Byju Raveendran, founder and CEO at troubled edtech startup Byju’s hit out at a group of investors, stating that their move to disable the company from using the funds raised through the rights issue has hindered disbursement of salaries to employees. “….I regret to inform you that we will still be unable to process your … Read more
New Delhi: The Directorate of Enforcement (ED) has asked the Bureau of Immigration (BOI) to issue a look out circular (LOC) against Byju Raveendran, founder and CEO of the eponymous, embattled edtech company Byju’s, people with knowledge of the matter told ET. The central agency approached BOI earlier this month to issue a fresh LOC … Read more
The Enforcement Directorate (ED) on Tuesday issued showcause notices to troubled edtech startup Byju’s and its founder and group CEO Byju Raveendran over alleged violation of the provisions of the Foreign Exchange Management Act (Fema) amounting to over Rs 9,362 crore. The ED, which had initiated investigation against the startup earlier this year, has accused … Read more
Troubled education provider Byju’s is in advanced talks to sell its US-based kids’ digital reading platform for about $400 million to Joffre Capital Ltd., seeking funds to ease its financial pressures. The potential sale of Epic! Creations Inc. would help Byju’s raise funds to pay down a disputed $1.2 billion term loan, people familiar with … Read more
The New Education Policy 2020 is a very progressive policy and States are free to adapt it according to their requirements, Union Finance Minister Nirmala Sitharaman said in Bhubaneswar on Thursday. “The NEP 2020 is a very progressive policy. It’s a result of so many people putting their minds together and extensive consultations. I am … Read more
HDFC to comply with the RBI requirements for merger with HDFC Bank has divested out of the education subsidiary, HDFC Credila Financial Services. It is selling approx 90% of Credila to a private equity consortium comprising Barings and ChrysCapital Stake is being sold for a consideration of Rs 9,060 cr valuing the business at about … Read more
A group of ad hoc term loan lenders, who collectively own more than 85% of BYJU’S $1.2 billion term loan, has issued the following statement in response to a recent lawsuit filed by BYJU’S in the Supreme Court of the State of New York County of New York. “BYJU’S’ meritless lawsuit against its term loan … Read more
Ankur Nagpal started his first company Teachable in 2013. He enjoyed running Teachable at first, but after he sold it, he was left feeling burned out. Nagpal thought he would never start another company again — until he founded Ocho Wealth. This as-told-to essay is based on a conversation with Ankur Nagpal, 34, who founded … Read more
With OpenAI’s ChatGPT passing the Wharton MBA exam, and the US law and medical licensing exams, colleges in Bengaluru are getting worried. Sanjay Chitnis, dean of the school of computer science and engineering at RV University, has issued an advisory to students and faculty saying that artificial intelligence (AI) agents such as ChatGPT, Github Copilot, … Read more