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New Delhi: The <keyword id="19895345" type="General" weightage="20" keywordseo="supreme-court" source="keywords">Supreme Court</keyword> on Wednesday said it will hear on September 17 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 insolvency proceedings against ed-tech firm BYJU's and approved its Rs 158.9 crore dues settlement with the <keyword id="19901245" type="General" weightage="20" keywordseo="bcci" source="keywords">BCCI</keyword>. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra was urged by a battery of lawyers that the plea be heard urgently keeping in mind the subsequent developments in the case. The plea was mentioned by senior advocate NK Kaul, appearing for the ed-tech major, that the case needed to be heard at the earliest. The submission was supported by Solicitor General Tushar Mehta, appearing for the BCCI, and senior lawyer Abhishek Singhvi, also appearing for the ed-tech firm. Kaul said another plea in the case has also been filed and that is listed for hearing on September 17 and hence, the present plea be either heard on that day or the hearings in both the cases be advanced to this Friday. "We will hear both the pleas on September 17," the CJI said. Senior advocate Shayam Divan, appearing for the US-based creditor, said let the matters be heard together on September 17. 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 <keyword id="19902197" type="General" weightage="20" keywordseo="national-company-law-tribunal" source="keywords">National Company Law Tribunal</keyword> (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.

SC to hear plea related to insolvency proceedings against ed-tech firm Byju's on Sept 17

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

<keyword id="19950639" type="General" weightage="20" keywordseo="edtech" source="keywords">Edtech</keyword> major Byju's on Friday said that it has not received any formal intimation of any petition being filed in the <keyword id="19902197" type="General" weightage="20" keywordseo="national-company-law-tribunal" source="keywords">National Company Law Tribunal</keyword> (NCLT) by select investors over its rights issue. Byju's key investors -- Prosus, General Atlantic, Sofina and <keyword id="20124152" type="General" weightage="20" keywordseo="peak-xv" source="keywords">Peak XV</keyword> -- have moved the tribunal against the embattling edtech major over its $200 million rights issue, according to investor sources. The company told IANS that "it cannot comment on rumours on the same". "The Indian regulations stipulate due process for conducting an EGM, intimation of petitions being filed in NCLT, etc. But certain shareholders prefer to manufacture a media spectacle as opposed to following due process," the company spokesperson said. If such a petition has been filed, "the company shall respond to the same as per applicable law and due process," the spokesperson added. According to investor sources, the VC firms have cited "suppression of investor rights and mismanagement of the company". The four investors filed the petition before the Bengaluru bench of the tribunal, according to sources. This is the first time Byju's investors have legally moved against the rights issue. The edtech company said earlier this week that the rights issue by its parent company Think &amp; Learn Pvt. Ltd to raise $200 million at a 99 per cent valuation cut was fully subscribed. "Investors have sought relief on declaring the rights issue as void, and declaring the founders and the management as unfit to run the company," according to investor sources. The investors said the company's management has not shared "relevant financial information with the investor group". The battle between Byju's and investors intensified after the edtech major said the company's co-founder and CEO <keyword id="19901244" type="General" weightage="20" keywordseo="byju-raveendran" source="keywords">Byju Raveendran</keyword> and Board members will not attend the extraordinary general meeting (EGM) called by select investors to oust its CEO on Friday which was underway. --IANS na/prw

Key investors move NCLT against Byju's rights issue, firm says yet to get any petition

<ul><li>Indian startup sector witnesses a rise in job losses, with over 27,000 tech employees affected and numbers increasing.</li><li>Nearly 26,868 employees have been handed over pink slips by 98 startups.</li><li>At least 22 <keyword id="1464841" type="General" weightage="80" keywordseo="edtech" source="Orion">edtech</keyword> startups have slashed 9,781 jobs to date.</li></ul>At least 27,000 tech employees at Indian startups have lost their jobs since the funding winter crept in last year, and the list is only growing. Nearly 26,868 employees have been handed over pink slips by 98 startups, including unicorns led by the edtech majors, according to data by leading startup news portal Inc42. At least 22 edtech startups have slashed 9,781 jobs to date. In the first five months into 2023, more than 8,000 employees lost their jobs in India by nearly 50 startups. Homegrown virtual events platform Airmeet sacked about 30 per cent of its workforce, or at least 75 employees, according to the report. Corporate expense management platform Happay, owned by credit Card bill payment provider CRED, slashed nearly 35 per cent of its workforce as part of a restructuring exercise. Another homegrown edtech startup Teachmint laid off over 70 employees, its second round of job cuts after sacking about 45 workers more than five months ago. <keyword id="12864" type="General" weightage="80" keywordseo="chennai" source="Orion">Chennai</keyword>-based edtech startup Skill-Lync laid off employees as it consolidates operations across Chennai, Bengaluru, and <keyword id="6354552" type="General" weightage="50" keywordseo="hyderabad" source="Orion">Hyderabad</keyword> amid global macroeconomic conditions. The year 2023 has become the worst year for tech employees as nearly 2 lakh tech employees -- from Big Tech firms to startups -- have been sacked to date globally, as companies like <keyword id="399907" type="General" weightage="50" keywordseo="meta" source="Orion">Meta</keyword>, BT, <keyword id="15492" type="General" weightage="50" keywordseo="vodafone" source="Orion">Vodafone</keyword> and many others announced further plans to lay off more employees in coming months. As per the data by layoffs tracking site Layoffs.fyi, 695 tech companies have shown the doors to around 1.98 lakh employees so far this year. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/is-whatsapp-secretly-listening-to-your-private-conversations-heres-how-to-check/articleshow/100155980.cms">Is WhatsApp secretly listening to your private conversations? Here’s how to check</a> <a href="https://www.businessinsider.in/tech/news/google-pixel-6a-vs-pixel-7a-smartphone-comparison-with-price-and-features/articleshow/100177889.cms">Google Pixel 6a vs Pixel 7a: Is Google's latest mid-ranger worth the extra ₹12,000?</a>

About 27K employees lost jobs at Indian startups to date, over 8K this year

<ul><li>The <keyword id="291131" type="General" weightage="20" keywordseo="aws" source="Orion">AWS</keyword> Public Sector Symposium talked about cloud computing in public sectors</li><li>It featured important announcements including collaboration with <keyword id="6358064" type="General" weightage="20" keywordseo="isro" source="Orion">ISRO</keyword></li><li>AWS has also partnered with CCMB</li></ul> Amazon Web Services Public Sector Symposium 2023 that took place in September saw a series of announcements by the Cloud computing behemoth. One of the largest service providers in the world, AWS has been actively collaborating in the public sector space in India. The event last month reiterated the established partnerships along with a string of new announcements. But before that let’s understand what is cloud computing? Cloud Computing for laymen Imagine enjoying the benefits of having a high end personal computer that can handle Terabytes of data in seconds. Now make it intangible, and completely based on a server network. That essentially is cloud computing. It is the practice of using a network of remote servers hosted on the internet to store, manage, and process data, rather than a local server or a personal computer. Amazon Web Services does just that, but on a massive scale, hence the collaborations we are seeing in the public sector. AWS &amp; ISRO AWS has announced a collaboration with ISRO and Indian National Space Promotion and Authorization Center (IN-SPACe) to accelerate India’s space-tech growth. The collaboration will see space start-ups get access to new age cloud computing services. The organizations will work together to train students in AI, ML, analytics and security. AWS &amp; Center for Cellular and Molecular Biology CCMB is also using AWS cloud computing services to manage its work. The core focus of this collaboration is to accelerate the growth of genome sequencing research projects. According to reports the progress is significant with the reduction of research analysis by 98%. AWS &amp; AI In a collaboration with ConveGenius AWS has also developed a chatbot dubbed the SwiftChat. It is a conversational artificial intelligence (AI) chatbot platform for government schools and low-free private schools built on AWS. We will be coming out with a video with it very soon.

Amazon Web Services Public Sector Symposium 2023 - Cloud Computing For the Future

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>

BYJU'S challenges lenders' unrealistic terms amid contract renegotiations

Higher education platform <keyword id="2008319" type="General" weightage="20" keywordseo="upgrad" source="Orion">upGrad</keyword> on Friday announced it has acquired online learning institution <keyword id="8535878" type="General" weightage="50" keywordseo="harappa-education" source="Orion">Harappa Education</keyword> for Rs 300 crore (about $38 million). upGrad closed the transaction with present <keyword id="265317" type="General" weightage="100" keywordseo="harappa" source="Orion">Harappa</keyword> shareholders - Bodhi Tree Systems (a newly-formed platform between James Murdoch and <keyword id="105547" type="General" weightage="50" keywordseo="uday-shankar" source="Orion">Uday Shankar</keyword>) and Co-Founders Pramath Raj Sinha and Shreyasi Singh. Harappa Education is likely to clock Rs 75 crore in revenue this year. "A combination of upskilling courses along with these critical skills that Harappa has to offer would set us apart. We see strong demand from our clients and with Harappa coming in, we believe we'll be able to grow exponentially within the segment as we cross-leverage the synergies," said Ronnie Screwvala and Mayank Kumar, Co-founders of upGrad. Co-founded by Sinha, also the Founding Dean of the <keyword id="6357275" type="General" weightage="50" keywordseo="indian-school-of-business" source="Orion">Indian School of Business</keyword> (ISB), Harappa Education offers self-paced courses to address the spiralling problem of poor employability, inadequate leadership, and an ill-equipped workforce. Harappa has an active clientele of 100 mid and large-sized organisations. "As a combined force, Harappa and upGrad will anchor our purpose and conviction to create a truly wholesome learning ecosystem for lifelong learners in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> and abroad, with our time-tested pedagogy, flagship programs, and rich partnerships to guarantee unmatched outcomes for our learners and clients," said Sinha and Singh, Founders of Harappa. upGrad has a learner base of over 3 million across over 100 countries and more than 300 University partners, along with an enterprise business with a client base of 1000 companies worldwide. Earlier this month, upGrad Rekrut, a 100 per cent subsidiary of online higher education platform major upGrad, announced it has acquired recruitment and staffing firm Wolves India, for an undisclosed sum. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/education/news/cbse-class-12-results-declared-passing-rate-above-92/articleshow/93045586.cms">CBSE class 12 results declared, passing rate above 92%</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/education/news/80-impact-students-going-to-study-abroad-will-feel-the-pinch-but-it-is-worse-for-students-already-there/articleshow/93044954.cms">₹80 impact: Students going to study abroad will feel the pinch, but it is worse for students already there</a>

upGrad acquires edtech platform Harappa Education for Rs 300 cr

<keyword id="1464841" type="General" weightage="80" keywordseo="edtech" source="Orion">Edtech</keyword> major <keyword id="6630114" type="General" weightage="100" keywordseo="unacademy" source="Orion">Unacademy</keyword> has laid off 12 per cent of its workforce or over 350 employees in its latest round of job cuts. Gaurav <keyword id="6320" type="General" weightage="80" keywordseo="munjal" source="Orion">Munjal</keyword>, co-founder and CEO of Unacademy, announced the latest layoffs in a <keyword id="1815769" type="General" weightage="50" keywordseo="slack" source="Orion">Slack</keyword> message to employees, reports <keyword id="179988" type="General" weightage="50" keywordseo="techcrunch" source="Orion">TechCrunch</keyword>. "We have taken every step in the right decision to make our core business profitable, yet it's not enough. We have to go further, we have to go deeper," Munjal was quoted as saying. "Today's reality is a contrast from two years ago when we saw unprecedented growth because of the accelerated adoption of online learning. Today, the global economy is enduring a recession, funding is scarce and running a profitable business is key. We have to adapt to these changes, build and operate in a much leaner manner so we can truly create value for our users and shareholders," he added. Moreover, in a message to employees, Munjal stated that he takes "complete responsibility for the way things have turned out". In November last year, Unacademy laid off 10 per cent of its workforce or nearly 350 employees, as funding winter deepens for the Indian startup ecosystem. Earlier this year, Unacademy-run Relevel laid off 40 employees, or 20 per cent of its workforce, as it shifts its focus from the education business to "tests product" and a new app called NextLevel. Meanwhile, another edtech major BYJU's has laid off a further 15 per cent of its employees from its engineering teams, as the company continues phased layoffs to remain growth-oriented in a global economic meltdown. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/meet-the-tigers-elephants-rabbits-and-turtles-of-the-e-commerce-jungle/articleshow/99109220.cms">Meet the tigers, elephants, rabbits and turtles of the e-commerce jungle</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/how-to-subscribe-verified-blue-tick-on-facebook-and-instagram/articleshow/99108865.cms">Get verified blue tick on Facebook and Instagram now: Here’s how to subscribe and price details</a>

Unacademy lays off 12% of workforce in its latest round of job cuts

<ul><li>BYJU's is an <keyword id="1464841" type="General" weightage="20" keywordseo="edtech" source="Orion">edtech</keyword> platform founded in 2015 with a current valuation of $22 billion. </li><li>Management of the edtech platform says cost-cutting is being done to “achieve overall profitability by March 2023”. </li><li>Many edtech firms have resorted to layoffs this year. </li></ul>Indian edtech decacorn BYJU's announced yesterday that it has laid off 2,500 employees as it has consolidated the many platforms it has acquired – like Toppr, Meritnation, <keyword id="192259" type="General" weightage="50" keywordseo="tutorvista" source="Orion">TutorVista</keyword>, Scholar and HashLearn. This move, the company said, is a way to avoid redundancies in job roles and the layoffs constitute 5% of its workforce. “These measures will help us achieve profitability in the defined time frame of March 2023," said Mrinal Mohit, CEO, BYJU'S India business. As per the audited FY21 financials that it released last month after an 18-month delay, its losses widened by 20 times to ₹4,589 crore. In the last three years, the company has been on an acquisition spree. Its biggest one so far is that of offline test preparatory services provider Aakash for $1 billion in 2021. The payments to PE major Blackstone, which owned 38% in Aakash, were eventually <a href="https://www.thehindu.com/business/byjus-clears-230-million-dues-to-blackstone-for-aakash-acquisition/article65931486.ece">cleared by the company, albeit after delays</a>. It has also purchased Singapore-based <keyword id="6559242" type="General" weightage="50" keywordseo="great-learning" source="Orion">Great Learning</keyword> for $600 million in 2021. Both these entities will function independently, <keyword id="3320944" type="General" weightage="100" keywordseo="byjus" source="Orion">Byjus</keyword> had said. Edtechs in trouble This year, many edtech companies have been suffering from loss of clientele after offline classes have commenced and screen fatigue. Since July this year, many edtech companies like Unacademy and Vedantu have been laying off <a href="https://www.businessinsider.in/business/startups/news/60000-jobs-in-startup-companies-may-lose-their-jobs-this-year-in-india-experts-say/amp_articleshow/91804572.cms">employees</a>. Byju’s which has by then also made its presence felt in offline coaching, is also known to have gone down the same path. As per reports, <a href="https://www.business-standard.com/article/companies/byju-s-owned-whitehat-jr-lays-off-300-employees-in-latest-round-of-job-cuts-122062900323_1.html">WhiteHat Jr, owned by Byju's</a>, laid off around 300 employees in June from the code-teaching and sales teams. However, various <a href="https://www.news18.com/news/business/byjus-lays-off-over-2500-employees-in-toppr-and-whitehat-jr-to-cut-costs-5463853.html">media reports have pegged the layoff </a>number between 1,500-2,500. The company vehemently denied the numbers, but did admit to retrenchments. “To recalibrate our business priorities and accelerate our long-term growth, we are optimizing our teams across our group companies. This entire exercise involves less than 500 employees from across Byju's group companies,” the company spokesperson said after denying the 2,500 layoff number. In good shape says management The edtech giant, which is valued at around $22 billion and is the first edtech unicorn in India has also been under scrutiny for various reasons. The company management however insists that it is in good shape. <keyword id="5563078" type="General" weightage="50" keywordseo="divya-gokulnath" source="Orion">Divya Gokulnath</keyword>, the company’s co-founder also came out in defense of the company saying that a lot has happened since its FY21 results and its widened losses have already been cut by half in FY22. “It’s easy to forget that we are 18 months post FY21, and that BYJU’S has grown more than 4 times in this span,” she wrote in an open letter on LinkedIn. For this year, the company has set a target to achieve $2 billion in revenues. The company founder has stated time <a href="https://www.business-standard.com/article/companies/byju-s-focusing-on-profitable-growth-2-bn-revenue-within-the-sights-ceo-122092001266_1.html">and again that this</a> “revenue within sight”. On the other end of the spectrum, <a href="https://www.bbc.com/news/world-asia-india-58951449">Byju’s users have been complaining </a>about aggressive sales tactics and its effects on learning abilities. Moreover, a few of its employees too <a href="https://twitter.com/malpani/status/1379826997598121987?lang=en">publicly spoke of its</a> high-pressure tactics and practices that’s turned almost exploitative to Indian parents who place a lot of value on their children’s education. SEE ALSO: <a target="_blank" class="c-link" href="https://www.businessinsider.in/business/news/investments-in-real-estate-touched-3-6-billion-in-jan-sep-period-colliers/articleshow/94833113.cms">Investments in real estate touched $3.6 billion in Jan-Sep period: Colliers</a> <a target="_blank" class="c-link" href="https://www.businessinsider.in/business/corporates/news/it-cos-go-slow-on-hiring-despite-high-attrition-rates-hiring-down-57-in-q2/articleshow/94832706.cms">IT cos go slow on hiring despite high attrition rates, hiring down 57% in Q2</a> <a target="_blank" class="c-link" href="https://www.businessinsider.in/business/news/elon-musk-jokes-he-is-selling-perfumes-to-fund-twitter-acquisition/articleshow/94832660.cms">Elon Musk jokes he is selling ‘Burnt Hair’ perfumes to fund Twitter acquisition, changes bio to “Perfume Salesman” as sales cross 20,000</a>

You Searched For "Indian edtech" and got 9 results

SC to hear plea related to insolvency proceedings against ed-tech firm Byju's on Sept 17

PTI

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

PTI

Key investors move NCLT against Byju's rights issue, firm says yet to get any petition

IANS

About 27K employees lost jobs at Indian startups to date, over 8K this year

IANS

Amazon Web Services Public Sector Symposium 2023 - Cloud Computing For the Future

Dhruv Mohan

BYJU'S challenges lenders' unrealistic terms amid contract renegotiations

IANS

upGrad acquires edtech platform Harappa Education for Rs 300 cr

IANS

Unacademy lays off 12% of workforce in its latest round of job cuts

IANS

The many troubles at BYJU’s that goes beyond the recent layoffs

Eetika Kapoor

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