Edtech

Lenskart secured $200 million from Fidelity and Temasek at a $5 billion valuation in its previous secondary fundraise. Even during the funding drought of 2022-23, Lenskart had bagged investment from the likes of KKR and Abu Dhabi Investment Authority (ADIA), with a slew of big-ticket deals.

The funds were raised through 21 deals this week, unchanged from the number of deals in the same period last year.

Physicswallah CFO: Amit Sachdeva was previously CFO at Grofers (now Blinkit) till August 2022, when it was acquired by food delivery platform Zomato. He has held leadership roles at IGT Solutions and Wipro as well.

Leveraging its digital platform, Digivarsity, TeamLease EdTech will make live internship opportunities accessible to students pan India through the NCS platform, creating pathways that bridge skill gaps and prepare a job-ready workforce aligned with India's evolving job market.

Founded in October 2020 by Aditya Kulkarni and Raj Kunkolienkar, the Bengaluru-based company offered a six-month MBA programme, competing with the likes of Masters’ Union and Mesa School of Business.

Edtech startup Bhanzu will use the funds to expand its presence in the US and to invest in generative artificial intelligence (Gen AI).

PhysicsWallah, an online coaching platform, aims to generate a net revenue of Rs 1,050 crore in FY25 from its offline operations as it plans to open 75 more centres in both existing and new cities. The edtech firm currently has 124 offline centres across 94 cities.

Temasek, Singapore's sovereign wealth fund, has invested an additional $60 million into Upgrad, maintaining the higher education and upskilling startup’s valuation at $2.25 billion, sources told ET. Separately, Ronnie Screwvala, the edtech’s founder and chairman, has bought out Bharti Enterprises’ stake in the firm for $20 million.

Eruditus has emerged as the largest Indian edtech firm by revenue with Rs 3,800 crore in FY24. It is on track to clock over Rs 5,000 crore in revenue this fiscal, its founder Ashwin Damera told ET. He said the firm will now start the flipping process to move its domicile from Singapore to India.

Edtech unicorn Upgrad will see its cofounder and managing director Mayank Kumar depart, while founder and chairman Ronnie Screwvala will take on a more active role at the firm, as per sources. Kumar has significantly reduced his operating role at the Mumbai-based firm starting this month, wooing investors for his new startup.

The Economic Times Startup Awards event in Bengaluru hosted a lively exchange between startup innovators and policymakers on Saturday. Here's what the attendees said.

Unacademy has promoted Arooshi Singh to Head of HR after over 7 years of dedication and excellence. Additionally, cofounders Gaurav Munjal and Hemesh Singh will gain extra voting rights if the company forms an IPO committee by March 2025.

With this buyout, the startup has acquired four companies so far, the others being StudyIQ, a UPSC preparation platform in 2021; Veeksha, an augmented reality/virtual reality learning modules platform in 2023; and Ekagrata Eduserv, a chartered accountancy (CA) test preparation firm in July this year.

As India solidifies its position as one of the fastest-growing economies in the world, a new wave of young entrepreneurs is fuelling the nation's rise. These young entrepreneurs are not only transforming the Indian industry but also driving innovation, creating jobs, and shaping the future of the economy.

Reserving its verdict on an appeal by US lender GLAS Trust Co LLC against the NCLAT’s order approving a settlement deal between Think & Learn Pvt Ltd, the parent of Byju’s, and the BCCI, the apex court questioned Byju's decision to settle the Rs 158 crore debt owed to the BCCI while leaving unpaid Rs 15,000 crore dues of other creditors, including Glas Trust.

The bench, which will resume the hearing on Thursday, hinted that it send the case back to the insolvency appellate tribunal for fresh adjudication by applying its mind to the source of money.

This means the lenders can demand a full repayment from the troubled edtech firm and take control of Byju's US entity, Byju's Alpha. This is the second public statement from the lenders reinforcing that Byju’s and Raveendran must repay the outstanding loan.

Byju's founder Byju Raveendran is dealing with several legal disputes, including a Rs 158 crore payment issue with the Indian cricket board and a $1.2 billion term loan conflict with US lenders. Adding to their woes, India's Enforcement Directorate is investigating alleged violations of the Foreign Exchange Management Act involving Rs 9,362.35 crore.

Attributes growth to robust demand for tech-driven, integrated solutions aligned with the National Curriculum Framework (NCF) across school segments. The edtech startup says it is eyeing to turn Ebitda breakeven for the full fiscal 2024-25.

According to the founder of the troubled edtech firm, loss of control over the company’s accounts following SC staying NCLAT’s decision has stopped the founders from infusing more capital to pay the salaries. On August 14, the Supreme Court stayed the National Company Law Appellate Tribunal’s (NCLAT) order that approved the settlement deal between Think & Learn Pvt Ltd, the parent company of Byju's, and the Board of Control for Cricket in India (BCCI).