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In an abrupt move, <keyword id="237838" type="General" weightage="20" keywordseo="arjun-mohan" source="Orion">Arjun Mohan</keyword>, who was elevated as the embattled edtech firm Byju <keyword id="5645" type="General" weightage="20" keywordseo="ceo" source="Orion">CEO</keyword> just about seven months back, has quit to pursue other opportunities, the company confirmed on Monday. The company's Co-founder and CEO <keyword id="1702989" type="General" weightage="20" keywordseo="byju-raveendran" source="Orion">Byju Raveendran</keyword> will take a more hands-on approach in spearheading the daily operations of the company after Mohan's resignation, who will be part of the edtech firm in an "external advisory role". The move is aimed at streamlining the operations and positioning the company for "long-term success". "Mohan has done an outstanding job steering Biju's through a challenging period. We are grateful for his leadership and look forward to his continued contributions as a strategic advisor," Raveendran said. The company has now decided to consolidate its business into three "focused" divisions -- The Learning App, Online Classes &amp; Tuition Centres, and Test-prep. Each of these <keyword id="54698" type="General" weightage="20" keywordseo="units" source="Orion">units</keyword> will have separate leaders who will independently run the businesses sustainably to ensure profitability, said the company. "This reorganisation marks the start of <keyword id="6384897" type="General" weightage="20" keywordseo="byjus" source="Orion">BYJU'S</keyword> 3.0 -- a leaner and more agile organisation ready to quickly adapt to evolving market dynamics, especially in the realm of hyper-personalised education," according to Raveendran. Facing a severe cash crunch, the edtech company in September last year elevated Mohan as the CEO of its India operations. Mohan succeeded Mrinal Mohit, founding partner and the outgoing head of India business at the company, who embarked on a new journey to pursue personal aspirations. "By focusing on our core strengths with three specialised business units, we will unlock new growth opportunities while continuing to focus on profitability," said Raveendran.

Byju's CEO Arjun Mohan quits, company to consolidate biz in 3 units

<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.

<div class="KonaFilter image-container display-table"><div><div class="image on-image">ByjuPart of the Byju team.</div></div></div>Mark Zuckerberg has invested in <a href="http://byjus.com/">Byju</a>, an Indian <keyword id="6355445" type="COMPANY" weightage="60" keywordseo="Education">education</keyword> startup that teaches kids subjects like math and science with a mobile app.Zuckerberg's philanthropic organization, the <a href="https://chanzuckerberg.com/">Chan Zuckerberg Initiative</a>, is leading the $50 million investment, along with other venture capital firms, according to <a href="http://tech.economictimes.indiatimes.com/news/startups/mark-zuckerbergs-foundation-leads-50m-round-in-byjus/54195192">The Economic Times.</a>It's the second investment Facebook's CEO has made through the Chan Zuckerberg Initiative, a company he owns with his wife, Priscilla Chan.Byju previously raised $75 million in March."I'm optimistic about personalized learning and the difference it can make for students everywhere," <a href="https://www.facebook.com/photo.php?fbid=10103091851925751&amp;set=a.612287952871.2204760.4&amp;type=3&amp;theater">Zuckerberg said on his Facebook page</a> on Thursday. "That's why it's a major focus of our education efforts, and why we're looking forward to working with companies like BYJU's to get these tools into the hands of more students and teachers around the world."<div class="KonaFilter image-container display-table"><div><div class="image on-image">ByjuThe Byju app.</div></div></div>The Chan Zuckerberg Initiative previously <a href="http://www.businessinsider.com/chan-zuckerberg-initiative-leads-24-million-round-in-andela-2016-6">invested $24 million in Andela</a>, an African startup that teaches people how to code. Facebook wasn't immediately available to comment. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/mark-zuckerberg-morning-routine-first-thing-2016-6">Here's the first thing Mark Zuckerberg does every morning</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="h4MjM2NDE6rrYuzW5FdAnsRZfdeujuBc" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Mark Zuckerberg leads $50 million investment in Indian education startup

New Delhi, Jan 9 () Ed-tech major BYJU'S on Thursday said it has raised an undisclosed amount of funding from Tiger Global Management.
 While BYJU'S did not disclose the quantum of investment, sources said Tiger has pumped in USD 200 million into the company.
 "We are happy to partner with a strong investor like Tiger Global Management. They share our sense of purpose and this partnership will advance our long term vision of creating an impact by changing the way students learn," BYJU'S founder and CEO Byju Raveendran said in a statement.
 The statement said BYJU'S launched a product for young learners (Grades 1-3) in 2019. It is also working on launching programmes in vernacular languages.
 Additionally, BYJU'S will be launching online tutoring in the coming months, it added.
 "BYJU'S has emerged as the leader in the Indian education-tech sector. They are pioneering technology shaping the future of learning for millions of school students in India. We are excited to support Byju and the team," Tiger Global Partner Scott Shleifer said.
 In the past 12 months, BYJU'S has witnessed strong growth with over 42 million registered users and 3 million paid subscribers in India.
 The average number of minutes a student spends on the app has increased from 64 minutes to 71 minutes per day over the last year too and the annual renewal rates are as high as 85 per cent, the statement said.
 BYJU'S has tripled its revenue from Rs 520 crore to Rs 1,480 crore in 2018-19 and turned profitable on a full-year basis. The company said it is on track to double revenues to Rs 3,000 crore in the current financial year. SR SHW
SHW

Tiger Global Management invests in BYJU'S

Dubai, The <keyword id="46227" type="COMPANY" weightage="20" keywordseo="International-cricket-council">International Cricket Council</keyword> (<keyword id="6355164" type="UNKNOWN" weightage="20" keywordseo="ICC">ICC</keyword>) on Monday announced edtech company <keyword id="2900267" type="COMPANY" weightage="20" keywordseo="Byju">BYJU</keyword>'S as their <keyword id="66877" type="ORGANIZATION" weightage="20" keywordseo="Global-partner">global partner</keyword> from 2021 to 2023. The three-year agreement will see BYJU'S partner all ICC events over the period, including the forthcoming <keyword id="44040" type="COMPANY" weightage="20" keywordseo="T20-World-Cup">T20 World Cup</keyword> in India and the Women's World Cup in New Zealand. As a global partner, BYJU'S will have extensive in-venue, broadcast and digital rights across all ICC events, ICC stated in a media release. BYJU'S will also work closely with the ICC to deepen engagement with fans through the creation of innovative campaigns. "We are excited to have BYJU'S on board as one of our global partners and look forward to having a great innings together. <keyword id="1521" type="COMPANY" weightage="20" keywordseo="Cricket">Cricket</keyword> is a sport where resilience, perseverance and conviction are crucial qualities and the partnership with BYJU'S will allow that to be fostered by a wider audience both young and old," said ICC chief executive Manu Sawhney. "It is a matter of pride for us as an Indian company to represent our nation on a global platform like this. Just as cricket inspires billions across the world, we too as a learning company hope to inspire the love of learning in every child's life," said Byju Raveendran, founder and CEO, BYJU'S. In August 2019, the company became the official jersey partner of the Indian cricket team. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/apples-talks-with-hyundai-and-kia-for-autonomous-cars-may-have-crashed-early/articleshow/80742934.cms">Apple's talks with Hyundai and Kia for autonomous cars may have crashed early</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-9-pro-new-flagship-smartphone-expected-price-specification-and-launch-date-leaked/articleshow/80742720.cms">This could be the next OnePlus flagship smartphone</a> <a href="https://www.businessinsider.in/business/startups/news/dailyhunt-josh-raises-100-million-from-qatar-investment-authority-just-two-months-after-google-and-microsoft-made-it-a-unicorn/articleshow/80744070.cms">DailyHunt's Josh raises $100 million from Qatar Investment Authority – just two months after Google and Microsoft made it a unicorn</a>

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Byju's CEO Arjun Mohan quits, company to consolidate biz in 3 units

IANS

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

Shubhangi Goel

Mark Zuckerberg leads $50 million investment in Indian education startup

Alex Heath

Tiger Global Management invests in BYJU'S

PTI

ICC announces edtech unicorn BYJU'S as its global partner for three years

IANS

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