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<keyword id="1464841" type="General" weightage="50" keywordseo="edtech" source="Orion">Edtech</keyword> giant <keyword id="2900267" type="General" weightage="80" keywordseo="byju" source="Orion">BYJU</keyword>'s on Wednesday said that the $1 billion acquisition process of <keyword id="3406091" type="General" weightage="50" keywordseo="aakash-educational-services" source="Orion">Aakash Educational Services</keyword> is on track and is expected to be completed by August. BYJU's acquired Delhi-based offline test preparatory services provider <keyword id="6380190" type="General" weightage="100" keywordseo="aakash" source="Orion">Aakash</keyword> for $1 billion last year. The company was reacting to reports that Blackstone and other shareholders of Aakash are yet to be paid in both cash and stock as it has deferred the payment. A company spokesperson told IANS that the acquisition of "Aakash is fully on track and all payments are expected to be completed by the agreed upon date, i.e., August 2022". "Aakash is our most successful acquisition till date and we are very proud to have them in our fold," the company spokesperson added. "Along with all our group companies, we continue to be perfectly poised to provide access to quality education in all learning segments from early learning to exam prep and career success, the spokesperson said. Aakash Educational Services provides test preparation services for medical and engineering entrance exams, school/board exams, and other exams via Aakash Centres. The edtech unicorn made at least 10 acquisitions for a cumulative transaction value of about $2.5 billion last year. The latest development at BYJU's comes as the Indian edtech market is shrinking with reopening of schools, colleges and physical tuition centres. Led by the edtech platforms like Unacademy, <keyword id="8080458" type="General" weightage="50" keywordseo="whitehat-jr" source="Orion">WhiteHat Jr</keyword>, <keyword id="2016957" type="General" weightage="50" keywordseo="vedantu" source="Orion">Vedantu</keyword>, FrontRow, Udayy, Lido Learning and others, over 10,000 start-up employees have been laid off in the country. In April, Unacademy laid off nearly 600 employees, contractual workers and educators, about 10 per cent of its 6,000-strong workforce across the group. In June, Unacademy said that a small fraction of its workforce (2.6 per cent or nearly 150 employees) was asked to go as part of a performance improvement programme (PIP). ALSO SEE <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/razorpay-rejigs-top-leadership-team-after-cofounder-moves-out-of-cto-role/articleshow/92537894.cms">Razorpay rejigs top leadership team after cofounder moves out of CTO role</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/after-groceries-in-10-minutes-most-indians-want-their-shoes-delivered-in-2-hours/articleshow/92539964.cms">After groceries in 10 minutes, most Indians want their shoes delivered in 2 hours</a>

Byju's says Aakash acquisition on track after reports that it has failed to pay  up

As more and more companies across the spectrum sack employees amid the global meltdown, at least 853 tech companies worldwide have laid off about 137,492 employees to date, and the tally is only going north amid recession fears. According to data from layoffs.fyi, a crowdsourced database of tech layoffs, 1,388 tech companies have fired a total of 233,483 employees since the onset of Covid-19, but 2022 has been the worst for the tech sector. As of mid-November, more than 73,000 workers in the US tech sector have been laid off in mass-level job cuts led by companies like <keyword id="399907" type="General" weightage="80" keywordseo="meta" source="Orion">Meta</keyword>, Twitter, Salesforce, Netflix, Cisco, Roku, and others. Robinhood, Glossier, and Better are just a few of the tech companies that have notably trimmed their headcount in 2022, according to Crunchbase. Big Tech companies like Amazon and PC and printer major HP Inc have joined the global layoff season and were set to lay off more than 10,000 and up to 6,000 employees in days to come, respectively. Amazon CEO Andy Jassy has warned employees that there will be more layoffs at the company in early 2023 "as leaders continue to make adjustments". The massive job cuts have hit several divisions, especially the Alexa virtual assistant business reportedly set to lose $10 billion this year as the voice assistant never managed to create an ongoing revenue stream. Alphabet, <keyword id="6355629" type="General" weightage="80" keywordseo="google" source="Orion">Google</keyword>'s parent company, is reportedly gearing up to lay off about 10,000 "poor performing" employees, or 6 per cent of its workforce. According to a report in The Information, Google plans to ease out 10,000 employees through a new ranking and performance improvement plan. In India, nearly 16,000 employees have been asked to go by about 44 startups, led by edtech companies like BYJU'S, Unacademy, and <keyword id="2016957" type="General" weightage="80" keywordseo="vedantu" source="Orion">Vedantu</keyword>, as VC funding dried up. Other tech startups and unicorns that have laid off employees in India include Ola, Cars24, Meesho, LEAD, MPL, Innovaccer, Udaan and more. Meanwhile, thousands of contractual employees have also been let go, making 2022 the harshest year for workers in the technology sector. The startup ecosystem's funding winter could last another 12 to 18 months and the industry may face "a lot of turmoil and volatility", <keyword id="6354742" type="General" weightage="80" keywordseo="flipkart" source="Orion">Flipkart</keyword> CEO Kalyan Krishnamurthy has warned. Indian startups are going through steep hiring cuts and the hiring of permanent employees has dipped by a significant 61 per cent in the last 12 months, according to the annual insights report by <keyword id="15395027" type="General" weightage="80" keywordseo="razorpayx-payroll" source="Orion">RazorpayX Payroll</keyword>, the business banking platform of Razorpay. Only two startups in India, Shiprocket and OneCard, attained unicorn status (valuation $1 billion and above) in the July-September period, according to the latest PwC India report. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/netflix-working-on-brand-new-aaa-pc-game-project/articleshow/95740337.cms">Netflix working on 'brand-new AAA PC game' project</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/binance-looks-to-hire-8k-people-by-2023-end-ceo/articleshow/95716850.cms">Binance looks to hire 8K people by 2023 end: CEO</a>

853 tech firms lay off over 137,492 workers globally, more job cuts coming

More than 32,000 tech workers have been laid off in the US till July this year, including at Big Tech companies like <keyword id="10387" type="General" weightage="80" keywordseo="microsoft" source="Orion">Microsoft</keyword> and <keyword id="399907" type="General" weightage="80" keywordseo="meta" source="Orion">Meta</keyword> (formerly Facebook) and the worst has not been over yet for the tech sector that has seen massive stock sell-off. According to the data compiled by Crunchbase, more than 32,000 workers in the US tech sector have been laid off in mass job cuts, as of late July. "We've included both startups and publicly traded companies that are based in the US. We've also included companies based elsewhere that have a sizable team in the United States, such as Klarna," the analysis said. The layoff includes ride-sharing platform Uber, <keyword id="128682" type="General" weightage="80" keywordseo="netflix" source="Orion">Netflix</keyword> and several cryptocurrency exchanges and lending platforms. Robinhood, <keyword id="4522875" type="General" weightage="80" keywordseo="glossier" source="Orion">Glossier</keyword> and Better are just a few of the tech companies that have trimmed their headcount this year. Since April 1 this year, more than 43,000 workers from 342 tech companies/startups have been laid off across the world and over 13 per cent are from <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>, according to latest data compiled by layoffs.fyi, a website that tracks layoffs in startups. In India, more than 25,000 startup workers have lost jobs since the pandemic began -- and more than 11,500 have been fired this year. The layoffs in India are dominated by edtech platforms like Unacademy (1,150 employees), BYJU'S (550 at Toppr and <keyword id="8080458" type="General" weightage="80" keywordseo="whitehat-jr" source="Orion">Whitehat Jr</keyword>) and <keyword id="2016957" type="General" weightage="80" keywordseo="vedantu" source="Orion">Vedantu</keyword> (624), along with ride-hailing platform <keyword id="6354720" type="General" weightage="80" keywordseo="ola" source="Orion">Ola</keyword> (nearly 500), healthcare startup MFine (600) and pre-owned cars platform Cars24 (600), among others. The other Indian startups and unicorns that have laid off employees are Meesho, MPL, Trell and Blinkit (now owned by <keyword id="830092" type="General" weightage="80" keywordseo="zomato" source="Orion">Zomato</keyword>), among others. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/amazon-great-freedom-festival-date-announced-sale-starts-august-6-onwards/articleshow/93268050.cms">Amazon Great Freedom Festival date announced - sale starts August 6 onwards</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/swine-flu-resurfaces-in-keralas-wayanad-first-time-in-kannur/articleshow/93267832.cms">Swine flu resurfaces in Kerala's Wayanad, first time in Kannur</a>

Over 32K tech workers fired in US, more than 11K in India this year

In some cheer for those who have lost jobs in the ongoing funding winter and global macro-economic conditions, most laid-off tech employees have landed new jobs within three months of starting their search. The <keyword id="6384660" type="General" weightage="50" keywordseo="wall-street-journal" source="Orion">Wall Street Journal</keyword> reported, citing a <keyword id="3345871" type="General" weightage="100" keywordseo="ziprecruiter" source="Orion">ZipRecruiter</keyword> survey, that nearly 79 per cent of terminated staff in the tech industry landed a new job within three months. It, whoever, did not divulge information on whether they got new jobs on the same, above or lower pay packages as the industry is reeling under several pessimistic factors, which will continue in 2023. Nearly four in 10 previously laid-off tech workers found jobs less than a month after they began searching, the survey found. "Despite the widespread layoffs, hiring freezes, and cost-cutting taking place in tech, many tech workers are finding reemployment remarkably quickly," <keyword id="12666243" type="General" weightage="50" keywordseo="julia-pollak" source="Orion">Julia Pollak</keyword>, chief economist at ZipRecruiter, was quoted as saying. Workers employed in other industries, like entertainment and leisure, transportation and delivery and manufacturing, also found new jobs quickly, the data showed. Google, Amazon and some other tech companies are set to lay off more workers in early 2023. The ZipRecruiter data also showed that about 5 per cent of laid-off tech workers who found jobs from April to October had spent more than six months hunting for work, down from 26 per cent of those hired between August 2021 and February 2022. Thousands lost jobs amid deepening funding winter in 2022 as massive layoffs by the tech companies this year alone surpassed the levels from the Great Recession the world went through in 2008-2009 that began with the <keyword id="50209" type="General" weightage="50" keywordseo="lehman-brothers" source="Orion">Lehman Brothers</keyword> collapse. More than 91,000 workers in the US tech sector were laid off in mass job cuts in 2022, according to a Crunchbase tally. Over 17,000 tech employees were shown the door in India, led by ed-tech companies like BYJU's, Unacademy, Vedantu and others. The startup ecosystem's funding winter could last another 12 to 18 months. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/kfin-technologies-lists-at-nearly-1-premium-on-bourses-despite-weak-market-sentiment/articleshow/96586058.cms">KFin Technologies lists at nearly 1% premium on bourses despite weak market sentiment</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/amazon-starts-delivering-orders-by-drones-in-us-states/articleshow/96586213.cms">Amazon starts delivering orders by drones in US states</a>

Most laid-off tech employees have landed new jobs in 3 months: ZipRecruiter survey

As the government begins to take steps to fix <keyword id="1464841" type="General" weightage="100" keywordseo="edtech" source="Orion">edtech</keyword> platforms like <keyword id="2900267" type="General" weightage="80" keywordseo="byju" source="Orion">BYJU</keyword>'s, several parents have shared their plight on social media and professional networking platforms as representatives from online education providers continue to force them to buy courses. The Ministry of Consumer Affairs recently pulled up edtech firms during a meeting with them and self-regulatory organisation India Edtech Consortium (<keyword id="306435" type="General" weightage="80" keywordseo="iec" source="Orion">IEC</keyword>) amid aggressive misselling of courses to parents. "Hey BYJU'S and <keyword id="8080458" type="General" weightage="50" keywordseo="whitehat-jr" source="Orion">WhiteHat Jr</keyword>... Trust me I am pushing my daughter to start learning coding, and do IIT JEE preparations with you guys, but she is just not willing to do so. Kids these days don't listen to their parents. She just wants to be an artist. So, please stop calling me to sell these plans/devices," Prashant <keyword id="445" type="General" weightage="50" keywordseo="sharma" source="Orion">Sharma</keyword>, who is into business development and a consultant with a penchant for storytelling, posted on LinkedIn. His post led to a barrage of similar situation being faced by parents all over the country, who are fed by constant aggressive selling of courses by the edtech representatives. <keyword id="14487485" type="General" weightage="50" keywordseo="srikant-ganesh" source="Orion">Srikant Ganesh</keyword>, Vice President at Dentsu Creative India, posted that he can totally relate to Sharma's experience. "My 9 year old son's into chess, plays the keyboard and is into speed-cubing and has no inclination towards computers / coding as such. I believe BYJU's and WhiteHat's of the world realise that there's more to kids these days than just learning to code and yes! They have a mind of their own and no one can push them into something they are not inclined towards. This false sense of FOMO being created by such brands should stop and so should the calls," Ganesh lamented. After the Centre took serious note of mis-selling of courses to parents by edtech firms, self-regulatory organisation IEC said it is committed to protecting consumer interest and has resolved 100 per cent complaints received till June. However, fresh complaints surfaced on social media platforms this month, indicating that the problem has not been addressed in totality. "This happened to me. The sales representatives of #Byju's need to be trained to handle a 'No'. I have personally experienced this when a representative called my wife and she said that we don't want to enroll. He kept calling and then I had to intervene. He kept insisting that your child had been registered on their site, so how could we say No! He didn't seem to understand and finally I had to explain to him by activating my desi side. I registered my complaint on their site but it was removed the next day," posted Dheeraj Grover, Senior Manager, HR, at VVDN Technologies. Thangarathnavel M., Head of Business Development-South Asia at German company Covestro, said on LinkedIn that he could fully relate to it too. "I had enrolled my son 2 years back but it was not much of any use. Few months back I started receiving calls from them again to enrol my son for the physical classes. But even after saying no, the calls never stopped. Once I gave a piece of my mind to one of the callers and asked him to share the mobile number of Mr. BYJU. Now the calls have stopped coming. Hope they stop this forever," he described his plight. Earlier this month, the Centre warned edtech companies against unfair trade practices. In a meeting with the IEC, Consumer Affairs Secretary, Rohit <keyword id="255172" type="General" weightage="50" keywordseo="kumar-singh" source="Orion">Kumar Singh</keyword>, said that if self-regulation does not curb unfair trade practices, then stringent guidelines would be formulated for ensuring transparency. The meeting was attended by representatives of the IAMAI, along with IEC member companies including upGrad, BYJU'S, Unacademy, Vedantu, Great Learning, WhiteHat Jr, and Sunstone. During the meeting, issues pertaining to unfair trade practices and misleading advertisements for the Indian edtech sector figured prominently. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/article/opinion-green-financing-in-india-need-significance-urgency-and-way-forward/articleshow/92948265.cms">OPINION: Green financing in India — Need, significance, urgency, and way forward</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/top-10-airlines-in-the-world/slidelist/92950615.cms">Top 10 Airlines in the world in 2022: Stats and performance explained</a>

My child likes chess not coding, parents fume at edtech marketers on social media

<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>

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

After Healthtech platform <keyword id="4951201" type="General" weightage="100" keywordseo="mfine" source="Orion">mFine</keyword> laid off over 50 per cent of its total workforce (more than 500 employees), <keyword id="2976227" type="General" weightage="50" keywordseo="prime-venture-partners" source="Orion">Prime Venture Partners</keyword> which is one of its existing investors said on Monday that this restructuring will give the platform an opportunity to pull through and continue to provide access to quality healthcare. mFine, which raised $48 million (over Rs 356 crore) in Series C funding co-led by <keyword id="10261757" type="General" weightage="50" keywordseo="moore-strategic-ventures" source="Orion">Moore Strategic Ventures</keyword> and BEENEXT with participation from existing investors like Prime Venture Partners in September last year, has let go half of its total workforce and the fired staff is from operations, product and marketing verticals, according to sources. The Bengaluru-based startup has raised close to $75 million across three equity and debt rounds to date. <keyword id="815566" type="General" weightage="50" keywordseo="shripati-acharya" source="Orion">Shripati Acharya</keyword>, managing partner, Prime Venture Partners, told IANS that we are in unprecedented times and the steep change in macro-conditions is particularly difficult on companies who are in active fundraise right now. "Unfortunately, restructuring and layoffs are inevitable in such scenarios and are very hard decisions for entrepreneurs to make. MFine has built a great product which is being used by millions of people and has built a huge hospital network with esteemed doctors," <keyword id="7587" type="General" weightage="50" keywordseo="acharya" source="Orion">Acharya</keyword> said. This restructuring will give mFine "an opportunity to pull through and continue to provide access to quality healthcare", Acharya told IANS. With the layoffs, mFine joins a growing list of startups that have laid off employees as investment shrinks and mindless cash burn comes back to haunt them. Recently, Vedantu, <keyword id="2900267" type="General" weightage="50" keywordseo="byju" source="Orion">BYJU</keyword>'s-owned <keyword id="8080458" type="General" weightage="50" keywordseo="whitehat-jr" source="Orion">WhiteHat Jr</keyword>, Unacademy, CARS24 and more have cut workforce amid high uncertainty in the overall market conditions. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/elon-musk-replies-to-pune-techies-witty-tweet-says-he-does-not-run-the-techies-account/articleshow/91735503.cms">Elon Musk replies to Pune techie's witty tweet, says he does not run the techie's account</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/billionaire-wealth-rose-more-in-2-years-than-in-the-last-23-years-combined/articleshow/91734674.cms">Billionaire wealth rose more in 2 years than in the last 23 years combined</a>

Healthtech platform MFine lays off more than 500 employees amid financial crunch

<ul><li>With consumer interest at the core of the consortium, the <keyword id="1464841" type="General" weightage="100" keywordseo="edtech" source="Orion">EdTech</keyword> companies have committed to observe and adhere to a common ‘Code of Conduct.’</li><li>It would establish a Two-tier Grievance Redressal Mechanism to ensure that the positive impact of the industry reaches every deserving consumer while protecting their interests and promoting their rights.</li></ul> Leading EdTech companies under the aegis of <keyword id="128625" type="General" weightage="20" keywordseo="Internet-and-Mobile-Association-of-India" source="Orion">Internet and Mobile Association of India</keyword> (<keyword id="149966" type="General" weightage="20" keywordseo="IAMAI" source="Orion">IAMAI</keyword>) today announced the formation of the India <keyword id="12934640" type="General" weightage="20" keywordseo="EdTech-Consortium" source="Orion">EdTech Consortium</keyword> (IEC). Aligned with the Government’s recent advisory, the IEC will ensure that every learner shall have access to quality and affordable education, which not only improves their academic performance but also makes them future-ready. With consumer interest at the core of the consortium, the EdTech companies have committed to observe and adhere to a common ‘Code of Conduct’ and establish a Two-tier Grievance Redressal Mechanism to ensure that the positive impact of the industry reaches every deserving consumer while protecting their interests and promoting their rights. Several EdTech entities have joined the IEC such as such as Byju’s, Careers 360,Classplus, Doubtnut, Great Learning, Harappa, Times Edutech &amp; Events Ltd, Scaler, Simplilearn, Toppr, Unacademy, upGrad, UNext Learning, Vedantu &amp; WhiteHat Jr. The move to set up IEC comes at a time when Indian EdTech players are creating immense value for the global audience. The disruptions led by the pandemic and subsequent lockdowns compelled both parents and educational institutions to implement tech-enabled learning solutions, thereby accelerating the growth of the EdTech sector. Indian EdTech operators have been solving for accessibility and affordability through quality courses from best teachers, instructors and faculty members, to ensure that students across all age groups are benefiting from the innovation in the education sector. This has elevated India’s position on the global map as an education hub. The overall Indian EdTech ecosystem impacts over 500M+ school students, college students and working professionals across India. At this scale, it is critical that the ecosystem follows a framework that will protect the rights of our learners and all EdTech companies are committed to this. Subho Ray, President, Internet and Mobile Association of India, said: “IAMAI and members of the India EdTech Consortium (IEC) are deeply committed to ensuring ethical standards to protect learners on online educational platforms. IEC seeks to empower the learners by not just helping them make informed decisions but by also having their grievances redressed timely. The formation of this self-regulatory body is an important step towards protecting learners as more and more students, teachers and stakeholders are becoming a part of the online education ecosystem.” Commenting on the formation of the IEC, Divya Gokulnath, Co- founder of Byju’s said, “We are completely aligned with the Government's principles on safeguarding consumer interests and welcome the creation of guidelines that help students reach their learning goals in a manner that makes them future ready and conceptually strong. We have always believed that the student should be at the center of the education system and as educators we must do everything possible to create the right set of processes and methods to empower and enhance their learning." Vamsi Krishna, Co-Founder &amp; CEO, Vedantu, said, “The Indian EdTech sector has grown considerably over the last two years with funding and consolidations strengthening the ecosystem. However, while business growth is critical, so is consumer protection since this will allow students and parents to make more informed decisions about the future. Therefore, as part of the newly institutionalized IEC, we will build a sounder and more ethical ecosystem for students so that we can ensure their safety and mitigate any risks they may encounter in their journey to be future-ready.” Mayank Kumar, Co-Founder &amp; MD upGrad and Co-Chairperson, IAMAI EdTech Committee, said, “We are honored to be a part of the IEC at a time when the EdTech sector is accelerating its growth momentum. The last two years have witnessed the rise of online education as a connecting bridge to access flexible and quality education for students as well as working professionals. With the sole purpose of improving the delivery of education services, it is now crucial for us to foster and sustain stakeholder trust by safeguarding their interest as a practice. This initiative will go a long way in strengthening the EdTech sector and establishing India as the Teaching capital of the world.” In the recent past, the education sector has undergone significant transformation and EdTech has supplemented in driving new-age academic excellence. Having created a significant impact by offering quality and affordable education services, EdTech entities have also improved learnability &amp; employability for users to address the evolving needs of the job market. The adaptive learning solutions have ensured that learners are not merely ‘knowledge receivers’ but ‘knowledge creators’ as well. The sector has also created large number of employment opportunities. However, as the sector and end users grow at a fast pace, it is critical to establish a standard code of conduct for all Indian EdTech entities to adhere to and ensure that ‘learners’ remain at the core of all the business practices.

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