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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

<ul><li>Since the beginning, BYJU’S secret has been to focus on engagement and effectiveness. It has made learning fun for students by adding videos, interactive media, and gamification on its platform.</li><li>It all started when Byju Raveendran, Founder and CEO, identified a gap between how the concepts are learned and how it should be learned by students in India. </li><li>BYJU’S plan now is to ‘expand to international markets, achieve scale and build a global brand while simultaneously working on creating learning programs in regional languages to provide access to quality content and teachers to the students even in the remotest parts of the country.’ </li><li>Mrinal Mohit, Chief Operating Officer and Head of Sales and Marketing, BYJU’S shares his vision for making the platform an industry leader, content marketing mantra, and revenue goals for the year. </li></ul>For a relatively non-existent segment that started shaping up a decade ago, BYJU’S has come a long way in a short span of time. India has around 3500 edtech startups and BJYU’S has an edge for it is the fourth-highest valued company -- placed at $5.7 billion. BYJU’S added 40 million registered users onto its platform and 2.8 million paid subscribers this year; nearly doubling from 1.26 million in June 2018. It also became profitable in 2018 – cut down its losses by over 76% to ₹8.8 crore from ₹37.1 crore. It is now eyeing to be a ₹3000 crore brand by end of the fiscal year. It is all set to become the leader of edtech industry. The company plans to do so by adding more regional languages, spreading awareness around its platform with omni-channel approach, and deeper penetration across India. Mrinal Mohit, Chief Operating Officer and Head of Sales and Marketing, BYJU’S – The Learning App shares the secret of achieving fame so soon, advantages of tying up with cricket tournaments, developing a brand from scratch on the back of strong marketing tools, leveraging the strength of population by going deeper in markets, revenue goals, and much more. Excerpts: How has the year been so far for BYJU’S? Earlier in the year you announced that you had become profitable, a first in the consumer internet start-up space. What helped you achieve this, which is no mean feat? At BYJU’S, we understood the challenges the ecosystem faces and one of the key challenges we could address immediately and effectively is the method with which students consume knowledge and information. We began the journey with conviction and understood the potential to bring in transformational change with respect to the format for interaction and learning. The core challenges traditional education formats face are (a) good teachers are hard to find at scale (b) ability for personalization is limited (c) format of learning (rote memorization vs. wanting to learn). Our approach from a content creation perspective has always been to focus on engagement and effectiveness i.e., if it will be useful to students and it will be used by students. We approach subjects by first identifying concepts and curriculum that need to be covered and then identifying the best mode to teach these concepts be it through video, gamification or interactive media. With over 40m downloads, 2.8m paid users, and average engagement time ~ 71 minutes, our approach, both in terms of engagement and effectiveness, has been received positively by students, parents and education providers which is helping propel our growth. We have been fortunate to reach scale relatively quickly due to our student and learning-focused approach and are increasing year-on-year which is helping us achieve progressively higher earnings, enabling us to invest more organically in improving engagement and effectiveness in the product. There is no real playbook for success here and our approach has been based on first principles, especially since this was a relatively non-existent segment a couple of years ago. Everything we learnt was first hand – from business model tinkering, expansion, to raising funds. BYJU’S has been aggressively marketing itself in the recent past, be it the advertising during this year’s world cup or replacing Oppo to find a place on the jerseys of Indian players. As a learning company, we have always recognised the critical role that sports play in a child's development. They teach you unmatched life-skills and crucial lessons like teamwork and collaboration. Cricket is the heartbeat of India and as a platform, gives us unmatched reach to even the deepest parts of the country. Our focus is to go deeper into India and make better learning experiences accessible to students who need it the most. We are thrilled about being the jersey sponsors of the Indian Cricket Team. Just as cricket inspires a billion budding dreams across India, we too as a learning company hope to inspire the love of learning in every child's heart. What kind of investments are you keeping aside for marketing this year? Your FY18 advertising spends was up 77% at Rs 188.5 crore. What kind of money did you spend in the current financial year? What was the percentage increase? During our campaigns around cricket matches, we have noticed a big spike in the number of downloads we see. In fact, our last set of advertisements with Shah Rukh Khan received the highest recall among celebrity endorsements during the 2019 ICC World Cup Cricket, according to a survey by the Indian Institute of Human Brands (IIHB). Our daily organic downloads are close to 50,000-60,000 and the marketing expenditure has gone up over the year, on the back of an increase in revenue. However, the cost of customer acquisition has dropped to 25%. For digital, we use a combination of channels including display, banner besides advertising on YouTube. Additionally, we also use TV, print and outdoor. What role has advertising played in cementing a place in the hearts and minds of Indian consumers? Our advertisements celebrate the power of visual learning and is aimed at helping our end users understand how it could be beneficial for them. TV has helped us reach out to our primary and secondary customers - i.e.; children and their parents, across geographies. Advertising on TV has primarily helped us with customer acquisition, i.e. increased downloads, while we have specifically used print medium to explain the how and the why of the app to our target audience. From the very beginning, we were able to measure the ROI from our ad campaigns, through downloads, subscriptions, etc. Our campaigns were based solely on where the product stood at a certain time and if it made sense for us to scale up or reach out to a wider audience then. We are very paranoid about the performance of an ad; if we see it performing well, we are ready to invest. There is a direct link in how downloads spike with ad campaign releases. With regards to mediums, we have seen that TV when used simultaneously with social media amplifies our ROI. Hence, we also share timely and relevant communication across our social media handles to reach out to a large set of audience and create awareness about our brand offerings. Considering you had taken on Shah Rukh Khan as an ambassador pretty early on in your journey. You also roped in actor Mahesh Babu to target Telangana and Andhra Pradesh. How did this help in winning your consumer’s trust? It was great to have Mahesh Babu and Mohanlal associate with us and spread the message that conceptual and life-long learning is far superior to learning by rote. We believe that every region, especially in South India, is really unique and it is crucial that we customize our message to truly gain mindshare here. Both the ad campaigns highlighted evolving learning habits of students and celebrated the long-term benefits of conceptual understanding. Our TVCs were specially targeted at the Telangana and Andhra Pradesh and Kerala respectively to connect with parents and help them understand real, tangible benefits of technology powered learning. The core objective of our TVCs was to address the apprehension among parents and show them the real advantage of learning through a product like the BYJU’S Learning App. Mahesh Babu and Mohanlal’s immense popularity and credibility amongst parents and children in the respective regions made them a perfect fit for our brand. What kind of uptake has BYJU’S been seeing among parents and children? Can you share some user figures with us, and where do you aim to take this number to, in the next few years? Today we have over 40 million registered users and 2.8 million paid subscribers; nearly doubling from 1.26 million in June 2018. The average number of minutes a student spends on the app has increased from 64 minutes to 71 minutes everyday from across 1700+ towns/cities. More than 60% of our students are from outside the top 10 cities. But there is still a long way to go before we call this a learning revolution. India today has the largest K-12 education system in the world, with around 300 million school going population. Going forward, there will be a strong focus to further accelerate our reach and create awareness about digital learning in deeper parts of India. This is one segment where the real fun is not in creating a billion dollar company, but in creating a billion thinkers and learners. When you launched the platform, what was your vision? How has that vision evolved over the years? What BYJU’S stands for now for you and what is the BYJU’S of the future? The main idea behind starting BYJU’S was to make learning accessible, effective, engaging and personalized for everyone. We noticed that there was a huge gap in the way students learn and how concepts should be learnt. In a traditional, face to face learning set up, access to high-quality education and personalization of learning has always been an issue. In our system, children are still getting trained to solve questions and not ask questions. Learning happens because of fear of exams, and not for the love for learning. Students memorize and forget after exams. The need of the hour is for a product that brings the childlike curiosity back in students and makes them look forward to learning something new everyday. When we launched, learning was not actively taking place through digital media, even though children were browsing on the internet and watching videos online. This medium was not viewed as a reliable learning source. We have managed to change that and have created and established the ‘app learning’ segment. Our vision is to now be viewed as not just a ‘digital learning’ medium but the leaders of the ‘learning at home’ segment. By 2020, we would like to transform into a learning at home platform. Everything a student needs to learn at home, BYJU’s will be able to provide that. You are looking at expanding to international waters now. Can you throw some light on your strategy to navigate these markets? When can we expect you to launch and are there markets other than the US and the UK that you are considering currently? We are in the process of building a product for international markets. Our recent acquisition of Osmo, the US-based award-winning playful learning system, is also aimed at bolstering our international plans to innovate, explore and set new benchmarks for tech-enabled personalized learning solutions. Currently, there are no products like the BYJU’S learning app which can reach out to such a large number of students and create great engagement at the same time. We strongly believe that such a product can come out of India. The market opportunity is huge and we believe our product can create the kind of engagement one has never seen before What kind of growth have you been witnessing? What kind of growth do you hope to achieve this year and what are the factors that will help you achieve it? In terms of revenue, the company has been growing at 100% year-on-year for the last 3 years and have tripled our revenue to INR 1430 crore in FY 18-19 and also turned profitable on a full year basis. We are estimating a revenue of over INR 3000 crore this year. Today we have over 40 million registered users and 2.8 million paid subscribers. Our numbers and growth over the past few years speak for themselves. Where will the next phase of growth for BYJU’S come from? While our focus is to expand to international markets to help achieve scale and build a global brand, we are also working on creating learning programs in regional languages to provide access to quality content and teachers to the students even in the remotest parts of the country. We have also launched language switch option in Hindi, that will not only help in on boarding the platform but also help gain a better foothold in English. Going forward, there will be a strong focus to further accelerate our reach and create awareness in deeper parts of India. We are also working on creating learning programs in other regional languages. The availability of BYJU’S learning programs in multiple vernacular languages will make quality learning accessible for children in every nook and corner of the country and fulfill their aspirations of building better lives. Tell us a bit about your partnership with Disney and what more can we expect out to this partnership? Can we expect some more similar partnerships with other global players too? The Disney.BYJU’S Early Learn app is specially crafted for young children aged between 6 to 8 years old (classes 1- 3) in India. This app offers personalized learning programs while entertaining them with Disney’s timeless stories and characters from Disney Princess, Frozen, Cars, Toy Story franchises and more. BYJU’S pedagogy and content expertise are enhanced by the compelling storytelling of Disney in this app and provides a strong head start to the way young children learn their first concepts in India. The Disney. BYJU’S Early Learn App offers a first-of-its-kind integration of offline to online learning experience through BYJU’S acquired Osmo platform. Where do you want to see Byju’s three to five years from now? Our vision is to be one of the largest education brands in the world. While starting a mission company is easy, sustaining a mission-led organization is challenging. The market needs standardized education and new methodologies/formats to be introduced so as to engage students. To move from the traditional classroom system where teaching is one-way traffic to the one where teachers are facilitators of learning and also, mentors for discussions in classrooms is essential. At BYJU’S, we have made small strides in this direction and with increased traction we believe this is possible in the near future.

BYJU’S envisions to become the leader of ‘learning at home’ category; targets ₹3000 crores revenue this year

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>Gold medalist <keyword id="1115774" type="General" weightage="20" keywordseo="Neeraj-Chopra" source="Orion">Neeraj Chopra</keyword> and Bronze medalist <keyword id="501707" type="General" weightage="80" keywordseo="pv-sindhu" source="Orion">PV Sindhu</keyword>’s remarkable feat at the Tokyo Olympics has inspired an entire generation of youngsters to dream big, chart their own path, and never give up.</li><li>To inspire the young generation and target young kids, <keyword id="6384897" type="General" weightage="20" keywordseo="byjus" source="Orion">BYJU's</keyword> <keyword id="12652768" type="General" weightage="80" keywordseo="early-learn" source="Orion">Early Learn</keyword> App has onboarded medalists Neeraj Chopra and PV Sindhu as the brand ambassadors.</li></ul>BYJU’S today announced a two-year partnership with Olympic medalists Neeraj Chopra and PV Sindhu as the brand ambassadors for Disney, BYJU’S Early Learn app. Gold medalist Neeraj Chopra and Bronze medalist PV Sindhu’s remarkable feat at the Tokyo Olympics has inspired an entire generation of youngsters to dream big, chart their own path, and never give up. Their inspiring achievements assimilate with BYJU’S values of hard work, dedication and lifelong learning. Over the next two years, the medalists and the team at BYJU’S will focus their efforts on helping young minds fall in love with learning. BYJU’S believes that fuelling curiosity in children at a young age builds in them a strong foundation and an innate love for learning. In this journey, sports play an equally crucial role in teaching children important life lessons such as teamwork, determination, communication, and more. Reflecting on the new association, Olympic gold medalist Neeraj Chopra said, "I am very excited to join hands with BYJU’S for Disney, BYJU’S Early Learn app along with PV Sindhu and contribute towards making learning fun, engaging, and effective for young minds. As a sportsperson, there is nothing more encouraging than to see children start learning young while getting the chance to bring them with the right values.” Speaking about the partnership, two-time Olympic medalist PV Sindhu said, “I have always believed that today’s children are tomorrow’s future and this association with BYJU’S for Disney.BYJU’S Early Learn app is a great opportunity. The app helps to shape young minds and help them explore, practice, and understand concepts through interactive learning.” Atit Mehta, Marketing Head, BYJU’S said, "It is our honour to be partnering with India's Olympic heroes Neeraj Chopra and PV Sindhu for Disney.BYJU’S Early Learn app. Their hard work and dedication have made India proud on a global stage. At BYJU'S, we firmly believe that if you are passionate about something, it is crucial to be persistent and work hard for it from the very beginning. Both Neeraj and Sindhu perfectly exemplify this belief. This partnership between the two elite athletes and BYJU'S is a step towards ensuring that our long-term vision of making students fall in love with learning remains intact." Launched in 2019, Disney.BYJU’S Early Learn app is a special offering from BYJU'S in collaboration with Disney India which makes learning fun, engaging, and effective for young minds. The app offering is built on the content expertise of BYJU’S, enhanced with Disney’s engaging stories and beloved characters. Targeted at children aged 4-8 years, the personalised experience of the learning programs offers customised smart interactive journeys that seek to adapt to individual learning patterns. The application features Disney’s timeless stories and characters, including those from Disney Princess, Frozen, Cars, Toy Story, Lion King, and more. Disney.BYJU’S Early Learn program also offers a first-of-its-kind integration of offline to online ‘learn by doing’ experiences with digitally enabled worksheets that offer real-time feedback. The app creates a friendly environment and transports young minds to a world of interactive videos, educational games, engaging quizzes, and activities, ensuring that the young students never lose the spark of curiosity that draws them towards learning.

BYJU's Early Learn App, Disney onboards Olympic medalists Neeraj Chopra and PV Sindhu as its brand ambassadors

Edtech major <keyword id="2900267" type="General" weightage="100" keywordseo="byju" source="Orion">BYJU</keyword>'s, in the process of laying off thousands of employees as part of restructuring its business, on Friday hired football star and sports icon Lionel <keyword id="6355806" type="General" weightage="80" keywordseo="messi" source="Orion">Messi</keyword> as the global brand ambassador for its social impact arm, and the move has not gone well with the industry as well as people. The long-term engagement, which begins as Messi embarks on his final campaign to win the World Cup as captain of Argentina, will see him feature in campaigns promoting BYJU'S 'Education For All'. Abhishek Desai, Founder, CricHeroes, told IANS that it does sound like the irony that where you are laying off people on one side and hiring Messi as your global brand ambassador. "But I think that's the cost everyone pays for growing too fast. It's not that the company does not have money but growing too fast it creates a lot of redundancy in the organisation. Sooner or later you have to fix that and I think these layoffs are a result of that," said Desai. "Not only BYJU's but we are seeing something similar in Twitter also right now which is a public company. Until and unless we come out of this mindset, such incidents are bound to happen," he added. BYJU's founder and CEO <keyword id="1702989" type="General" weightage="50" keywordseo="byju-raveendran" source="Orion">Byju Raveendran</keyword> have told employees that there is a huge price to pay for walking on the path to profitability and the company will part ways with 5 per cent or 2,500 employees to "avoid role duplication across our businesses". Earlier this year, BYJU'S made history by becoming the official sponsor of the FIFA World Cup 2022 in Qatar. Football has roughly 3.5 billion fans worldwide, and Messi has a social media following of nearly 450 million. According to Syed Nadeem Jafri, Founder and Chief Mentor of Hearty Mart, laying off employees is part of any organisational journey. "However, hiring Messi is to counter the dent in the image, which might have happened due to the laying-off move, which seems more like a PR image-building ploy rather than any strategic plan behind it," said Jafri. In Kerala, BYJU's earlier decision to wind up their operations had asked 140 of the 170 employees to quit. However, after conciliatory talks that were led by Chief Minister Pinarayi Vijayan with BYJU's on Wednesday, it was decided that the edtech unicorn will not shut its operations at the <keyword id="6400701" type="General" weightage="50" keywordseo="technopark" source="Orion">Technopark</keyword> campus here. The company said they have decided to relook at the restructuring plans and continue its development centre in the Trivandrum Technopark office. Shrijay Sheth, Founder of Legalwiz.in, told IANS that businesses need to realise the value of sustainable hiring to build a long-term employer brand. "What is important here is to provide enough resources to the cohort for finding alternative opportunities, and minimize their personal damage. Entrepreneurs as their core function hold trusteeship of the overall welfare of the stakeholders, including employees," Sheth said. A Twitter user commented: "How's this possible, he wouldn't come for free that too for a company that's reducing its workforce and is in deep losses?" SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/airbnb-and-indigo-come-together-for-an-interfriendtion/articleshow/95298469.cms">Airbnb and IndiGo come together for an 'InterFriendtion'</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/shark-tank-india-season-2-will-start-soon-checkout-first-seasons-top-10-deals/slidelist/95300176.cms">Popsicles to canned cocktails - the top 10 deals cracked in Shark Tank India Season 1</a>

Edtech major BYJU's sacks thousands, and then hires Lionel Messi

<ul><li>BYJU’S will work closely with the ICC to deepen engagement with fans through the creation of innovative campaigns.</li><li> In August 2019, the company became the official jersey partners of the Indian cricket team.</li></ul>The <keyword id="46227" type="ORGANIZATION" weightage="20" keywordseo="International-cricket-council">International Cricket Council</keyword> (ICC) announced BYJU’S their global partner from 2021 to 2023. The three-year agreement will see BYJU’S partner all ICC events over the period, including the forthcoming ICC Men’s T20 World Cup in India, and the ICC Women’s Cricket World Cup in New Zealand. As a global partner, BYJU’S will have extensive in-venue, broadcast, and digital rights across all ICC events. In addition to the integrated brand presence at some of the world’s biggest sporting events, BYJU’S will work closely with the ICC to deepen engagement with fans through the creation of innovative campaigns. In August 2019, the company became the official jersey partners of the Indian cricket team. Manu Sawhney Chief Executive, ICC said, "We are excited to have BYJU’S on board as one of our global partners and look forward to having a great innings together. Cricket 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. BYJU’S has been an ardent supporter of cricket in India and we are glad to be partnering with a strong, young, and dynamic Indian brand that has been inspiring millions of students to dream big. We look forward to the successful convergence of education and sports and hope to reach the hearts and minds of millions of young cricketing enthusiasts through this partnership.” <keyword id="1702989" type="PERSON" weightage="20" keywordseo="Byju-Raveendran">Byju Raveendran</keyword>, Founder and CEO, BYJU’S said, “We are excited to partner with ICC in championing world cricket. Sports is a big part of life for most Indians and cricket, in particular, holds a very special place in our hearts. 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.”

ICC announces BYJU's as a global partner until 2023

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>

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

<keyword id="2900267" type="COMPANY" weightage="20" keywordseo="Byju">BYJU</keyword>'S will acquire <keyword id="6380190" type="PERSON" weightage="20" keywordseo="Aakash">Aakash</keyword> Educational Services Limited (AESL) through a strategic merger. The deal size is pegged at close to $1 billion, according to a person familiar with the transaction. This partnership brings together two of the largest and most-trusted education brands in India - combining Aakash's <keyword id="11048734" type="UNKNOWN" weightage="20" keywordseo="pedagogy-expertise">pedagogy expertise</keyword> in the test-prep segment with BYJU'S content and <keyword id="11048737" type="UNKNOWN" weightage="20" keywordseo="tech-capabilities">tech capabilities</keyword>. After the integration, BYJU'S will make further investments to accelerate Aakash's growth. Amit Dixit, Co-Head of Asia Acquisitions and Head of India Private Equity at Blackstone, said: "We invested in AESL because it is one of the leading education brands in India with a professional management team, best-in-class corporate governance and a 33-year track-record of exceptional results. We have always believed omni-channel will be the winning model in test prep and tutoring, and we look forward to being a part of the partnership between the two foremost companies in Indian supplementary education - Aakash and BYJU'S. The combination of Aakash and BYJU'S is highly synergistic and we are excited to help build India's largest education company." With over 215 centres, Aakash provides test preparatory services to students preparing for medical and engineering entrance exams, school/board exams, KVPY, <keyword id="75234" type="COMPANY" weightage="20" keywordseo="NTSE">NTSE</keyword>, Olympiads, and other Foundation level exams. Byju Raveendran, Founder and CEO, BYJU'S said, "Our complementary strengths will enable us to build capabilities, create engaging and personalised <keyword id="11048736" type="UNKNOWN" weightage="20" keywordseo="learning-programs">learning programs</keyword>. 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 <keyword id="11048735" type="UNKNOWN" weightage="20" keywordseo="impactful-experiences">impactful experiences</keyword> for students." Byju's further added, "The pandemic has brought the importance of the blended format of learning to the forefront. As we unite our forces to bring together decades of expertise and experience, this partnership will further accelerate Aakash's growth and success." Aakash Chaudhry, Managing Director, AESL said: "Together with BYJU'S, we will work towards building an omni-channel learning offering that will accelerate test-prep experience to the next level. While this partnership will enhance our operational verticals, Aakash will continue to operate as a separate entity with the same passion and commitment with which its Founder &amp; Chairman J C Chaudhry incepted it. We are excited to partner with BYJU'S, and will strive to deliver long-term value to our students, employees, investors, and other stakeholders." The addition of Aakash is a significant step towards strengthening BYJU'S product offering. It reiterates the company's focus on creating impactful learning products for students by adding more verticals, subjects, and languages to the same platform. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/pepperfry-co-founder-ashish-shah-gets-candid-about-its-ipo-plans-says-profitability-is-right-around-the-corner/articleshow/81908005.cms">Pepperfry co-founder gets candid about its IPO plans, says profitability is right around the corner</a> <a href="https://www.businessinsider.in/tech/mobile/news/lg-electronics-exits-smartphone-business-world-wide-lg-smartphone-timeline-history/articleshow/81908186.cms">LG Electronics exits the smartphone business – here’s how its mobile fortunes swayed over the last two decades</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-hcl-tech-infosys-q4-earnings-preview-and-guidance/articleshow/81908765.cms">Record breaking quarter for Indian IT services is a given ⁠— all eyes are now on guidance</a>

BYJU'S closes its deal with Aakash Educational Services for nearly $1 billion

<keyword id="3368988" type="General" weightage="80" keywordseo="itw" source="Orion">ITW</keyword> Sports Inc, a US-based sports consulting firm focused on delivering end-to-end growth strategies for brands through the impactful platforms of sport and live entertainment, and a subsidiary of ITW Universe, was today named the official Global Activation Partner by Ed-tech giant BYJU'S for the <keyword id="149598" type="General" weightage="50" keywordseo="icc-cricket-world-cup" source="Orion">ICC Cricket World Cup</keyword> and FIFA Football <keyword id="22177" type="General" weightage="80" keywordseo="world-cup" source="Orion">World Cup</keyword>. The announcement comes on the back of major sponsorships deals that the Bangalore-based company has signed in the recent past, including coming on board as the official sponsor of the Qatar FIFA World Cup 2022 to be held in Qatar as well as a three-year agreement between BYJU'S and the ICC which will see BYJU'S partner all ICC events till the end of 2023, including the ongoing ICC Men's T20 World Cup in Australia. ITW was instrumental in stitching together the deals with the BCCI and the ICC for BYJU'S, consulting the brand on the landmark partnerships. "ITW and BYJU'S share a long-standing relationship and we are proud of the work we have done to find the right platforms in international cricket and football for BYJU'S to achieve the global brand objectives," said Nikhil <keyword id="30343" type="General" weightage="50" keywordseo="vyas" source="Orion">Vyas</keyword>, Founding Partner, ITW Universe &amp; CEO ITW Sports Inc. USA, an agency that will focus on the top 5 sports in the United States while also consulting emerging brands with global expansion ambitions. Additionally, the agency will be committed to backing cricket in the United States, aiming to build sustainable commercial interest in the game's next market frontier. "Our expertise in sports as well as our intrinsic knowledge of our brands and the sports environment is key to our successes. We are excited about the activation around two of the world's most viewed events and confident of delivering successful campaigns for BYJU'S," added Mr Vyas. ITW's India office will be servicing the ICC T20 World Cup activation while ITW's USA office will service the FIFA World Cup activation campaign. As a global partner, BYJU'S will have extensive in-venue assets, broadcast, and digital rights across all ICC events and similar rights for the FIFA World Cup which will be viewed by a projected audience of 5 billion people across the world. Through its partnership, BYJU'S will be leveraging those rights to run unique promotions and activations to connect with passionate football and cricket fans worldwide. "Our sponsorship deals in International Cricket and Football have given us great visibility and have helped position BYJU'S become a household name in India. We plan to scale it up and reach the world's largest sports fan base with the Qatar FIFA World Cup. ITW Sports has been our sponsorship agency partner since the start of the brand journey and has helped facilitate and execute most of our sports partnerships, we are confident that they will continue to deliver the ambitious brand objectives set out for the upcoming cricket and football world cups," Atit Mehta, Head of Marketing, BYJU'S. The T20 World Cup which began on October 22 in Australia is currently underway, while the FIFA World Cup kicks off in November and it is the first time that an Indian Brand is associated with the event in the capacity of an Official Sponsor. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/are-millennials-and-gen-z-influencing-future-trends-of-indian-hospitality/articleshow/95277333.cms">Are millennials and Gen Z influencing future trends of Indian Hospitality?</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/hdfc-reports-18-year-on-year-rise-in-q2-net-profit-to-4454-crore/articleshow/95279744.cms">HDFC reports 18% year-on-year rise in Q2 net profit to ₹4,454 crore</a>

BYJU'S appoints ITW Sports Inc USA as its Global Activation Partner for the ICC Cricket and Qatar FIFA Football World Cup 2022

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 <keyword id="19901245" type="General" weightage="20" keywordseo="bcci" source="keywords">BCCI</keyword>, 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 <keyword id="19916400" type="General" weightage="20" keywordseo="nclat" source="keywords">NCLAT</keyword>. 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.

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