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EXPLAINED: Byju | Vintage Vibes

Byju's Aakash endgame; Startup deal street wakes up

Happy Monday! Byju's US lenders and Manipal are close to sealing a settlement over Aakash. This and more in today’s ETtech Morning Dispatch.

The Economic Times

Byju Raveendran's lawyer says Singapore High Court has stayed jail sentence against founder

Singapore High Court has stayed committal and surrender provisions of its contempt order against Byju Raveendran, halting his six-month jail sentence. This civil contempt case stems from a loan dispute for Byju's parent company, Think & Learn, with Raveendran stating no personal funds were received.

The Economic Times

Lightspeed eyes new India fund, plans smaller corpus of $300–350 million amid AI focus

The venture capital firm, which was initially looking to raise as much as $500 million for its fifth India fund, has now cut the target size to around $300-350 million, the people said, requesting anonymity as the discussions are private.

The Economic Times

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PhysicsWallah Shares Skyrocket to ₹162 on Debut – 7 Things You Need to Know Before Investing

PhysicsWallah maintains controlled discipline while scaling its hybrid business model and is poised for long-term growth, driven by India's growing education market.

International Business Times UK

India gambling ban leaves major brands scrambling – including main sponsor of national cricket team

New law bans real-money online games, forcing billion-dollar firms to suspend operations and cut deals

The Independent UK

Schools Targeted With AI Learning Apps Despite Experts' Doubts

Apps infused with AI are being marketed to schools across the world and governments are rushing to embrace the technology, despite experts raising serious doubts.

International Business Times

Purchasing of tabs is a scam of ₹2,500 crore: CPI-M

CPI-M alleges misuse of ₹1200 crore of public funds to purchase tabs with Byju's content.

The Hindu

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Showcause notices issued to Byju’s operators

The statement came hours after, through its X handle, Byju’s denied media reports insinuating any FEMA violation on its part.

The Hindu

ED's FEMA probe against BYJU's in final stages

An Enforcement Directorate (ED) investigation into alleged foreign exchange law violations by edtech major BYJU's and its CEO and co-founder Raveendran Bjyu is in the final stages of completion following which a show cause notice could be served to them. Read further on Dynamite News:

Dynamite News

Unacademy, Chahal Academy, IQRA IAS: The 18 IAS coaching institutes under consumer watchdog’s glare

When India’s apex consumer watchdog decided to take suo motu cognisance of the UPSC coaching industry’s malpractices, it eventually had to fine four institutes and issue a notice to 14 others over a series of allegedly misleading advertisements.

Newslaundry

Vedanta CFO Sonal Shrivastava resigns

Vedanta on October 24 said Chief Financial Officer (CFO) Sonal Shrivastava has resigned, amid a major structural overhaul announced last month.

The Hindu

Ajay Goel returns to Vedanta as CFO after quitting from BYJU’S

Ajay Goel, CFO of Delhi-based edtech major BYJU'S, has quit after completing the FY22 audit process. Pradip Kanakia has been roped in as senior advisor, while Nitin Golani has been given additional responsibility as India CFO. Goel thanked the founders and colleagues for helping him assemble the FY22 audit in…

The Hindu

AI-powered app to help students in Andhra Pradesh clear their doubts

AI-powered app to help students in Andhra Pradesh clear their doubts. To facilitate smart learning, the government has tied up with ConveGenius AI Solutions to install ‘Doubt Clearance Bot’ in the Tabs to be provided to the students and teachers in the State-run schools and in the Interactive Flat Panels…

The Hindu

Andhra Pradesh to introduce separate TOEFL class, exam for students of government schools

School Education Dept. to include period for TOEFL to upskill English-speaking skills of students in govt. schools. Classes will focus on listening & speaking. Byju's app to be used to strengthen knowledge base in science, social science & maths. MoU signed with US-based ETS to evaluate & certify English proficiency…

The Hindu

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The Hindu

Jana Sena president Pawan Kalyan questions government’s tie-up with Byju’s

Jana Sena Party (JSP) president Pawan Kalyan questioned through a Tweet on July 22 whether the government followed the standard protocol in awarding the contract to Byju’s for improving the quality of education.

The Times of India

Government orders inspection of Byju’s account books

NEW DELHI: The Union government has ordered an inspection into the account books of education-technology titan Byju’s, which has been rocked by the resignation of its auditor and three board members last month, according to people familiar with the matter.

The Times of India

BCCI announces Dream11 as the new Team India lead sponsor

MUMBAI: Dream XI, a popular fantasy gaming platform, has acquired the Team India jersey lead sponsorship rights from 2023-27. Dream XI thus replace ed-tech firm Byju’s-which was the lead Team India jersey sponsor from 2019 till March this year- on the Team India jersey for the next four years.

The Hindu

Schools in Andhra Pradesh to reopen after summer vacation on June 12

Chief Minister Jagan Mohan Reddy releases academic calendar for 2023-24, calls for introduction of Byju’s content in Intermediate

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The Hindu

Morning Digest | SEBI seeks six-month extension to complete Adani probe; quarantine facilities set up for Indians arriving from Sudan, and more

The Hindu’s Morning Digest brings readers a select list of stories to start the day

The Times of India

Byju’s seeks more time from lenders to recast $1.2 billion debt

BENGALURU: Byju’s, the world’s most valuable edtech startup, has sought more time from creditors to renegotiate an agreement governing a $1.2 billion loan that is in breach of covenants, according to people with knowledge of the matter.

The Times of India

Star India asks BCCI for 'discount' in current deal, exiting Byju's wants board to encash bank guarantee

NEW DELHI: India's home season media rights holder Star India has asked the BCCI for a Rs 130 crore discount in the existing deal while jersey sponsor BYJU's, which is on its way out, wants the board to encash bank guarantee worth an estimated Rs 140 crore to honour the…

The Times of India

BCCI Apex Council emergent meeting: Byju's future, Star media rights payment on agenda

NEW DELHI: The BCCI Apex Council will decide on its association with jersey sponsor Byju's besides deliberating on Star's "media rights payment" in its emergent meeting on Monday.

The Times of India

Byju's chalks out plan to become profitable by March, fire 2,500 employees and hire 10,000 teachers

NEW DELHI: Edtech major Byju's has chalked out a plan to become profitable by March 2023 to optimise its marketing and operational cost, which will lead to retrenchment of 5 per cent employees or about 2,500 people in next six months.

The Times of India

'There will be blood on streets': Why Big Tech companies are laying off staff

NEW DELHI: After years of rapid expansion, a trend of freeze in hiring and layoffs has been observed among startups and major tech companies. So far, around 150 US-based companies have laid off over 37,000 people in 2022. Most layoffs were reported in June with 75 US-based tech companies laying…

The Times of India

News of Byju's 'payment pending' is incorrect, says BCCI, laments ‘deliberate leak’

MUMBAI: The cricket industry went into a tizzy on Friday morning, questioning the ‘work ethics’ of certain unidentified individuals in the ecosystem who chose to selectively point out to the media that BCCI’s official jersey sponsor Byju’s owes the cricket board a pending amount of Rs 86.21 crore.

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