Know more about Byju Raveendran, founder of Edutech start-up Byju's that has changed the landscape of online education system in India.
Edtech major BYJU's is set to soon wind up coding platform WhiteHat Jr, which it acquired for $300 million, as part of restructuring and cut costs, reliable sources said on Thursday. The company, however, said they are "merely optimising it".
Global investment group Prosus has put the fair value of its 9.67 per cent stake in BYJU'S at $578 million, which technically puts the current valuation of the edtech major at nearly $6 billion -- last valued at $22 billion -- but this is not the case as Prosus has changed its accounting treatment for BYJU'S.
BYJU's recently announced to reduce 5 per cent of its 50,000-strong workforce (about 2,500 people), which will be "rationalised across product, content, media, and technology teams in a phased manner" in a bid to consolidate its India business.
Edtech major BYJU's is taking an unsecured loan of Rs 300 crore from its subsidiary Aakash Educational Services, which it acquired for more than $950 million, to bolster its "principal business activities".
Edtech major BYJU's has finally paid the remaining dues of nearly Rs 1,983 crore (over $245 million) to global VC firm Blackstone in the $1 billion acquisition of Aakash Educational Services.
Byju 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 per cent increment in April.
Singh said that if self-regulation does not curb the unfair trade practices, then stringent guidelines would require to be formulated for ensuring transparency.
The new policy, an extended cover of Rs 4 lakhs (employees have the option to top up the cover as well), provides employees the option to choose covers for family members, that is, parents, siblings, in-laws, and same-gender partners in the same plan, BYJU's said.