edtech

Chegg Inc. plummeted as much as 38% after warning that the ChatGPT tool is threatening growth of its homework-help services, one of the most notable market reactions yet to signs that generative AI is upending industries.The company, which offers online guidance for students taking tests and writing essays, also gave revenue and profit forecasts for the current quarter that fell well short of analysts' estimates. Chegg makes much of its money from subscriptions, which start at $15.95 a month, a revenue source that's in…

The Directorate of Enforcement (ED) is planning to write to lenders and banks as part of its investigation into Byju’s, seeking details of various transactions and loans, said people aware of the matter.ED, India’s federal financial probe agency, has, since 2011, been looking into the edtech unicorn’s compliance with the Foreign Exchange Management Act (Fema), they said, adding that chief executive Byju Raveendran hasn't been available to clarify matters. He has been asked to join the investigation four to five times in…

India’s crime-fighting agency searched three premises of edtech giant Byju’s and its founder Byju Raveendran, it said Saturday, and seized various “incriminating” documents and digital data. The Enforcement Directorate said it conducted the searches under the provisions of the nation’s anti-money laundering law, but declined to elaborate. The agency has conducted several similar probes in recent months, including at crypto firms WazirX and CoinSwitch Kuber, phonemaker Vivo and news broadcaster…

Chennai-based edtech startup Skill-Lync has laid off employees as it consolidates operations across Chennai, Bengaluru and Hyderabad amid global macroeconomic conditions.Launched in April 2015 by SuryaNarayanan P (CEO) and Sarangarajan V (CTO), the edtech upskilling startup aims to address the lack of quality and application-based learning in the undergraduate engineering education system.Startup news portal Inc42 was first to report about the layoffs at Skill-Lync, numbering 400 as per its sources, that likely impacted…

Tata Group’s super app, Tata Neu, has launched a vertical to offer reskilling courses, at a time when the larger edtech sector is witnessing a reset amid a business and funding slowdown.According to the promotional material circulated by Tata Neu, the new vertical, NeuSkills, is launching two bootcamp-based courses later this month for data analytics and front-end developers. Each course is offered at a “promotional” price of Rs 60,000, exclusive of tax.Candidates taking up the courses may get internship opportunities at…

Several startups and ecommerce companies are likely to freeze salaries for senior management during appraisals as they step up cost-cutting measures to survive a harsh funding environment.As pressure mounts to conserve cash, founders, investors and human resources experts told ET that many startups will hold back raises for senior staff this year. At some companies, including those undergoing layoffs, top management may take pay cuts as well, they said.At February-end, ecommerce firm Flipkart announced that it would be…

Edtech major Byju's is all set to raise around $500-$700 million in its latest funding round at a flat valuation of $22 billion, led by a couple of top private equity firms and sovereign wealth funds, which can happen anytime soon this month, reliable sources told IANS.The funding round, anticipated for quite some time amid the deepening funding winter, will not only help Byju's pay off some of its existing debt but also consolidate and grow its business further, according to people privy to the development."The round is…

When an employee at a home interiors startup—which has been laying off its workforce—suffered a heart attack and had to be hospitalised, the manager, instead of being empathetic, announced to the company that she was absconding. Other colleagues have been asked to work even though they have had a demise in the family, or have parents hospitalised. She quit recently, along with a couple of other colleagues in her team, unable to cope with the intense mental harassment at work.“The company had over-hired a couple of years…

Edtech major Byju's is likely to close a $250 million equity funding deal in April at a $22 billion valuation, sources aware of the development said. The company had last raised $250 million in October at the same valuation."Byju's is in the process of raising $250 million. The term sheets are expected to close in about 2-3 weeks," a source told PTI.Another source said the fundraising is an equity deal and happening at a flat valuation of $22 billion.When contacted Byju's declined to comment.The company had last raised…

Edtech major BYJU's is in advanced stages to raise $250 million at a flat valuation (at $22 billion the company last announced) as it struggles to repay a $1.2 billion term loan and turn profitable in 2023, reliable sources said on Thursday.Sources told IANS that the latest funding round is in "final stages of discussion and will be closed soon within few weeks".BYJU's declined to immediately comment on the development.However, the $250 million round may also come at a lower valuation too, according to sources.Global…