Tag: byju

Byju’s Investors Confirm Two Board Members’ Resignations

Two top investors in Byju‘s confirmed on Friday that their representatives had resigned from the board of the once high-flying Indian startup, which has been battling pressure from lenders amid a steep drop in its valuation.

The resignations of GV Ravishankar of Peak XV Partners, earlier Sequoia Capital India, and Russell Dreisenstock of Prosus could exacerbate troubles at Byju’s, which was valued at $22 billion (nearly Rs. 1,80,350 crore) last year.

“We are committed to supporting the company for bringing on board an independent director in order to strengthen business processes and internal control mechanisms,” Peak XV Partners said in a statement to Reuters.

The confirmation of resignations comes after sources told Reuters that three Byju’s board members, including a representative from Chan Zuckerberg Initiative, had quit recently.

Chan Zuckerberg Initiative did not immediately respond to a request for comment.

News of their departure came on Thursday, the same day Deloitte disclosed it was resigning as the company’s auditor because Byju’s had delayed financial statements for 2021-22 and not provided documents, even after sending several letters to its board.

When Reuters asked Byju’s about the resignations earlier this week, the company said the information was “completely speculative” and firmly rejected those claims.

Sources told Reuters on Friday that Byju’s was asking its three global investors to reconsider their decision to quit its board.

© Thomson Reuters 2023

The Motorola Edge 40 recently made its debut in the country as the successor to the Edge 30 that was launched last year. Should you buy this phone instead of the Nothing Phone 1 or the Realme Pro+? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated – see our ethics statement for details.

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.


Tesla’s NACS to Become Important Component for All EVs in Washington State



Check out our Latest News and Follow us at Facebook

Original Source

Byju’s Said to Owe Over Rs. 80 Crore to BCCI, Paytm Wants to Exit as Title Sponsor

Indian cricket team’s jersey sponsor Byju’s allegedly owes Rs. 86.21 crore as dues to the BCCI while title sponsor Paytm has requested the board to transfer its rights to a third party.

It was only in April that the Edtech company and the BCCI had agreed on the extension of their partnership until the end of the 2023 ODI World Cup in India at a 10 percent increment.

The issue was discussed by the BCCI Apex Council on Thursday.

“As of today, Byju’s owes dues of Rs. 86.21 crore to the Board,” a BCCI source told PTI after the meeting.

Byju’s first came on board back in 2019 when mobile manufacturer Oppo transferred the sponsorship rights to the online tutorial firm.

The start-up last month said that 500 people have been laid after reports suggested more than 1000 were fired.

In other development, it has been learnt that fintech company Paytm has requested the BCCI to assign their India Home Cricket title rights to Mastercard.

The current agreement between Paytm and the BCCI runs from September 2019 to March 31, 2023.

The company had missed the July timeline to request for reassignment of the sponsorship. However, considering the “longstanding” relationship between the two parties, the BCCI will consider Paytm’s request.

“Paytm has request the BCCI for reassignment and the board is considering it,” the source added.

In August 2019, Paytm had extended its association as the title sponsor for international and domestic cricket matches in India by four years with a winning bid of Rs. 3.80 crore per match.

 

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Google Wallet Now Rolling to Android Users, Google Pay to Work Alongside



Check out our Latest News and Follow us at Facebook

Original Source

Byju’s Completes $950 Million Aakash Acquisition, Receives $800 Million Funds Raised in March

Edtech firm Byju’s said on Monday that it has completed payment that was due for the acquisition of Aakash Educational Service and received majority of $800 million (roughly Rs. 6,300 crores) fund which it announced in March.

The company is estimated to have acquired Aakash Educational Services Limited for around $950 million (roughly Rs. 7,500 crores).

“Our fundraising efforts are on track and the majority of the $800 million (roughly Rs. 6,300 crores) has been already received. The balance is also expected soon. Our payments to Aakash are closed and the audited financial results are going to be announced in the next 10 days,” Byju’s said in a statement.

Byju’s founder and CEO Byju Raveendran has made a personal investment of $400 million (over Rs. 3,200 crore) of the total $800 million (about Rs. 6,300 crore) raised in the latest funding round by the company.

The fresh round of funding has been conducted valuing the company at $22 billion (roughly Rs. 1,73,600 crores).

Talking about lay-offs at the company, the statement said that the decision has been made to improve business efficiencies throughout the Byju’s and its group companies.

“In order to reduce redundancies across our organisation after multiple acquisitions, we had to let go of nearly one per cent of our over 50,000 strong workforce. This retrenchment was a result of a strategic decision to improve business efficiencies throughout Byju’s and its group companies. Byju’s remains a net hirer,” the edtech firm said.

Sacked employees of Byju’s group, however, claimed the number of laid-off staff was higher than that cited by the company.

“With over 50,000 employees and growing, we take immense pride in our role as India’s largest job creator among startups. Byju’s continues to hire across levels for various businesses, departments and functions,” the company said.

Check out our Latest News and Follow us at Facebook

Original Source

Exit mobile version