communication from the Enforcement Directorate,” a company spokesperson said. According to multiple reports, the issuing of show-cause notice followed the ED searches at Byju’s premises earlier this year. Initial investigations after searches had found no FEMA violations by the edtech firm, sources had said in May. OpenAI Researchers ‘Who Threatened To Quit Company’ After Microsoft Hired Sam Altman and Greg Brockman, Turn Down Jobs Offered by Salesforce’s CEO Mac Benioff.

    Sources had indicated that searches on the premises of Byju’s in Bengaluru by ED and the material collected were yet to establish any FEMA violations. A company spokesperson had said that the ED visit “was related to a routine inquiry under FEMA and there has been no violations under FEMA by Byju’s”. Nokia Signs Deal With Bharti Airtel To Deploy Next-Gen ‘Optical Transport Network’ To Provide Superior Services for Customers.

    The edtech firm said that it will continue to work closely with the authorities to ensure that they have all the information they need. Think and Learn Private Ltd (TLPL), the parent of leading EdTech company Byju’s, said earlier this month that the core business (excluding all acquisitions) reported a 2.3 times growth to reach a total income of Rs 3,569 crore, from Rs 1,552 crore in the previous year. The EBITDA loss of the core business was down from Rs 2,406 crore to Rs 2,253 crore (year-on-year).

  • BYJU’s Delays Payment After Shifting Date of FNF Payment of Laid Off Employees From September to November

    BYJU’s Delays Payment After Shifting Date of FNF Payment of Laid Off Employees From September to November

    New Delhi, November 20: After shifting the date of the full and final settlement of laid-off employees from September to November, edtech major Byju’s has once again delayed the payment. Moneycontrol connected to about 60 workers who were sacked by the company in the first nine months of 2023. Forty former employees claim that the corporation has yet to pay out their full and final compensation, which was supposed to arrive by November 17.

    Eight former employees said they received the money, but about two-three didn’t receive their variable pay or incentives. Nearly 10 employees who were laid off by the firm between June and July are still waiting for a final settlement, said the report. However, the report mentioned, citing sources, Byju’s is making the payments in stages on a weekly basis, and has already fulfilled the instalments due in October. Microsoft Hires OpenAI Founders to Lead AI Research Team After ChatGPT Maker’s Shakeup.

    This comes at a time when many of these employees have been unable to find another employment following their termination due to tough macroeconomic conditions. In June, Byju’s laid off about 1,000 staff members across various departments, including mentoring, logistics, training, sales, post-sales, and finance. Online Fraud: Man Loses Rs 5 Lakhs After Seeking Help From Fake ‘Uber Customer Care Number’ on Google in Gurgaon.

    Later in August, another 400 employees were let go, citing a performance evaluation in the mentorship and product expert division. In September, the edtech major announced to lay off 4,000-5,000 employees in a “business restructuring exercise”. In the same month, Byju’s said it would clear the full and final settlement dues of laid-off employees soon amid “difficult business restructuring”. In a statement, the company said it “regrets and acknowledges the delays in settling dues of former employees”.

    (The above story first appeared on Morning Tidings on Nov 20, 2023 07:10 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • Lionel Messi Does a Namaste, Bats for ‘Education For All’ Initiative As BYJU’s Global Brand Ambassador (View Instagram Post)

    Lionel Messi Does a Namaste, Bats for ‘Education For All’ Initiative As BYJU’s Global Brand Ambassador (View Instagram Post)

    FIFA World Cup winner and footballing legend Lionel Messi, who is also a global brand ambassador of Byju’s, shared a message on Instagram promoting the “Education For All” initiative. The legend on his Instagram post shared a picture of him doing namaste and admitted through the message in his post that children are the future and they deserve equal opportunities irrespective of the situations they come from. Thus, Byju’s through their “Education For All” campaign is helping them. Lionel Messi vs Kylian Mbappe Part II: Argentina and France’s FIFA World Cup 2022 Stars Chase Ballon d’Or Trophy.

    Lionel Messi Bats for ‘Education For All’ Initiative

    (SocialLY brings you all the latest breaking news, viral trends and information from social media world, including Twitter, Instagram and Youtube. The above post is embeded directly from the user’s social media account and Morning Tidings Staff may not have modified or edited the content body. The views and facts appearing in the social media post do not reflect the opinions of Morning Tidings, also Morning Tidings does not assume any responsibility or liability for the same.)

  • BYJU’S Meets NCPCR Officials, Files Comprehensive Response Defending Itself on Student Database Buying Allegations

    BYJU’S Meets NCPCR Officials, Files Comprehensive Response Defending Itself on Student Database Buying Allegations

    New Delhi, December 23 : Edtech major BYJU’s on Friday filed a comprehensive response to the notice by the National Commission for Protection of Child Rights (NCPCR) that alleged the company is buying phone numbers of children and their parents and threatening them to buy its courses.

    In a meeting with NCPCR officials, the BYJU’s representatives said that the commission issued a summon on the basis of a single report that “makes sweeping generalisations based on unnamed sources which comprise an infinitesimal fraction of its large user base”. The NCPCR had summoned BYJU’s CEO Byju Raveendran to appear in person on December 23 in this regard. Delhi Government Schools To Close for Winter Vacation From January 1; Directorate of Education Issues Circular.

    “As the Commission has come across a news article wherein it has been pointed out that the sales team of BYJU’S is indulging in malpractices to lure parents to buy their courses for their children. It has also been mentioned in the news report that some customers have also claimed that they were exploited and deceived, and had put their savings and futures in jeopardy,” the NCPCR had said in a statement. BYJU’S was represented before the commission by Pravin Prakash, one of its founding partners. COVID-19 in India: Centre Asks States, UTs To Create Hand Washing Facilities and Train School Teachers To Impart Hygiene Education to Students.

    The edtech major with over 150 million registered learners said that “it’s not possible for it to verify the authenticity of the article because the said media house has refused to share either the data points it referred to, or the sampling methods it used to select those data points”.

    The company also said that the question of “mis-selling” does not arise because its sales professionals do not have the authority to close the sale of a product at the point of sale.

    “By design, every sale is un-approved until it is verified by a triple-layered audit mechanism that reaches out to the interested customer through SMS, audio and video calls. The completion of a sale happens at the central level,” according to BYJU’s response.

    BYJU’S said it does not encourage, order or incentivise its sales staff and/or managers to pursue customers who are uninterested in or unable to pay for its products.

    On the question of financing, BYJU’S clarified that it does not directly offer loans to its users. BYJU’S also informed NCPCR that it has already provided free courseware to more than 55 lakh children from underprivileged families through its Education For All, the social initiative arm.

    (The above story first appeared on Morning Tidings on Dec 23, 2022 07:06 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • BYJU’S Denies NCPCR’s Allegations of Buying Phone Numbers of Children and Their Parents, Threatening To Buy Courses

    BYJU’S Denies NCPCR’s Allegations of Buying Phone Numbers of Children and Their Parents, Threatening To Buy Courses

    New Delhi, Dec 21: Edtech major BYJU’s on Wednesday strongly denied reports by the National Commission for Protection of Child Rights (NCPCR) that the company is allegedly buying phone numbers of children and their parents and threatening them to buy its courses.

    In a statement to IANS, BYJU’s said it “categorically state that we have never bought any database and expect that the media will refrain from making such a baseless and unsubstantiated allegation”. BYJU’s CEO Raveendran Summoned by NCPCR Over Allegations of Hard Selling and Mis-Selling Courses to Students.

    The company said that with more than 150 million registered students, “we do not need to buy or use external databases”.

    “We emphasise that our lead pipeline comprises exclusively of our app users, walk-ins and incoming requests for consultation. We do not need to and we never make cold calls or unscheduled walk-in visits. We strongly refute any allegation that indicates otherwise,” the company noted.

    The NCPCR had summoned BYJU’s CEO Byju Raveendran to appear in person on December 23 in this regard. BYJU Buying Phone Numbers of Children, Threatening Parents, Says NCPCR Chief.

    “As the Commission has come across a news article wherein it has been pointed out that the sales team of BYJU’S is indulging in malpractices to lure parents to buy their courses for their children. It has also been mentioned in the news report that some customers have also claimed that they were exploited and deceived, and had put their savings and futures in jeopardy,” the NCPCR had said in a statement.

    (The above story first appeared on Morning Tidings on Dec 21, 2022 07:12 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • BYJUs Asked by Some Lenders To Repay Part of .2 Billion Loan They Recently Bought Into

    BYJUs Asked by Some Lenders To Repay Part of $1.2 Billion Loan They Recently Bought Into

    New Delhi, December 14 : In seemingly fresh trouble for BYJUs, some lenders have asked the edtech unicorn to repay part of a $1.2 billion loan they recently bought into as they renegotiate terms of the debt, sources said on Wednesday.

    Renegotiating the terms of the debt, including faster repayment are unlikely to be accepted since these lenders make up a minority and can’t sway the previously agreed terms, sources said. The demand from creditors comes at a time when BYJU’s is in the process to restructure the loan, amid mounting losses. What Is Midjourney? Know All About the Fascinating AI Art Generator and How To Use It.

    Sources told IANS that at least 51 per cent of the lenders have to agree with the new terms and conditions of the loan, including repayment. If this condition is not met, such a large loan issue cannot be rewritten and this is the standard clause in any term loan issue. Moreover the originally agreed loan repayment terms will be met, according to a person close to the edtech major. Byju’s To Sack Around 2,500 Employees, Hire 10,000 Teachers To Become Profitable by March 2023.

    The edtech unicorn reported a loss of Rs 4,588 crore for the fiscal year that ended on March 31, 2021. The losses in 2020-21 fiscal widened from Rs 231.69 crore in 2019-20 while revenue during FY21 dropped to Rs 2,428 crore from Rs 2,511 crore in FY20. According to the company, the losses widened in FY21 mainly on account of deferment of some revenue and losses incurred from WhiteHat Jr.

    Last month, global investment group Prosus put the fair value of its 9.67 per cent stake in BYJU’S at $578 million, which technically puts the current valuation of the edtech major at nearly $6 billion — last valued at $22 billion.

    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 had told IANS 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”.

    Prosus hasn’t sold any of its stake in BYJU’S, which reported Rs 4,500 crore loss in FY21 due to accounting change (or Rs 12.5 crore loss daily), but “made Rs 27 crore in revenue per day in FY22”.

    In October, the edtech major took an unsecured loan of Rs 300 crore from its subsidiary Aakash Educational Services, which it acquired for more than $950 million, to bolster its “principal business activities”. BYJU’S also raised $250 million from its existing investors in a fresh round of funding in October.

    (The above story first appeared on Morning Tidings on Dec 14, 2022 12:07 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • BYJU’s Cuts 600 Jobs As Edtech Space Shrinks Considerably in India

    New Delhi, June 29: In a big overhaul as the Indian edtech space shrinks considerably, online learning giant BYJU’s has cut at least 600 jobs — asking 300 employees at its Toppr learning platform and another 300 at coding platform WhiteHat Jr to go.

    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.

    The company spokesperson said that as the next step, “we are optimising teams to recalibrate business priorities and accelerate our long-term growth”.

    Earlier, online coding provider WhiteHat Jr, the beleaguered platform under edtech giant BYJU’s umbrella that it acquired for $300 million, laid off around 300 employees, after more than 1,000 of its employees resigned after being asked to return to office in April-May. Unacademy Layoffs: Edtech Giant Lays Off 150 Employees From Its PG Medical Entrance Exam Preparation Platform PrepLadder.

    This time, most of the fired employees belonged to the code-teaching and sales teams at the platform and some of them worked in Brazil.

    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 layoffs at BYJU’s arrived amid reports that it has delayed payments to the stakeholders as part of its $1 billion acquisition of Aakash Educational Services, to which the company said that the acquisition process “is on track and is expected to be completed by August”.

    BYJU’s acquired Delhi-based offline test preparatory services provider Aakash for $1 billion last year.

    A company spokesperson told IANS that the acquisition of “Aakash is fully on track and all payments are expected to be completed by the agreed upon date, i.e., August 2022”.

    “Aakash is our most successful acquisition till date and we are very proud to have them in our fold,” the company spokesperson added.

    “Along with all our group companies, we continue to be perfectly poised to provide access to quality education in all learning segments from early learning to exam prep and career success,” the spokesperson said.

    Aakash Educational Services provides test preparation services for medical and engineering entrance exams, school/board exams, and other exams via Aakash Centres.

    The edtech unicorn made at least 10 acquisitions for a cumulative transaction value of about $2.5 billion last year.

    Led by the edtech platforms like Unacademy, WhiteHat Jr, Vedantu, FrontRow, Udayy, Lido Learning and others, over 10,000 start-up employees have been laid off in the country.

    The layoffs come as the edtech sector has been hammered by the global macroeconomic conditions and reopening of schools, colleges and physical tuition centres.

    (The above story first appeared on Morning Tidings on Jun 29, 2022 04:38 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • BYJU’S To Acquire e-Learning Platform Vedantu for Around 0–0 Million: Report

    BYJU’S To Acquire e-Learning Platform Vedantu for Around $600–$700 Million: Report

    New Delhi: Continuing its buying spree in 2021, leading online learning platform Byju’s is in advanced talks to acquire live online learning platform Vedantu for around $600-$700 million, reliable sources told IANS on Friday. BYJU’s Acquires Singapore-Based Educational Startup ‘Great Learning’ for $600 Million.

    This will be the fourth major acquisition by Byju Raveendran-run company this year. According to sources, the Vedantu deal is currently in the advanced stage and will materialise soon after meeting the necessary regulatory approvals. Vedantu, however, told IANS that no such “discussions have taken place with Byju’s and we are not considering anything like this.”

    Byju’s was yet to officially comment on the major development in the growing online Indian edtech space. Vedantu offers individual and group classes across K-12 and test preparation segments. Over 1.5 lakh students study live every month on the platform and more than 40 million users access free content, tests, doubts, videos on Vedantu’s platform and its channels on YouTube monthly.

    Byju’s, the world’s leading edtech company, with 100 million registered students on its flagship learning app, acquired Singapore headquartered Great Learning for $600 million late last month. The partnership marked Byju’s entry into the professional and higher education segment with a $1 billion commitment. Edtech company Byju’s is currently India’s most valuable unicorn startup with a valuation of over $17 billion.

    Last month, Byju’s acquired Epic, the world’s leading digital reading platform for kids 12 and under, for $500 million. The big acquisition came on the heels of it buying the Aakash Institute for nearly $1 billion earlier this year. Byju’s in August last year acquired Mumbai-based live online coding provider WhiteHat Jr in an all-cash deal worth $300 million (roughly Rs 2,246 crore). Live online learning platform Vedantu last month announced a strategic investment in Pedagogy, an AI-enabled learning startup that provides online courses and interactive digital books for students preparing for competitive examinations.

    (The above story first appeared on Morning Tidings on Aug 06, 2021 01:30 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • BYJU’S To Acquire e-Learning Platform Vedantu for Around 0–0 Million: Report

    BYJU’s Acquires Singapore-Based Educational Startup ‘Great Learning’ for $600 Million

    New Delhi: BYJU’S has acquired professional and higher educational startup, Great Learning for $600 million. The partnership marks BYJU’S’ entry into the professional and higher education segment with a $1 billion commitment. The move combines BYJU’S leadership in education technology and content with Great Learning’s expertise in upskilling for students and professionals. Great Learning will continue to operate under its current leadership led by its founders, Mohan Lakhamraju, Hari Nair and Arjun Nair. ICC Announces BYJU’s As Its Global Partner for Next 3 Years: Report.

    BYJU’S, the world’s leading edtech company, with 100 million registered students on its flagship learning app today acquired Singapore headquartered Great Learning, a leading global player in the professional and higher education segment in a transaction valued at USD 600 million comprising cash, stock and earnout.

    It has earmarked a further $400 million of investment into this segment towards accelerating Great Learning’s growth. The acquisition marks BYJU’S strong push into the professional upskilling and life-long learning space globally with a total commitment of $1 billion, expanding its offerings beyond the K12 and test prep segments, and further accelerating the company’s growth plans.

    This partnership brings together BYJU’S technology and content expertise with Great Learning’s sought-after professional courses at a significant time when the COVID-19 pandemic and evolving industry dynamics have encouraged professionals in India and globally to upskill themselves.

    Great Learning will continue to operate as an independent unit under the BYJU’S group under the leadership of its Founder and CEO, Mohan Lakhamraju and co-founders, Hari Nair and Arjun Nair. With this substantial investment, Great Learning will accelerate its organic and inorganic growth in India and across global markets and expand its high-quality, transformational offerings to learners everywhere.

    Byju Raveendran, Founder, and CEO, BYJU’S said, “Empowering learners with the right futuristic skills forms a fundamental part of our vision. Great Learning is a globally recognized and reputed professional education company and this partnership expands our reach into this new segment. We are united in our mission to provide professionals with high-quality and industry-relevant learning programs in this competitive global economy. With our combined strength, we aim to become a global market leader in this segment.”

    Mohan Lakhamraju, Founder and CEO of Great Learning, said “At Great Learning, we have been working towards our mission of making high-quality, transformational education accessible to learners everywhere. Together with BYJU’S, we will be able to accelerate our progress towards this goal and meet the growing need for upskilling both in India and around the world. Further, as higher education moves online, we will leverage our joint strengths in technology, content, pedagogy and instructors to create unparalleled learning opportunities at affordable prices for everyone.”

    (The above story first appeared on Morning Tidings on Jul 26, 2021 03:02 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • Baiju acquires Akash Educational Services

    Baiju acquires Akash Educational Services

    According to sources, the deal is worth around US $ 1 billion (approx. 300 7,300 crores) – the largest acquisition till date of interest.

    Ad-tech startup Bayju said on Monday that it had acquired Aakash Educational Services Limited (AESL) to make its presence felt in the test preparation segment in the country.

    According to sources, the deal is worth around US $ 1 billion (approx. 300 7,300 crores) – the largest acquisition till date of interest.

    However, the companies did not comment on the financial details of the deal. As part of the transaction, Akash will become the founder and a shareholder in Blackstone Biju.

    Byju, which is the country’s most valuable ad-tech startup, is supported by marquee investors such as Mary Meeker, Yuri Milner, Chan-Zuckerberg Initiative, Tencent, Sequoia Capital, Tiger Global and others. It is estimated that more than US $ 2 billion has been raised in funding so far.

    According to sources, Biju is in talks to raise an additional USD 600–700 million in funding which will help further growth acceleration.

    In the past, Biju acquired Tutorvista and Adurite (from Pearson in 2017) and Osmo in 2019. Last year, the General Atlantic-backed company bought the coding training platform Whitehat Jr. for US $ 300 million.

    “This will be the largest integration in the field of education in India, especially in the startup space. COVID has indeed opened doors to online education significantly and moving forward, we believe that all types of models in education will exist in K-. 12, test submission and even in higher education, ”AESL managing director Aakash Chaudhary told PTI.

    He said that with Biju, AESL would be able to provide students with the education it was providing, but on a much larger scale with multiple distribution channels that could be rolled out of both ecosystems (online and offline), They said.

    He said that after the integration, Baiju will invest further to accelerate the growth of Akash.

    Mr. Chaudhary said that AESL will continue to operate as a separate entity and further expand its presence in the country.

    “At Akash, we want to transform student experiences by adding innovative and digitally enabled learning solutions. Together with BYJU’S, we will work towards building an omnichannel learning offering that will accelerate the pre-trial experience to the next level.

    In its 33 years of existence, AESL has helped millions of students prepare for medical and engineering entrance examinations. It has an all-India network of 215 centers (including franchises), and a student base of over 2.5 lakhs.

    In 2019, private equity firm Blackstone took a 37.5% stake in AESL. While the company did not disclose the financial statements, sources said that the transaction amounted to AESL 500 million (more than ₹ 3,545 crore) of the 1,350 crore transaction.

    “Our complementary strengths will enable us to build capabilities, create engaging and personalized learning programs. The future of learning is hybrid and this union will bring together the best of offline and online learning, as we combine our expertise to create an impactful experience for students, ”said Byju Ravendran, founder and CEO of Byju.

    He said that the addition of Akash is an important step towards strengthening its product offering.

    Byju cited industry reports and said that India is expected to have a USD 7-8 billion opportunity after the exam preparation and school tuition (high school) segment, and 55-60% in the next 4-5 years. The increase can be seen.

    Regarding whether the ad-tech platform for the acquisition would continue, Biju said the company would bring in new products and formats, market expansion and / or distribution opportunities.

    Launched in 2015, Byju has over 80 million students, learning cumulatively from the application, 5.5 million annual paid subscriptions and an annual renewal rate of 86%. During April – September 2020, Byju added 45 million new students to its platform.

    EY was the exclusive financial advisor to Baiju on this transaction. Phoenix Advisors was the Special Advisor for AESL.

    .