Byjus

Troubled edtech major Byju's said on Sunday that it has paid a portion of the salaries for February to about 20,000 employees, reported news agency IANS. According to the report, the company has promised to pay the remaining balance once it is allowed to use the funds from the rights issue. Further, the company said the salaries will be reflected in the employees' accounts by March 11.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIndian School of BusinessISB Professional Certificate…

Four investors of embattled Byju's have filed their caveats in the Supreme Court, requesting to be heard before any order is passed on any petition likely to be filed against a National Company Law Tribunal order that allowed edtech firm to go ahead with its $200 million rights issue.Prosus, Sofina SA, Peak XV Partners Investments, and General Atlantic Singapore TL Pte Ltd have filed separate caveats in the SC on Monday.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIIM LucknowIIML…

Camshaft disclosed in court filings this week that some $533 million it managed for Byju’s Alpha, a U.S. unit of Indian edtech group Byju’s, was transferred to another 100% and U.S.-based subsidiary of Byju’s, thereby refuting allegations that the Indian firm used the wealth manager’s services to misappropriate money. In the court filings, Camshaft said the capital was transferred to Inspilearn LLC, a Delaware-based subsidiary of Byju’s. Camshaft also clarified that Byju’s or any of its entities…

Ahead of a US court hearing on the whereabouts of the $553 million funds Byju's had parked in an American investment firm, the edtech company on Sunday evening said its subsidiary in the US remains the beneficial owner of the fund. On Saturday, Byju's stated that it had no money to pay salaries to employees after just-raised funds through the rights issue were locked (in a separate account) after a dispute with investors. It is not clear if Byjus is the beneficial owner of $533 million, then why it could not use them for…

Macquarie Capital is writing down nearly its entire investment in Indian startup Byju’s, weeks after Swiss bank Julius Baer Group Ltd. accused it of charging fees based on an outsized and outdated valuation, according to people familiar with the matter.The unit of Australia’s Macquarie Group Ltd. is cutting the value of its stake in the beleaguered education provider by about 98%, the people said, asking not to be identified because the matter is private. Macquarie Capital invested a few hundred millions of dollars in…

Byju's founder Raveendran has expressed concern over the company's current financial situation, stating that they are unable to pay salaries due to a dispute with investors.He said, "Byju's unable to pay salaries as rights issue funds locked in separate account amid dispute with investors."Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteMITMIT Technology Leadership and InnovationVisitIIM KozhikodeIIMK Advanced Data Science For ManagersVisitIndian School of BusinessISB Product…

Hi, this is Pratik in Bengaluru along with my colleague Pranav in New Delhi.If the first battle in the quick-commerce and food-delivery wars was fought on who can deliver faster, the next one is playing out on who offers more attractive subscription features.On Thursday, Zepto launched ‘Zepto Pass’, its own membership programme, which will offer special discounts and free deliveries to its members for both its grocery and food-delivery businesses. It has started with an attractive and heavily discounted price of Rs 19 to…

Byju’s and a group of its investors have been given three days by the National Company Law Tribunal to file written submissions on a plea about the edtech firm’s rights issue. This and more in today’s ETtech Morning Dispatch. Also in the letter:■ All about ‘Startup Mahakumbh’■ ETtech Done Deals■ India’s internet usage NCLT reserves order on Byju’s investors’ pleaThe National Company Law Tribunal (NCLT) on Tuesday provided three days to Byju’s and a group of its investors to file written submissions and reserved its orders…

The National Company Law Tribunal (NCLT) on Tuesday asked Byju’s and a group of shareholders opposing the cash-strapped edtech firm’s $200 million rights issue to file written submissions within three days, and reserved its order on a plea for interim relief.The tribunal will also seek the views of the Ministry of Corporate Affairs and Registrar of Companies on petition, NCLT’s Bengaluru bench led by judicial member K Biswal said.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIndian…

In the extraordinary general meeting (EGM) of Byju's parent company Think & Learn, key investors voted to remove founder Byju Raveendran as the chief executive and also restructured the board, which includes his wife and cofounder Divya Gokulnath, and brother Riju Ravindran.What is shareholder resolution?Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisitIIM LucknowIIML Executive Programme in FinTech,…