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The <keyword id="19895345" type="General" weightage="20" keywordseo="Supreme-Court" source="keywords">Supreme Court</keyword> on Friday agreed to list for an early hearing the appeal of US-based creditor Glas Trust Company LLC against a judgment of the <keyword id="19916400" type="General" weightage="20" keywordseo="NCLAT" source="keywords">NCLAT</keyword>, which had stayed <keyword id="19965539" type="General" weightage="20" keywordseo="insolvency-proceedings" source="keywords">insolvency proceedings</keyword> against ed-tech firm <keyword id="19958178" type="General" weightage="20" keywordseo="Byjus" source="keywords">BYJU's</keyword> and approving its Rs 158.9 crore dues settlement with the <keyword id="19901245" type="General" weightage="20" keywordseo="BCCI" source="keywords" meta.keywordsubtype="org" meta.entityname="BCCI" meta.hostid="153" meta.entityid="BCCI">BCCI</keyword>. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra was urged by senior advocate NK Kaul, appearing for the ed-tech major, that the case needed to be heard at the earliest. Kaul said, "The only funding was done by the promoters and today no one has brought any external borrowing. We have to show today how malafide the petition (of US firm) is." "I will get it listed as early as possible," the CJI, who was indisposed and in quarantine for the last few days, said. Senior advocate Kapil Sibal, appearing for the US-based creditor, said it also wanted an early hearing. Earlier on August 22, the bench had refused to pass an interim order to ensure that the committee of creditors (CoC) does not hold any meeting in pursuance of the insolvency proceedings against the embattled ed-tech firm. It had listed the plea for a final hearing on August 27. The bench had said the developments, which may take place in the meantime, can be negated if it finds there was no merit in the appeal of the US-based creditor against the judgment of appellate insolvency tribunal NCLAT. The plea was mentioned earlier also on August 20 by Byju's and the BCCI and the top court had then also refused to pass an interim order to restrain the Insolvency Resolution Professional (IRP) from constituting a committee of creditors (CoC) in the insolvency proceedings against the ed-tech firm. In a major setback to Byju's, the top court had on August 14 stayed the verdict of NCLAT, setting aside the insolvency proceedings against the ed-tech major and approving its Rs 158.9 crore dues settlement with the Indian cricket board. The August 2 verdict of the NCLAT had come as a huge relief for Byju's as it had effectively put its founder Byju Raveendran back in control. The top court, however, had prima facie termed the NCLAT verdict as "unconscionable" and stayed its operation while issuing notices to Byju's and others on the appeal of the ed-tech firm's US-based creditor against the judgment of the insolvency appellate tribunal. The case stemmed from Byju's default on a Rs 158.9 crore payment related to a sponsorship deal with the BCCI. The top court had directed the BCCI to keep a sum of Rs 158 crore it had received from Byju's after a settlement in a separate escrow account till further orders. "Issue notice. Pending further orders there shall be a stay of the impugned order of August 2 of NCLAT. In the meantime, BCCI shall maintain the amount of Rs 158 crore, which shall be realised in pursuance of a settlement, in a separate escrow account until further orders," the bench had said. The NCLAT had approved the Rs 158.9 crore dues settlement with the BCCI and set aside the insolvency proceedings against Byju's. Byju's had entered into a "Team Sponsor Agreement" with the BCCI in 2019. Under the agreement, the ed-tech firm got exclusive rights to display its brand on the Indian cricket team's kit and some other benefits. Byju's had to pay a sponsorship fee. The company met its obligations till the middle of 2022 but defaulted on subsequent payments of Rs 158.9 crore. After insolvency proceedings were initiated, Byju's entered into a settlement with the BCCI. On July 16, the Bengaluru bench of the National Company Law Tribunal (NCLT) had admitted 'Think and Learn', Byju's parent company, to the insolvency resolution process on a plea filed by the BCCI over default in payment of outstanding dues of almost Rs 158.9 crore. While suspending the board of the ed-tech firm, the NCLT had appointed an interim resolution professional to run the operations of the company, suspended the company's board of directors, and brought it under moratorium by freezing its assets. The US-based lenders suspected that the settlement amount was being diverted from the credit they had extended to Byju's. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/india-beats-the-us-to-emerge-as-the-second-biggest-market-for-5g-smartphones/articleshow/113095322.cms">India beats the US to emerge as the second-biggest market for 5G smartphones</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-to-launch-on-september-9-design-specs-and-everything-we-know-so-far/articleshow/113091114.cms">Apple iPhone 16 to launch on September 9 – design, specs and everything we know so far</a> <a href="https://www.businessinsider.in/stock-market/webstories/shree-tirupati-balajee-agro-trading-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113082663.cms">Shree Tirupati Balajee Agro Trading IPO – Price band to risk factors, all you need to know</a>

Supreme Court agrees to list plea related to insolvency proceedings against ed-tech firm Byju's

<ul class="summary-list"><li>BlackRock has written off its investment in once-hot Indian tech company Byju.</li><li>The Indian education tech giant is facing legal and financial troubles.</li></ul>In another blow to education tech giant Byju's, investor BlackRock says its stake in the once-hot company is worth nothing.In 2022, the education tech company said it raised $800 million at a $22 billion valuation.BlackRock was the first investor to publicly signal the company's troubles. In a first-quarter summary for some of its funds, the asset manager valued its stake in Byju's at $0, a number that has not been previously reported. In October, BlackRock slashed its valuation of the startup to less than $1 billion, <a target="_blank" href="https://techcrunch.com/2024/01/11/blackrock-cuts-byjus-valuation-by-95-to-1-billion/">TechCrunch reported.</a>BlackRock invested in Byju's parent Think &amp; Learn through <a target="_blank" href="https://www.blackrock.com/us/individual/literature/first-quarter-report/fqr-retail-blackrock-science-and-technology-trust.pdf">various</a> <a target="_blank" href="https://www.blackrock.com/us/individual/literature/investor-education/bcat-commentary.pdf">funds</a>, all of which appear to have written off the investment in recent filings.HSBC, which is not an investor in Byju's, said in a recent research note that Dutch tech investor Prosus' stake in Byju was worth nothing. Prosus owns nearly 10% of the company and invested about $500 million in Byju's."We assign zero value to Byju's stake amid multiple legal cases and funding crunch. Previously, we valued ~10% stake in Byju's by applying 80% discount to the latest publicly disclosed valuation," the HSBC analyst wrote.The Bengaluru-based company is facing significant turmoil.Earlier this week, a group of lenders asked a US court to initiate bankruptcy proceedings against Byju's subsidiaries <a target="_blank" href="https://www.business-standard.com/technology/tech-news/byju-s-now-worth-zero-hsbc-warns-prosus-amid-legal-financial-troubles-124060700146_1.html">over a $1.2 billion loan.</a> The company also <a target="_blank" href="https://inc42.com/buzz/byjus-slashes-salaries-for-new-sales-hires-by-more-than-90/">cut the salaries</a> of new sales hires by 90% in an attempt to cut costs, local outlet Inc42 <a target="_blank" href="https://inc42.com/buzz/byjus-slashes-salaries-for-new-sales-hires-by-more-than-90/">reported</a> on Thursday.Byju's investors, including Prosus, are <a target="_blank" href="https://www.business-standard.com/companies/news/byju-s-egm-shareholders-vote-to-remove-ceo-raveendran-and-his-family-124022300919_1.html">seeking the removal of its CEO</a>, Byju Raveendran, and his family members from the board. The company's India CEO left in April, and it missed filing its 2023 financial reports.The digital and physical tutoring company was seen as a star in the Indian startup scene and even sponsored the Indian cricket team until 2023. It is backed by the Chan-Zuckerberg Initiative, Sequoia Capital, and Tencent, among others.Byju's first gained popularity during the pandemic for its unique approach to learning. The company faced challenges in 2022 after students began returning to schools and expensive acquisitions affected its bottom line.The company planned to<a target="_blank" href="https://www.bloomberg.com/news/articles/2023-07-26/star-founder-broke-down-in-tears-as-crises-engulfed-byju-s"> go public through a SPAC deal</a> in 2022, which did not ultimately pan out.Byju's and BlackRock did not immediately respond to requests for comment.Correction: This story has been updated to reflect that HSBC wrote about an investor's interest in Byju's. HSBC did not invest in Byju's.

India's once-hot startup Byju's was valued at $22 billion. Now, BlackRock says its investment is worth nothing.

US-based investment firm <keyword id="158169" type="General" weightage="20" keywordseo="blackrock" source="Orion">BlackRock</keyword> has once again cut the value of its holding in <keyword id="6384897" type="General" weightage="20" keywordseo="byjus" source="Orion">Byju's</keyword>, reducing the <keyword id="1464841" type="General" weightage="20" keywordseo="edtech" source="Orion">edtech</keyword> major's <keyword id="51393" type="General" weightage="20" keywordseo="valuation" source="Orion">valuation</keyword> to a mere $1 billion from $22 billion in early 2022. BlackRock, which owns less than 1 per cent of Byju's, has valued its shares at about $209.6 apiece, down from the peak of $4,660 in 2022, reports TechCrunch. Byju's did not immediately comment on the latest valuation cut. This isn't the first time BlackRock has cut the worth of its holding in Byju's. Investment firm Prosus, which owns nearly 9 per cent in Byju's, has also <keyword id="20163425" type="General" weightage="20" keywordseo="marked-down" source="Orion">marked down</keyword> the value of its stake in Byju's to less than $3 billion, representing a decline of more than 86 per cent from the previous funding round valuation of $22 billion. In November last year, Prosus first slashed the fair value of Byju's to $5.97 billion. "Byju's is facing multiple headwinds. We and other shareholders are working everyday to improve the situation. We are in close discussions with the company every day," a senior Prosus executive was quoted as saying in reports late last year. Byju's was preparing to go public in early 2022 through a SPAC deal that would have valued the company at up to $40 billion. According to reports, Byju's needs at least Rs 500-Rs 600 crore to pay off dues of employees and vendors.

BlackRock reduces Byju's valuation to mere $1 billion

<ul><li>RIL, TCS, HDFC Bank retain top spots as <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>’s most valuable companies.</li><li>India’s 500 most valuable companies have a cumulative value of ₹231 lakh crore, as per a Burgundy <keyword id="20553117" type="General" weightage="20" keywordseo="hurun" source="keywords">Hurun</keyword> report.</li><li>Suzlon Energy, Jindal Stainless and JSW Infrastructure saw triple digit growth in value in the last one year. </li></ul>Reliance Industries, TCS and HDFC Bank retained their ranks as India’s most valuable companies respectively in the 2023 <keyword id="20554332" type="General" weightage="20" keywordseo="burgundy-private-hurun" source="keywords">Burgundy Private Hurun</keyword> India 500, released on Monday. The combined value of the top 10 companies remained unchanged in the last one year, at ₹73.3 lakh crore. However, the picture wasn't as rosy for the startup ecosystem. The top 10 had a mixed year, five of them seeing a robust double double digit growth in value, two of them saw single-digit growth, and three of them shed around 10% of their value. L&amp;T’s value went up by 41%, HDFC Bank’s value swelled by 35% due the merger with its parent, and ITC too saw its value swell by 24%. Notable exits &amp; big comebacks Startups, however, had a bad year with Swiggy shedding 26% of its value, Dream11’s value went down by 9.8%, and Razorpay by 8.5%. Meanwhile, in the listed space, while most new-age companies like Policybazaar, Delhivery, Zomato Paytm, saw their valuations go up, Nykaa remained an outlier as it shed 26.8% of its value. Byju’s and Pharmeasy exited the list which has a new cut off rate of ₹6,700 crore. “Startup funding and valuation continued their downward trajectory. Startups in the list cumulatively lost ₹4 lakh crore led by <keyword id="19914048" type="General" weightage="20" keywordseo="byjus" source="keywords">Byjus</keyword>, Dealshare, and Pharmeasy; which failed to make it to the list this year,” Hurun said. The unlisted universe had yet another disappointment. India’s most valuable unlisted company and Covid-19 vaccine maker Serum Institute of India saw its value decrease by 13% to ₹1.9 lakh crore. There have been many comeback stories as well amongst the top 500 companies. Suzlon Energy registered one of the highest value growth this year, as its value swelled by a remarkable 436%. Jindal Stainless’ value went up by 395% and JSW Infrastructure by 310%. “It indicates a rise in renewable energy and infrastructure development. For instance, INOX Wind, which was on the path to insolvency in 2017, registered a 450% growth in value and stormed into 2023 Burgundy Private <keyword id="20554331" type="General" weightage="20" keywordseo="hurun-india" source="keywords">Hurun India</keyword> 500,” said Anas Rahman Junaid, MD and chief researcher, of Hurun India. But, 61 new companies made their debut to the list, led by industrial products with 16 new entrants, followed by financial services with 10 new entrants. Apart from Inox Wind, freshly listed R R Kabel and Welspun Corp were the notable unlisted entrants including unicorn Incred Finance, and Bengaluru-based gaming startup Gameskraft. Jio Financial Services which recently demerged from RIL is the 28th most valuable company. Top 10 of 2023 Burgundy Private Hurun India 500 <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Value </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reliance Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹15,64,663 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-9.3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Consultancy Services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12,36,229 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.8% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹11,25,975 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">35.1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹6,47,716 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,71,529 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-11.7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharti Airtel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,55,531 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">13.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ITC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,36,811 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">24.2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Larsen &amp; Toubro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,02,197 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">41.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Technologies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,43,211 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,41,352 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-9.6% </td></tr></tbody><tbody></tbody></table> 500 companies’ combined value remained flat since 2021 India’s 500 most valuable companies, which includes listed as well as unlisted companies, have a cumulative value of ₹231 lakh crore ($2.8 trillion). They went up from ₹212 lakh crore from June last year, but remained flat since 2021, the report says. “The 2023 Burgundy Private Hurun India 500 list is a strong confirmation of the Indian economy's solid performance in all sectors. The increase in new entrants from industrial goods shows India's rising manufacturing growth,” said Junaid. The combined value of the listed and unlisted companies which made it to the 2023 Burgundy Private Hurun India 500, is more than the combined GDP of Saudi Arabia, Switzerland and Singapore, the report said. “The 2023 Burgundy Private Hurun India 500 companies represent India’s economically strongest businesses. The reason is self-explanatory as these companies have a total value of $2.8 trillion, which is almost 90% of India’s current GDP, i.e. they are the backbone of India’s economy. Together, these 500 companies had combined sales of ₹79 lakh crore and employed 7 million staff, which is more than the working population of Switzerland,” Junaid said. The cut off for companies to enter the list went up by 13% to ₹6,700 crore.

Indian startups shed ₹4 lakh crore in value led by Byju's, PharmEasy & more

Edtech platform <keyword id="2900267" type="General" weightage="80" keywordseo="byju" source="Orion">BYJU</keyword>'s on Monday said that the company has received funds from 11 out of 13 investors in a Rs 3,600 crore funding round which started in June last year. New York-based Oxshott in September 2021 invested Rs 1,200 crore as part of the Series F round at Rs 285,072 per share, which is yet to arrive. "Additionally, Oxshott wasn't leading the round. In fact, they were one of the last investors to come in for that round. Out of the total Rs 3,600 crore, Rs 2,400 crore has already come in," a company spokesperson told IANS. Other investors in the round were Edelweiss (Rs 344.9 crore), IIFL (Rs 110 crore), Verition Multi-Strategy Master Fund (Rs 147 crore), and XN Exponent Holdings (Rs 150 crore). The Morning Context first reported that "money from <keyword id="14428557" type="General" weightage="50" keywordseo="oxshott-capital-partners" source="Orion">Oxshott Capital Partners</keyword> or related entities for an investment has not reached the company". Oxshott <keyword id="14428559" type="General" weightage="50" keywordseo="venture-fund-x-llc" source="Orion">Venture Fund X LLC</keyword> and <keyword id="14428558" type="General" weightage="50" keywordseo="drd-holdings-sarl" source="Orion">DRD Holdings SARL</keyword> are both investment vehicles of <keyword id="14428556" type="General" weightage="50" keywordseo="oxshott-capital" source="Orion">Oxshott Capital</keyword>. It is common industry practice for investment funds to establish separate investment vehicles for compliance/internal structuring purposes to deploy investments. In the current case, the investor has requested that their investment be deployed through DRD Holdings SARL (instead of Oxshott Venture Fund X LLC). The fresh development came after another report recently claimed that some money in the Rs 6,300 crore private equity investment that BYJU's announced early this year has also not arrived. In March, BYJU'S had announced to raise about Rs 6,300 crore (around $800 million) from Sumeru Ventures, Vitruvian Partners, and BlackRock. <keyword id="1702989" type="General" weightage="50" keywordseo="byju-raveendran" source="Orion">Byju Raveendran</keyword>, Founder and CEO, was also part of the funding round and made a personal investment of $400 million. According to reports, the money from Sumeru Ventures "hasn't come in and questions are being raised about the fund's antecedents". However, BYJU'S said most of the funds have been received and the rest were on track. The company said that "its fundraising efforts are on track and majority of the $800 million has been already received". "The balance is also expected soon," a company spokesperson had told IANS. Meanwhile, the edtech giant said recently it has closed the nearly $1 billion acquisition of offline test preparatory services provider <keyword id="6380190" type="General" weightage="50" keywordseo="aakash" source="Orion">Aakash</keyword>. The company, in a statement, said last week that its payments to Aakash are "closed" and the "audited financial results are going to be announced in the next 10 days". BYJU'S has also been in the news for laying off employees and disgruntled parents complaining about poor quality of learning material and sales pitches by agents. Late last month, BYJU's announced to cut nearly 600 jobs -- 300 employees at its Toppr learning platform and another 300 at coding platform WhiteHat Jr. "In order to reduce redundancies across our organisation after multiple acquisitions, we had to let go of nearly one per cent of our 50,000+ strong workforce," said a company spokesperson. BYJU'S also lost a case in a consumer court, where a Bengaluru man sued the company in a consumer court for providing low-quality tablets and study material to his son and daughter who were promised <keyword id="10591" type="General" weightage="50" keywordseo="samsung" source="Orion">Samsung</keyword> tablets worth Rs 25,000. Further, the edtech major also backed out of its promise to convert the tuition fee of Rs 99,000 into EMIs. When the company did not pay heed to his demand of cancelling the subscription and refunding, he filed a case and won a refund of the fee of Rs 99,000 and a compensation of Rs 30,000, according to reports. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/article/opinion-priorities-for-building-an-energy-efficient-indian-economy/articleshow/92804706.cms">OPINION: Priorities for building an energy-efficient Indian economy</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/uber-files-what-they-reveal-about-the-companys-india-operations/articleshow/92805725.cms">Uber Files — What they reveal about the company’s India operations</a>

Byjus raises more Rs 3,600 cr and says its fundraising plans are on 'track'

New Delhi, In a determined pursuit of a fair resolution, education technology giant <keyword id="6384897" type="General" weightage="20" keywordseo="BYJUS" source="Orion">BYJU'S</keyword> finds itself pushing back against "unrealistic and unacceptable terms" made by its US lenders of Term Loan B (TLB) during the ongoing renegotiation of their contract. The lenders, employing the threat of litigation, have exerted pressure on BYJU'S to drastically alter the core of the contract, which had been agreed upon in 2021. Despite BYJU'S willingness to step up to a higher interest rate and offer partial payment of the principal, the lenders proceeded with litigation, intensifying the ongoing back-and-forth between the two parties. BYJU'S has maintained a flawless track record of meeting its interest payments without any defaults. The situation between BYJU'S and a group of its hawkish TLB lenders, who trade in distressed debt, highlights the challenges faced by startups navigating the complex and opportunistic world of finance, where negotiations can quickly turn adversarial. As a non-operative entity in the United States, BYJU'S Alpha, a subsidiary of BYJU'S, has become the target of the lenders' legal actions. BYJU'S Alpha was solely created as a borrowing entity, to facilitate the borrowing process of the TLB. "The genesis of this conflict lies in the renegotiation of the TLB contract, which was signed in good faith by both parties in 2021. However, the lenders' subsequent demands have been nothing short of egregious. As a global leader in <keyword id="1464841" type="General" weightage="50" keywordseo="edtech" source="Orion">edtech</keyword>, BYJU'S has decided to take a stand against these unreasonable tasks, demonstrating its unwavering commitment to safeguarding the interests of its stakeholders," explained a source close to the legal proceedings on the condition of anonymity. "This litigation is specific to BYJU'S Alpha, which is a non-operative US entity of BYJU'S with no employees. No Indian entity is a party to these proceedings," the source clarified. BYJU'S maintains that it has consistently met all its financial and fiduciary obligations. As evidence of its financial strength, BYJU'S recently concluded a successful funding round, securing a remarkable $250 million. The company is reportedly on the verge of closing an even larger funding round in the coming weeks, further solidifying its financial position. Recognising the importance of maintaining financial prudence and protecting the long-term interests of the company, BYJU'S recently offered to pay a much higher interest rate along with a partial payment of the principal. These concessions demonstrated the company's willingness to find a middle ground and maintain a constructive relationship with its lenders. However, the lenders remained unmoved, proceeding with litigation against BYJU'S Alpha. The litigants have also made a bewildering claim suggesting that BYJU'S "moved" $500 million from BYJU'S Alpha, alleging a breach of the existing arrangement. BYJU'S has vehemently denied this "baseless" allegation, emphatically stating that it has meticulously adhered to the terms of its contractual obligations, in complete compliance with the agreed-upon rights and responsibilities outlined in the contract. It is crucial to underscore that BYJU'S entered into the TLB agreement in 2021 with a clear and mutually-agreed upon objective of utilising the capital raised for driving growth and expansion in its global operations. The very essence of BYJU'S commitment to the lenders was to deploy the funds to fuel the advancement of its business objectives. The decision to file a case against a non-operative entity suggests a calculated move by the lenders, aiming to exert pressure on BYJU'S and potentially force them to capitulate to their demands. Industry observers view it as an attempt to intimidate BYJU'S and bring them back to the negotiating table on unfavourable terms. Flush with funds, BYJU'S is unlikely to accede to such tactics and remains steadfast in its commitment to pursuing fair negotiations that align with its long-term strategic goals. The event serves as a stark reminder of the potential pitfalls faced by Indian companies raising capital in the US and underscores the need for transparent and fair lending practices. The ability of the EdTech giant to emerge stronger in this renegotiation with its lenders will undoubtedly have a profound impact on the global growth trajectory of India's EdTech industry. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/battlegrounds-mobile-india-to-return-soon-company-receives-permission-from-government/articleshow/100346259.cms">Battlegrounds Mobile India is relaunching soon, but government says final call only after a 3-month trial</a> <a href="https://www.businessinsider.in/tech/mobile/news/redmi-a2-and-a2-plus-with-android-13-go-edition-launched-starting-at-6299/slidelist/100352302.cms">Budget friendly Redmi A2 and A2 Plus with Android 13 (Go) launched at ₹6,299</a> <a href="https://www.businessinsider.in/sports/news/virat-kohli-and-these-players-have-more-than-three-ipl-centuries/slidelist/100348738.cms">Virat Kohli and these players have more than three IPL centuries</a>

You Searched For "Byju s funding" and got 6 results

Supreme Court agrees to list plea related to insolvency proceedings against ed-tech firm Byju's

PTI

India's once-hot startup Byju's was valued at $22 billion. Now, BlackRock says its investment is worth nothing.

Shubhangi Goel

BlackRock reduces Byju's valuation to mere $1 billion

IANS

Indian startups shed ₹4 lakh crore in value led by Byju's, PharmEasy & more

Katya Naidu

Byjus raises more Rs 3,600 cr and says its fundraising plans are on 'track'

IANS

BYJU'S challenges lenders' unrealistic terms amid contract renegotiations

IANS

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