edtech

Ronnie Screwvala-led Upgrad Education is in advanced stages of acquiring US online education firm Udacity. People briefed on the matter told ET that the Mumbai-based edtech is also talking to investors to raise up to $100 million, of which about 80% will be used for financing the deal.Screwvala, who owns 22.4% in Upgrad, is likely to invest his personal capital in the new investment round as well, sources said, adding that the company has pitched to external investors for about $50-60 million. The rest would be from…

Edtech platform Simplilearn on Friday announced new appointments in its senior management, with Mark Moran rejoining the company as chief marketing officer, and Veerasundar V assuming the post of chief financial officer, in a bid to scale up operations.Moran, a marketing veteran, served as the CMO at Simplilearn from 2015 to 2022. Veerasundar has a background in financial management, leading fundraises, overseeing IPO listings and providing exit to private equity firms, among other responsibilities.Elevate Your Tech…

K-12 focussed edtech startup ConveGenius has closed $7 million in fresh financing, led by UBS Optimus Foundation. The funding round saw participation from Mount Judi Ventures and existing investors The Michael & Susan Dell Foundation (MSDF), Bace Capital, Heritas Capital and Gray Matters Capital.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIndian School of BusinessISB Professional Certificate in Product ManagementVisitIndian School of BusinessISB Digital TransformationVisitIndian…

AI-based global admissions startup, Ambitio, which helps students in pursuing higher education abroad, has raised Rs 1.5 crore in pre-seed round of funding from First Cheque and angel investors from the US and India.Founded by IIT BHU graduates Dirghayu Kaushik, Vikrant Shivalik and Vaibhav Tyagi, Ambitio is building India's first AI admissions platform, to help applicants secure admissions in top global universities.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIndian School of…

The tabletop bot from AI company Embodied makes eye contact and carries on audio conversations with kids and was initially focused on helping children meet social and emotional milestones. Later this year, it’s gaining the ability to engage kids on reading, math, science, and social studies, offering guidance and, says Embodied founder and CEO Paolo Pirjanian, “all the patience in the world” as its users pick up new skills and knowledge.“It’s not necessarily only for children that are doing really well in school,” he…

Edtech unicorn PhysicsWallah said its revenue from operations in fiscal 2023 rose threefold to Rs 772 crore on a standalone basis, attributing the growth mainly to its expansion into the offline space.Net profit, however, fell to Rs 16 crore from Rs 98 crore in FY22, on account of a significant increase in employee costs and provisioning towards certain non-cash expenses, which led to a sevenfold jump in total expenses, PhysicsWallah said in a news release Friday.Elevate Your Tech Prowess with High-Value Skill…

The UGC has warned edtech companies and colleges offering degrees in collaborative arrangements with foreign universities not recognised by it, according to officials. The University Grants Commission (UGC) has also reiterated that none of these degrees will be valid and cautioned students against taking admission in such courses. "It has been observed that many Higher Education Institutions (HEIs) and colleges have entered into collaborative agreements with foreign-based educational institutions or providers not…

Indian startups are closing 2023 with a cloud of uncertainty looming large over them.Over the last few weeks, we’ve been reporting closely on the severe stress that Byju’s—once the country’s largest edtech—has been facing. Earlier this week, Doubtnut—another edtech—was sold to Allen Career Institute in a fire sale while buy-now-pay-later startup ZestMoney shut down amid a larger regulatory clampdown on unsecured lending.Both Byju’s and Doubtnut have something in common. In 2020, Byju’s had engaged with Doubtnut for a…

Allen Career Institute has bought edtech startup Doubtnut in a slump sale. This and more in today’s ETtech Top 5.Also in this letter:■ Ecommerce channels' growth during Diwali season■ Polygon’s Sandeep Nailwal on India’s Web3 development■ Infographic InsightAllen Career Institute buys problem-solving platform Doubtnut in slump sale Offline coaching company Allen Career Institute said it has acquired problem-solving platform Doubtnut for an undisclosed amount. Allen said the acquisition will…

Prosus has marked down the valuation of Byju’s, India’s most valuable startup, to below $3 billion, the investment giant’s executives said on an earnings call Wednesday even as they asserted that they remain bullish on the opportunities in the South Asian market. The Bengaluru-headquartered startup, which has raised over $5 billion in equity and debt over the years, was valued at $22 billion in its last financing round in early 2022. Prosus has been consistently adjusting the worth of its…