General Atlantic

A group of large investors in Byju’s has called for an extraordinary general meeting where they seek to change the leadership at Byju’s days after the edtech group launched a rights issue at $25 million pre-money valuation. The consortium of investors said it has called for the EGM following “many months of continued efforts” to address the “persistent issues” at Byju’s, which at the time of its last fundraise in 2022 was the most valuable edtech globally. It initially issued the request for EGM…

Image Source : FLIPKART Flipkart rewards employees with a $700 million cash payment after completing the PhonePe spin-off Flipkart, an e-commerce giant has announced a "one-time discretionary" cash payment of $700 million to its employees, post following its separation from fintech firm PhonePe. The payment was confirmed by Flipkart's CEO, Kalyan Krishnamurthy, in an…

Mohandas Pai, an early investor in Indian edtech giant Byju's, said on Friday the company has not paid enough attention to governance, a day after its auditor and three prominent board members resigned.Byju's and its CEO Byju Raveendran did not immediately respond to requests for comment. Deloitte disclosed on Thursday that it was resigning as auditor because Byju's had delayed providing financial statements for 2021-22. The same day, board members representing Peak XV Partners, earlier known as Sequoia Capital India,…

TriNet Group, an online payroll services provider with a market value of $5.8 billion, is exploring a potential sale of the company, according to people familiar with the matter.The Dublin, California-based company is working with investment bank Morgan Stanley to engage with potential acquirers, the sources said. No deal is certain, the sources added, requesting anonymity because the matter is confidential. TriNet and Morgan Stanley declined to comment.Founded in 1988, TriNet provides a wide range of human resources…

Trouble for edtech major Byjus continues. The world's largest asset manager, BlackRock, has again slashed Byju’s valuation, this time to $8.2 billion. With this, the company's valuation is down 62.7% from $22 billion when it last raised fresh capital in October 2022. BlackRock marked down Byju's valuation three months after it first reduced the value of its holdings in the Indian company. BlackRock now owns less than 1% in Think and Learn Pvt Ltd, the parent company of Byju’s.Regulatory filing in US securitiesIn a…

Indian startups secured a total of $447 million in funding this week across 20 rounds, according to data provided by market intelligence firm Tracxn, a 124% surge compared to the same period last year, when startups had raised $188 million across 66 rounds. The funding was bolstered by late-stage investments in app development startup Builder.ai and Walmart-owned fintech major PhonePe.ETtechWhile Builder.ai raised $250 million from Qatar’s sovereign wealth fund Qatar Investment Authority (QIA), PhonePe picked up an…

PhonePe has secured an additional $100 million from General Atlantic and co-investors as part of its ongoing $1 billion funding round. This brings their total funding this year to $850 million and has resulted in a valuation of $12 billion.In January, PhonePe announced that it raised $1 billion in stages. Its valuation is now $12 billion. Since then, the fintech company has received $550 million from General Atlantic, including a $100 million last month. There is also $100 million investment from Tiger Global Management,…

Decacorn fintech firm PhonePe on Monday said it has secured an additional $100 million (about Rs. 828 crore) investment from General Atlantic.With this fundraising, General Atlantic and its co-investors have contributed $550 million (roughly Rs. 4,555 crore) in the ongoing $1 billion (roughly Rs. 8,282 crore) funding round of PhonePe at a pre-money valuation of $12 billion (roughly Rs. 99,387 crore)."PhonePe is pleased to announce that it has secured an additional $100 million investment from General Atlantic, a leading…

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Former Paramount Global PARA -3.08% executive David Nevins offered to buy Showtime for more than $3 billion in recent weeks but was turned down by Paramount executives, according to people familiar with the situation.  Mr. Nevins’s approach, which was backed by private-equity firm General Atlantic, was the latest in a number of offers Paramount has received over the past few years for Showtime, people…