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Ending all speculations after sending a cryptic tweet, <keyword id="6354756" type="General" weightage="50" keywordseo="bcci" source="Orion">BCCI</keyword> President <keyword id="6359039" type="General" weightage="80" keywordseo="sourav-ganguly" source="Orion">Sourav Ganguly</keyword> on Thursday joined hands with Noida-based <keyword id="1464841" type="General" weightage="50" keywordseo="edtech" source="Orion">edtech</keyword> startup Classplus to promote thousands of educators and content creators. <keyword id="6505" type="General" weightage="100" keywordseo="ganguly" source="Orion">Ganguly</keyword> also took to social media to announce this initiative, upon completing 30 years in Indian cricket. In the 30-second clip, Ganguly is heard saying, "The first step towards achieving your dreams is having the right coach." Classplus has claimed to have digitised over one lakh educators and content creators across more than 3,000 cities serving 30 million students, assisting them in building their online presence and selling their online courses. "With Dada (Ganguly) himself by their side, we hope to help these edupreneurs further grow their reach and take their business to newer heights," said <keyword id="3952423" type="General" weightage="50" keywordseo="mukul-rustagi" source="Orion">Mukul Rustagi</keyword>, CEO and Co-Founder, Classplus. The startup recently bagged $70 million in a Series D funding round, co-led by Alpha Wave Global and Tiger Global and is currently valued at close to $600 million. Classplus helps educators and content creators launch and scale their online coaching business. Since its inception in 2018, the startup has raised approximately $160 million from global investors like Tiger Global, AWI, <keyword id="7560809" type="General" weightage="50" keywordseo="rtp-global" source="Orion">RTP Global</keyword>, Blume Ventures, Sequoia Capital India's Surge, Spiral Ventures, Strive, Times Internet and Abu Dhabi-based Chimera Ventures. On Wednesday, after sparking speculations of a possible political debut with a cryptic tweet, Ganguly sought to dispel the rumours and clarify on his next venture. After a few hours of leaving people guessing, Ganguly himself made it clear late that it is not politics, but an educational app that will be his new venture. However, his Twitter message had enough ingredients to give rise to speculations that he might be ending his cricketing innings and making debut in politics.

BCCI President Sourav Ganguly joins hands with edtech startup 'Classplus'

New Delhi, Feb 19 () Homegrown early-stage venture capital firm, Blume Ventures on Wednesday announced the final close of Blume Ventures Fund III at USD 102 million (about Rs 730 crore). After a first close in late 2018, the final close was completed in December 2019, a statement said. Blume started in 2011 raising an entirely domestic Rs 100 crore fund from HNIs (high net-worth individuals) and subsequently raised a USD 60 million fund (Rs 400 crore) in 2016. It claimed that its the first entirely homegrown fund to raise a third fund and raise over USD 100 million in a single fund. "Blume's newest fund will continue to back early stage startups focusing on the two distinct opportunity sets that India offers, opportunities that leverage the mobile-led explosion of the Indian digital-first economy and Indian engineering and science translated to global market opportunities," it added. The fund III portfolio already includes more than 10 investments including HealthAssure (healthcare), Taaraka, Stage3 (consumer), Jai Kisan, TartanSense, Procol (agri), Classplus, Tapchief and LeverageEdu (edu-tech). Through Fund I and II, Blume had invested in companies like Unacademy, Grey Orange, Spinny, Turtlemint, Dunzo, Healthifyme, Purplle, Railyatri (IntrCity) and others. "We are very proud of our founders and team who have delivered outstanding performance over the last three years, thereby strengthening the Blume brand and track record immensely," Karthik Reddy, co-founder and managing partner at Blume Ventures said. SR SHWSHW

Blume Ventures announces final close of Fund III at $102 mn

As VC money disappears amid economic slowdown, tech startups have laid off over 20,000 employees the world over since April, while more than 8,000 employees have lost jobs at the Indian startups led by <keyword id="1464841" type="General" weightage="20" keywordseo="edtech" source="Orion">edtech</keyword> platforms. According to layoff aggregator <keyword id="6357067" type="General" weightage="80" keywordseo="layoffs" source="Orion">Layoffs</keyword>.fyi at least 20,514 people have lost their jobs at tech startups globally since April globally and the US is leading the race. The number doubled over the past two weeks, indicating that the labour market for the sector has taken a turn for the worse, reports Nikkei Asia. Ironically, this figure does not take contractual workers into accounts which have lost their jobs in the startup funding winter. The job loss has reached two-year high among the startup ecosystem that once churned out unicorns after unicorns. More than 15,000 people working in the technology sector lost their job in the month of May alone, as global macro-economic factors hit companies, especially startups. According to layoff aggregator layoffs.fyi, more than 15,000 tech workers have lost their jobs this month, reports TechCrunch. Since March 2020 when the Covid-19 pandemic started, more than 1.3 lakh employees have been laid off by around 718 startups globally. Tech companies are facing multiple issues like rising inflation, high interest rates, economic slowdown and the Russia-Ukraine war. The situation is set to get worse with recession looming and funding drying up. Several large investment firms like Sequoia Capital, Lightspeed Venture Partners, Craft Ventures, and Y Combinator etc have sent memos and footnotes to their portfolio companies and startups on how to endure the ongoing crisis. The VC firms are advising startups to focus on sustainable growth, reduce cash burn, cut costs and understand that an economic recovery may be 18-24 months away. With capital becoming scarce, Sequoia Capital told its founders' community to tighten the belt and focus on profitability. Realising that 'funding winter' has finally set in after a strong rally of more than two years in the pandemic that allowed Internet-driven startups to grow exponentially across the spectrum, large investment firms are now parking their funds in Blockchain/Web3.0 and gaming-based startups. <keyword id="8918130" type="General" weightage="80" keywordseo="binance-labs" source="Orion">Binance Labs</keyword>, the venture capital and incubation arm of leading cryptocurrency exchange Binance, has announced the closing of a $500 million investment fund to boost Blockchain, Web3.0 and value-building technologies. The new fund will invest in projects that can extend the use cases of cryptocurrencies and drive the adoption of Web3.0 and Blockchain technologies. Earlier, US-based investment firm Andreessen Horowitz (A16Z) announced two new funds -- a massive $4.5 billion fund for crypto and Blockchain companies and Web3.0 startups and a $600 million 'Games Fund One' that is exclusively focused on the gaming industry. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/space/news/jeff-bezos-blue-origin-to-launch-its-fifth-tourist-flight-to-space-on-june-4/articleshow/91956366.cms">Jeff Bezos' Blue Origin to launch its fifth tourist flight to space on June 4</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/business/news/bcci-president-sourav-ganguly-joins-hands-with-edtech-startup-classplus/articleshow/91961705.cms">BCCI President Sourav Ganguly joins hands with edtech startup 'Classplus'</a>

Tech startups lay off over 20k employees amid economic slowdown and Russia-Ukraine war: report

<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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BCCI President Sourav Ganguly joins hands with edtech startup 'Classplus'

IANS

Blume Ventures announces final close of Fund III at $102 mn

PTI

Tech startups lay off over 20k employees amid economic slowdown and Russia-Ukraine war: report

IANS

IAMAI establishes India EdTech Consortium to uphold Code of Conduct by EdTech Platforms

BI India Partner

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