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New Delhi: The <keyword id="19895345" type="General" weightage="20" keywordseo="supreme-court" source="keywords">Supreme Court</keyword> on Wednesday said it will hear on September 17 the appeal of US-based creditor Glas Trust Company LLC against a judgment of the <keyword id="19916400" type="General" weightage="20" keywordseo="nclat" source="keywords">NCLAT</keyword>, which had stayed insolvency proceedings against ed-tech firm BYJU's and approved its Rs 158.9 crore dues settlement with the <keyword id="19901245" type="General" weightage="20" keywordseo="bcci" source="keywords">BCCI</keyword>. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra was urged by a battery of lawyers that the plea be heard urgently keeping in mind the subsequent developments in the case. The plea was mentioned by senior advocate NK Kaul, appearing for the ed-tech major, that the case needed to be heard at the earliest. The submission was supported by Solicitor General Tushar Mehta, appearing for the <keyword id="19901245" type="General" weightage="20" keywordseo="bcci" source="keywords">BCCI</keyword>, and senior lawyer Abhishek Singhvi, also appearing for the ed-tech firm. Kaul said another plea in the case has also been filed and that is listed for hearing on September 17 and hence, the present plea be either heard on that day or the hearings in both the cases be advanced to this Friday. "We will hear both the pleas on September 17," the CJI said. Senior advocate Shayam Divan, appearing for the US-based creditor, said let the matters be heard together on September 17. Earlier on August 22, the bench had refused to pass an interim order to ensure that the committee of creditors (CoC) does not hold any meeting in pursuance of the insolvency proceedings against the embattled ed-tech firm. It had listed the plea for a final hearing on August 27. The bench had said the developments, which may take place in the meantime, can be negated if it finds there was no merit in the appeal of the US-based creditor against the judgment of appellate insolvency tribunal <keyword id="19916400" type="General" weightage="20" keywordseo="nclat" source="keywords">NCLAT</keyword>. The plea was mentioned earlier also on August 20 by Byju's and the BCCI and the top court had then also refused to pass an interim order to restrain the Insolvency Resolution Professional (IRP) from constituting a committee of creditors (CoC) in the insolvency proceedings against the ed-tech firm. In a major setback to Byju's, the top court had on August 14 stayed the verdict of NCLAT, setting aside the insolvency proceedings against the ed-tech major and approving its Rs 158.9 crore dues settlement with the Indian cricket board. The August 2 verdict of the NCLAT had come as a huge relief for Byju's as it had effectively put its founder Byju Raveendran back in control. The top court, however, had prima facie termed the NCLAT verdict as "unconscionable" and stayed its operation while issuing notices to Byju's and others on the appeal of the ed-tech firm's US-based creditor against the judgment of the insolvency appellate tribunal. The case stemmed from Byju's default on a Rs 158.9 crore payment related to a sponsorship deal with the BCCI. The top court had directed the BCCI to keep a sum of Rs 158 crore it had received from Byju's after a settlement in a separate escrow account till further orders. "Issue notice. Pending further orders there shall be a stay of the impugned order of August 2 of NCLAT. In the meantime, BCCI shall maintain the amount of Rs 158 crore, which shall be realised in pursuance of a settlement, in a separate escrow account until further orders," the bench had said. The NCLAT had approved the Rs 158.9 crore dues settlement with the BCCI and set aside the insolvency proceedings against Byju's. Byju's had entered into a "Team Sponsor Agreement" with the BCCI in 2019. Under the agreement, the ed-tech firm got exclusive rights to display its brand on the Indian cricket team's kit and some other benefits. Byju's had to pay a sponsorship fee. The company met its obligations till the middle of 2022 but defaulted on subsequent payments of Rs 158.9 crore. After insolvency proceedings were initiated, Byju's entered into a settlement with the BCCI. On July 16, the Bengaluru bench of the <keyword id="19902197" type="General" weightage="20" keywordseo="national-company-law-tribunal" source="keywords">National Company Law Tribunal</keyword> (NCLT) had admitted 'Think and Learn', Byju's parent company, to the insolvency resolution process on a plea filed by the BCCI over default in payment of outstanding dues of almost Rs 158.9 crore. While suspending the board of the ed-tech firm, the NCLT had appointed an interim resolution professional to run the operations of the company, suspended the company's board of directors, and brought it under moratorium by freezing its assets. The US-based lenders suspected that the settlement amount was being diverted from the credit they had extended to Byju's.

SC to hear plea related to insolvency proceedings against ed-tech firm Byju's on Sept 17

The <keyword id="19895345" type="General" weightage="20" keywordseo="Supreme-Court" source="keywords">Supreme Court</keyword> on Friday agreed to list for an early hearing the appeal of US-based creditor Glas Trust Company LLC against a judgment of the <keyword id="19916400" type="General" weightage="20" keywordseo="NCLAT" source="keywords">NCLAT</keyword>, which had stayed <keyword id="19965539" type="General" weightage="20" keywordseo="insolvency-proceedings" source="keywords">insolvency proceedings</keyword> against ed-tech firm <keyword id="19958178" type="General" weightage="20" keywordseo="Byjus" source="keywords">BYJU's</keyword> and approving its Rs 158.9 crore dues settlement with the <keyword id="19901245" type="General" weightage="20" keywordseo="BCCI" source="keywords" meta.keywordsubtype="org" meta.entityname="BCCI" meta.hostid="153" meta.entityid="BCCI">BCCI</keyword>. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra was urged by senior advocate NK Kaul, appearing for the ed-tech major, that the case needed to be heard at the earliest. Kaul said, "The only funding was done by the promoters and today no one has brought any external borrowing. We have to show today how malafide the petition (of US firm) is." "I will get it listed as early as possible," the CJI, who was indisposed and in quarantine for the last few days, said. Senior advocate Kapil Sibal, appearing for the US-based creditor, said it also wanted an early hearing. Earlier on August 22, the bench had refused to pass an interim order to ensure that the committee of creditors (CoC) does not hold any meeting in pursuance of the <keyword id="19965539" type="General" weightage="20" keywordseo="insolvency-proceedings" source="keywords">insolvency proceedings</keyword> against the embattled ed-tech firm. It had listed the plea for a final hearing on August 27. The bench had said the developments, which may take place in the meantime, can be negated if it finds there was no merit in the appeal of the US-based creditor against the judgment of appellate insolvency tribunal <keyword id="19916400" type="General" weightage="20" keywordseo="NCLAT" source="keywords">NCLAT</keyword>. The plea was mentioned earlier also on August 20 by <keyword id="19958178" type="General" weightage="20" keywordseo="Byjus" source="keywords">Byju's</keyword> and the <keyword id="19901245" type="General" weightage="20" keywordseo="BCCI" source="keywords" meta.keywordsubtype="org" meta.entityname="BCCI" meta.hostid="153" meta.entityid="BCCI">BCCI</keyword> and the top court had then also refused to pass an interim order to restrain the Insolvency Resolution Professional (IRP) from constituting a committee of creditors (CoC) in the insolvency proceedings against the ed-tech firm. In a major setback to Byju's, the top court had on August 14 stayed the verdict of NCLAT, setting aside the insolvency proceedings against the ed-tech major and approving its Rs 158.9 crore dues settlement with the Indian cricket board. The August 2 verdict of the NCLAT had come as a huge relief for Byju's as it had effectively put its founder Byju Raveendran back in control. The top court, however, had prima facie termed the NCLAT verdict as "unconscionable" and stayed its operation while issuing notices to Byju's and others on the appeal of the ed-tech firm's US-based creditor against the judgment of the insolvency appellate tribunal. The case stemmed from Byju's default on a Rs 158.9 crore payment related to a sponsorship deal with the BCCI. The top court had directed the BCCI to keep a sum of Rs 158 crore it had received from Byju's after a settlement in a separate escrow account till further orders. "Issue notice. Pending further orders there shall be a stay of the impugned order of August 2 of NCLAT. In the meantime, BCCI shall maintain the amount of Rs 158 crore, which shall be realised in pursuance of a settlement, in a separate escrow account until further orders," the bench had said. The NCLAT had approved the Rs 158.9 crore dues settlement with the BCCI and set aside the insolvency proceedings against Byju's. Byju's had entered into a "Team Sponsor Agreement" with the BCCI in 2019. Under the agreement, the ed-tech firm got exclusive rights to display its brand on the Indian cricket team's kit and some other benefits. Byju's had to pay a sponsorship fee. The company met its obligations till the middle of 2022 but defaulted on subsequent payments of Rs 158.9 crore. After insolvency proceedings were initiated, Byju's entered into a settlement with the BCCI. On July 16, the Bengaluru bench of the National Company Law Tribunal (NCLT) had admitted 'Think and Learn', Byju's parent company, to the insolvency resolution process on a plea filed by the BCCI over default in payment of outstanding dues of almost Rs 158.9 crore. While suspending the board of the ed-tech firm, the NCLT had appointed an interim resolution professional to run the operations of the company, suspended the company's board of directors, and brought it under moratorium by freezing its assets. The US-based lenders suspected that the settlement amount was being diverted from the credit they had extended to Byju's. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/india-beats-the-us-to-emerge-as-the-second-biggest-market-for-5g-smartphones/articleshow/113095322.cms">India beats the US to emerge as the second-biggest market for 5G smartphones</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-to-launch-on-september-9-design-specs-and-everything-we-know-so-far/articleshow/113091114.cms">Apple iPhone 16 to launch on September 9 – design, specs and everything we know so far</a> <a href="https://www.businessinsider.in/stock-market/webstories/shree-tirupati-balajee-agro-trading-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113082663.cms">Shree Tirupati Balajee Agro Trading IPO – Price band to risk factors, all you need to know</a>

Supreme Court agrees to list plea related to insolvency proceedings against ed-tech firm Byju's

<ul class="summary-list"><li>BlackRock has written off its investment in once-hot Indian tech company Byju.</li><li>The Indian education tech giant is facing legal and financial troubles.</li></ul>In another blow to education tech giant Byju's, investor BlackRock says its stake in the once-hot company is worth nothing.In 2022, the education tech company said it raised $800 million at a $22 billion valuation.BlackRock was the first investor to publicly signal the company's troubles. In a first-quarter summary for some of its funds, the asset manager valued its stake in Byju's at $0, a number that has not been previously reported. In October, BlackRock slashed its valuation of the startup to less than $1 billion, <a target="_blank" href="https://techcrunch.com/2024/01/11/blackrock-cuts-byjus-valuation-by-95-to-1-billion/">TechCrunch reported.</a>BlackRock invested in Byju's parent Think &amp; Learn through <a target="_blank" href="https://www.blackrock.com/us/individual/literature/first-quarter-report/fqr-retail-blackrock-science-and-technology-trust.pdf">various</a> <a target="_blank" href="https://www.blackrock.com/us/individual/literature/investor-education/bcat-commentary.pdf">funds</a>, all of which appear to have written off the investment in recent filings.HSBC, which is not an investor in Byju's, said in a recent research note that Dutch tech investor Prosus' stake in Byju was worth nothing. Prosus owns nearly 10% of the company and invested about $500 million in Byju's."We assign zero value to Byju's stake amid multiple legal cases and funding crunch. Previously, we valued ~10% stake in Byju's by applying 80% discount to the latest publicly disclosed valuation," the HSBC analyst wrote.The Bengaluru-based company is facing significant turmoil.Earlier this week, a group of lenders asked a US court to initiate bankruptcy proceedings against Byju's subsidiaries <a target="_blank" href="https://www.business-standard.com/technology/tech-news/byju-s-now-worth-zero-hsbc-warns-prosus-amid-legal-financial-troubles-124060700146_1.html">over a $1.2 billion loan.</a> The company also <a target="_blank" href="https://inc42.com/buzz/byjus-slashes-salaries-for-new-sales-hires-by-more-than-90/">cut the salaries</a> of new sales hires by 90% in an attempt to cut costs, local outlet Inc42 <a target="_blank" href="https://inc42.com/buzz/byjus-slashes-salaries-for-new-sales-hires-by-more-than-90/">reported</a> on Thursday.Byju's investors, including Prosus, are <a target="_blank" href="https://www.business-standard.com/companies/news/byju-s-egm-shareholders-vote-to-remove-ceo-raveendran-and-his-family-124022300919_1.html">seeking the removal of its CEO</a>, Byju Raveendran, and his family members from the board. The company's India CEO left in April, and it missed filing its 2023 financial reports.The digital and physical tutoring company was seen as a star in the Indian startup scene and even sponsored the Indian cricket team until 2023. It is backed by the Chan-Zuckerberg Initiative, Sequoia Capital, and Tencent, among others.Byju's first gained popularity during the pandemic for its unique approach to learning. The company faced challenges in 2022 after students began returning to schools and expensive acquisitions affected its bottom line.The company planned to<a target="_blank" href="https://www.bloomberg.com/news/articles/2023-07-26/star-founder-broke-down-in-tears-as-crises-engulfed-byju-s"> go public through a SPAC deal</a> in 2022, which did not ultimately pan out.Byju's and BlackRock did not immediately respond to requests for comment.Correction: This story has been updated to reflect that HSBC wrote about an investor's interest in Byju's. HSBC did not invest in Byju's.

India's once-hot startup Byju's was valued at $22 billion. Now, BlackRock says its investment is worth nothing.

<ul><li><keyword id="2900267" type="PERSON" weightage="20" keywordseo="Byju">BYJU</keyword>’s has acquired US-based digital reading platform Epic, which focuses on kids under the age of 12, for $500 million.</li><li>The Indian edtech giant plans to invest about $1 billion in the US market to expand its presence globally.</li><li>The company believes that the international market would make about a third of its revenue in the next three years.</li></ul>After a decade of breaking new ground with edtech in India and garnering 100 million users globally, Bengaluru-based BYJU’s seems to be making an interesting move with its razor sharp focus on the American market. The edtech giant on Wednesday, July 21, announced that it plans to invest $1 billion in the North American market to accelerate its growth in the next two years. BYJU’s has flagged off its American expansion plan with the acquisition of US-based digital reading platform Epic, which focuses on kids under the age of 12, for $500 million. Epic runs on a subscription model that gives classrooms and families unlimited access to thousands of books, videos and quizzes. The seven-year-old American startup, founded by Suren Markosian and Kevin Donahue in 2013, has a user base of two million teachers and 50 million kids registered on the platform. The company claims to have doubled its user base from 20 million kids pre-COVID. Epic has raised about $50 million to date from institutional investors like Creative Artists Agency, Evolution Media and Reach Capital. This acquisition of Epic is in line with the plan that BYJU’s founder and chief executive officer (CEO) Byju Raveendran described in an <a href="https://www.youtube.com/watch?v=qIe5VhDvJXU">interview </a>with Business Insider in November last year. <div type="ExtQuote" text="“It’s very different how kids learn at different level — at individual level, subject level, age level or grade level — so what we have done is that for a lot of these early-age group level we have used a lot of these movie-like or game-like interaction to make sure that they get interested in the subject. By bringing that interactive appeal, we have been able to engage, but at the end of the day we are an educational company and our core strength has been how do you simplify a concept, how do you help them visualise the context and how do you help them contextualise the concept.”" auname="Byju Raveendran, CEO of BYJU's"></div> Markosian, CEO and cofounder of Epic, told Business Insider that the vision behind building Epic was to bring books and children together through technology. The company wanted to remove all the barriers between a book and a child, and help them find the right books so that every child will be excited about reading. “And so we've built this platform where children can independently discover any book or any content they like to read. The platform makes it a lot of fun to read, and a lot of 100 discoveries, new books, or kids love using it,” Markosian said. Last year, around one billion books were read on Epic’s platform. BYJU’s looks to go big in the US market The Indian business will continue to make money from the recently-acquired Aakash, which has a <a href="https://www.businessinsider.in/business/startups/news/heres-why-byjus-may-want-to-spend-a-billion-dollars-on-acquiring-aakash-educational-services/articleshow/80243456.cms">network of 200 coaching</a> institutes bought for $1 billion in <a href="https://www.businessinsider.in/business/news/byjus-closes-its-deal-with-aakash-educational-services-for-nearly-1-billion/articleshow/81912772.cms">April 2021</a>. Anita Kishore, head of strategy at BYJU's told Business Insider that India will continue to be BYJU’s biggest market in terms of revenue due to the presence of BYJU’s core product offering in the country as well as because of the Akash acquisition. <div type="ExtQuote" text="Three to four years out, we would see about a third of the revenue coming from international markets," auname="Anita Kishore, head of strategy at BYJU's"></div> Kishore explained that BYJU’s is planning to focus now on the American market, as the USA is its biggest market outside of India. “The other advantage that US marketing gives us is the fact that it is English speaking, right? A lot of our products, while you know, they need to be customised, and so on. Given the language is English, we are able to actually scale those products well, with teams in India. Hence, the US has been a key market for us,” she added. WhiteHat Jr, BYJU’s other portfolio company that was acquired for <a href="https://www.businessinsider.in/business/startups/news/byjus-acquisition-of-white-hat-jr-comes-in-line-with-neps-decision-to-teach-coding-in-schools/articleshow/77384750.cms">$350 million </a>in August 2020, has been folded by BYJU’ into the BYJU’s Future School brand that will focus on international markets like the US, Canada, Australia, New Zealand, and other English speaking markets. The offering was launched last month, with 11,000 female teachers. For this venture, WhiteHat Jr has also stepped foot outside of its traditional coding for kids offering to introduce Maths. WhiteHat Jr’s CEO and founder Karan Bajaj has been heading this vertical and will introduce other offerings Science, English, fine arts and music classes soon. Taking a step forward, BYJU’s has also launched its learning app featuring Disney characters to the US last month. The company had also acquired educational game system Osmo two-years-ago, which has now scaled about four-times, as per the pressnote by BYJU’s. Kishore further added that BYJU’s will be clocking in more than $300 million in revenue from the US market alone in the financial year 2022. Of this, BYJU’s Future School will be clocking in about $100 million+ in revenue, Epic would add another $100 million+ to it and Osmo doing another $100 million+. Notably, BYJU’s is currently the most valued edtech startup in the world and the highest valued Indian startup. The company has garnered the interest from marquee investors like Chan-Zuckerberg Initiative, Sequoia Capital India, Silver Lake, Tencent, Canada Pension Plan Investment Board (CPPIB), General Atlantic, Tiger Global, Qatar Investment Authority and many more. The company had reported a revenue of ₹2,800 crore in the financial year ending March 2020, as its user base crossed 50 million. It has doubled its user base twice since then due to the tailwind from remote learning. SEE ALSO <a href="https://www.businessinsider.in/business/news/policybazaar-plans-to-raise-close-to-870-million-through-its-ipo-at-a-likely-valuation-of-3-5-billion/articleshow/84606274.cms" data-type="tilCustomLink">PolicyBazaar plans to raise close to $870 million through its IPO at a likely valuation of $3.5 billion</a> <a href="https://www.businessinsider.in/business/startups/news/swiggy-raises-1-25-billion-in-a-mega-round-of-funding-led-by-softbank-and-prosus/articleshow/84578974.cms" data-type="tilCustomLink">Swiggy gets a $1.25 billion cheque from Softbank for the same reason Zomato went for an IPO</a> <a href="https://www.businessinsider.in/business/news/brookfield-backed-tower-infrastructure-trust-to-acquire-space-teleinfra-for-900-crore/articleshow/84585544.cms" data-type="tilCustomLink">Brookfield-backed Tower Infrastructure Trust to acquire Space Teleinfra for ₹900 crore</a>

BYJU's acquires another American startup, plans to spend $1 billion on US expansion

In some cheer for those who have lost jobs in the ongoing funding winter and global macro-economic conditions, most laid-off tech employees have landed new jobs within three months of starting their search. The <keyword id="6384660" type="General" weightage="50" keywordseo="wall-street-journal" source="Orion">Wall Street Journal</keyword> reported, citing a <keyword id="3345871" type="General" weightage="100" keywordseo="ziprecruiter" source="Orion">ZipRecruiter</keyword> survey, that nearly 79 per cent of terminated staff in the tech industry landed a new job within three months. It, whoever, did not divulge information on whether they got new jobs on the same, above or lower pay packages as the industry is reeling under several pessimistic factors, which will continue in 2023. Nearly four in 10 previously laid-off tech workers found jobs less than a month after they began searching, the survey found. "Despite the widespread layoffs, hiring freezes, and cost-cutting taking place in tech, many tech workers are finding reemployment remarkably quickly," <keyword id="12666243" type="General" weightage="50" keywordseo="julia-pollak" source="Orion">Julia Pollak</keyword>, chief economist at ZipRecruiter, was quoted as saying. Workers employed in other industries, like entertainment and leisure, transportation and delivery and manufacturing, also found new jobs quickly, the data showed. Google, Amazon and some other tech companies are set to lay off more workers in early 2023. The ZipRecruiter data also showed that about 5 per cent of laid-off tech workers who found jobs from April to October had spent more than six months hunting for work, down from 26 per cent of those hired between August 2021 and February 2022. Thousands lost jobs amid deepening funding winter in 2022 as massive layoffs by the tech companies this year alone surpassed the levels from the Great Recession the world went through in 2008-2009 that began with the <keyword id="50209" type="General" weightage="50" keywordseo="lehman-brothers" source="Orion">Lehman Brothers</keyword> collapse. More than 91,000 workers in the US tech sector were laid off in mass job cuts in 2022, according to a Crunchbase tally. Over 17,000 tech employees were shown the door in India, led by ed-tech companies like BYJU's, Unacademy, Vedantu and others. The startup ecosystem's funding winter could last another 12 to 18 months. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/kfin-technologies-lists-at-nearly-1-premium-on-bourses-despite-weak-market-sentiment/articleshow/96586058.cms">KFin Technologies lists at nearly 1% premium on bourses despite weak market sentiment</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/amazon-starts-delivering-orders-by-drones-in-us-states/articleshow/96586213.cms">Amazon starts delivering orders by drones in US states</a>

Most laid-off tech employees have landed new jobs in 3 months: ZipRecruiter survey

Amid the brouhaha over alleged forced termination at edtech major <keyword id="2900267" type="General" weightage="100" keywordseo="byju" source="Orion">BYJU</keyword>'s, its founder and CEO Byju <keyword id="299516" type="General" weightage="80" keywordseo="raveendran" source="Orion">Raveendran</keyword> on Monday told employees that there is a huge price to pay for walking on the path to profitability and the company will part ways with 5 per cent or 2,500 employees to "avoid role duplication across our businesses". In a letter to employees seen by IANS, Raveendran said that bringing those who are parting ways "back by putting our company on a sustainable growth path will now be the number 1 priority for me". "I want to emphasise that the overall job cuts are not more than five per cent of our total strength," he said. Raveendran wrote that while nothing can really compensate for their loss, "we have made available the best possible exit package to you which includes extended medical insurance coverage for you and your family members, outplacement services led by some of the industry's finest recruitment specialists, fast-track full-and-final settlement, and a special provision to allow you to look for jobs while on our payroll". BYJU's recently announced to a reduction of 5 per cent of its 50,000-strong workforce (about 2,500 people), which will be "rationalised across product, content, media, and technology teams in a phased manner" in a bid to consolidate its India business. The Karnataka State IT/ITeS Employees Union (KITU) last week claimed that BYJU's, after <keyword id="6357416" type="General" weightage="50" keywordseo="thiruvananthapuram" source="Orion">Thiruvananthapuram</keyword> in Kerala, was forcing employees at its Bengaluru headquarters to resign. Raveendran said that some business decisions have to be taken to protect the health of the larger organisation, and pay heed to the constraints imposed by external macroeconomic conditions. "Over the past couple of weeks, you would have read or heard about our plans to rationalise our team size. Some of you, I understand, might be confused about this or maybe hearing conflicting statements," he said. He said that adverse macroeconomic factors have changed the business landscape, compelling tech companies around the world to focus on sustainability and capital-efficient growth. "BYJU'S is no exception to this trend. Our rapid organic and inorganic growth has created some inefficiencies, redundancies and duplication within our organisation, that we need to rationalise to realise this. At the same time, we need to continue to realign our resources towards innovation and future-growth oriented projects," said Raveendran. Around 140 employees from the 170-strong workforce at Technopark have been asked to leave. BYJU's has nearly 3,000 employees in Kerala. In an earlier statement, the company said it is "absolutely false" that BYJU's is forcing employees to resign. Raveendran said that "I am truly sorry to those who will have to leave BYJU's". "You are not just a name to me. You are not a number. You are not just five per cent of my company. You are five per cent of me," he told employees in the letter. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/curated-menus-butler-services-expansive-lounges-at-mumbai-airports-renovated-private-jet-terminal/articleshow/95202285.cms">Curated menus, butler services, expansive lounges at Mumbai airport's renovated private jet terminal</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/over-2-lakh-jobs-created-each-day-this-festive-season-says-report/articleshow/95204035.cms">Over 2 lakh jobs created each day this festive season, says report</a>

Overall job cuts no more than 5% to avoid role duplication: Byju Raveendran

<ul><li>Around 76,000 students applied for internships every day in 2020, reveals a survey conducted by recruitment and training platform, <a href="https://economictimes.indiatimes.com/jobs/76000-students-applied-to-internships-every-day-in-past-year-survey/articleshow/81967814.cms?from=mdr">Internshala</a>.</li><li>Internships have become an integral part of a college's student’s career trajectory in India, irrespective of their educational background.</li><li>These companies are hiring interns for different roles in different parts of the country.</li></ul>Students who want to enter the job industry, ideally, should get some hands-on experience with internships. Around 76,000 students applied for internships every day in 2020, reveals a survey conducted by recruitment and training platform, <a href="https://economictimes.indiatimes.com/jobs/76000-students-applied-to-internships-every-day-in-past-year-survey/articleshow/81967814.cms?from=mdr">Internshala</a>. Internships have become an integral part of a college's student’s career trajectory in India, irrespective of their educational background. There was a 35% rise in students seeking internships in 2020 as compared to 2019, revealed the report. Business development, content writing, human resources, digital marketing, social media marketing, marketing, and research are some of the good profiles for a fresher to pursue. These companies are hiring interns for different roles in different parts of the country — 1. <keyword id="10387" type="COMPANY" weightage="20" keywordseo="Microsoft">Microsoft</keyword> — Research World’s biggest multinational software company is looking to hire <a href="https://careers.microsoft.com/us/en/job/931311/Research-Intern?utm_campaign=google_jobs_apply&amp;utm_source=google_jobs_apply&amp;utm_medium=organic">Research interns</a> where interns will learn and collaborate with experienced researchers. Eligibility: Candidates must be enrolled in a university as part of either doctoral, masters, or undergraduate programmes or be a recent graduate from such a programme. 2. <keyword id="15491" type="COMPANY" weightage="20" keywordseo="Airtel">Airtel</keyword> — Business Development The telecommunications company is seeking to hire <a href="https://internshala.com/internship/detail/business-development-sales-internship-in-multiple-locations-at-bharti-airtel-limited1621837165">Business Development</a> interns at various locations -- Ahmedabad, Jaipur, Gandhinagar and Rajasthan for three months with a comprehensive stipend of ₹10,000 per month. Job role: Interns will have to handle distributors, work on channel sales and drive prepaid business, reporting, process compliance and generating revenue. 3. BYJU’S — Marketing Ed-tech company is looking out for <a href="https://internshala.com/internship/detail/marketing-internship-in-multiple-locations-at-byjus-the-learning-app1620706014">Marketing interns</a> at various locations for four months with a stipend of ₹18,000 per month. Job role: The candidates will have to interact with school personnel and inform them about the ongoing projects, achieve weekly targets of interaction and closure, and meet the prospects for the business. 4.<keyword id="8681398" type="UNKNOWN" weightage="20" keywordseo="Urban-Company">Urban Company</keyword> — Operations Urban Company (earlier UrbanClap), a home-service marketplace is looking for interns in <a href="https://internshala.com/internship/detail/operations-internship-in-chennai-at-urban-company1622180187">Chennai</a> and <a href="https://internshala.com/internship/detail/operations-internship-in-bangalore-at-urban-company1622197584">Bangalore</a> for one month with a stipend of ₹10,000 per month. Job role: The selected intern would have to work on supply on-board, quality control of supply base and initiate the user friendly flow. Urban Company also has a vacancy for Human Resources interns who can <a href="https://internshala.com/internship/detail/human-resources-hr-work-from-home-job-internship-at-urban-company1622456109">work-from-home</a> for two months with a stipend of ₹10,000. Job role: The selected candidates will take interviews of prospective candidates,design the interview and reporting structure of the team. 5. Just Dial — Human Resources (HR) The local search services firm is hiring an <a href="https://internshala.com/internship/detail/human-resources-hr-internship-in-chandigarh-at-justdial-limited1621499461">HR intern</a> in Chandigarh for three months with a stipend of ₹5,000 per month. Job role: HR will have to make cold calls to preferred candidates, organise job fairs and events. 6. ByteDance (TikTok’s parent company) — Digital Marketing This global internet giant is actively looking for <a href="https://internshala.com/internship/detail/digital-marketing-work-from-home-job-internship-at-bytedance1621925865">Digital Marketing</a> interns who can work-from-home for three months with a competitive stipend of ₹18,000 per month. Job role: The selected candidates will have to handle the daily operations of teachers on Youtube platforms, complete Youtube data collection, and establish partnerships with influencers in different industries. 7. IIT Bombay — Content Creation Indian Institute of Technology, Bombay is looking for <a href="https://internshala.com/internship/detail/content-creation-work-from-home-job-internship-at-iit-bombay1621335538">content creators </a>who can work from home for six months with a stipend of ₹1,000 per month. Job role: The chosen candidates will have to come up with catchy stories to structure content, creating high quality power presentations. 8. IDBI Federal Life Insurance Company — Marketing The multinational insurance firm is looking for <a href="https://internshala.com/internship/detail/marketing-internship-in-kolkata-at-idbi-federal-life-insurance-company1620757275">Marketing interns</a> in Kolkata for the period of two months with a comprehensive stipend of ₹5,000 per month. Job role: The selected candidates will have to formulate new ideas to add value, set and achieve performance targets, develop and enter into alliances and affiliations with other organisations. It is also hiring <a href="https://internshala.com/internship/detail/human-resources-hr-work-from-home-job-internship-at-idbi-federal-life-insurance-company1620757033">Human Resources</a> interns who can work-from-home for three months with a stipend ranging between ₹4,000 - ₹7,000 per month. Job role: Candidates will have to plan, develop and implement a strategy for HR, establish and maintain appropriate systems for HR development. 9. Freecharge — Business Development The payment platform is hiring <a href="https://internshala.com/internship/detail/business-development-sales-internship-in-multiple-locations-at-freecharge-payments-technology-private-limited1622193927">Business Development interns</a> in Gurgaon, Noida and Delhi for three months with a stipend of ₹7,000 per month. Job role: Candidate will be responsible to contact new partners, work on merchant acquisition and operations. 10. Zoomcar — Graphic Designing The car rental startup is hiring graphic designing interns who can work-from-home for three months with a stipend of ₹5,000 per month. Job role: The selected candidates will assist the creative team and art director, work on multiple projects simultaneously, maintain high standards of graphic designs with quality control, according to the firm. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/these-are-the-hottest-jobs-in-the-cyber-security-industry-right-now-with-a-salary-package-of-up-to-23-lakh-per-annum/articleshow/82629876.cms">These are the hottest jobs in the cyber security industry right now, with a salary package of up to ₹23 lakh per annum</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/if-you-want-to-work-from-home-these-are-some-of-the-hottest-freelancing-jobs-in-high-demand/articleshow/81228585.cms">If you want to work from home, these are some of the hottest freelancing jobs in high demand</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/earn-money-online-here-are-some-exciting-part-time-work-from-home-jobs/articleshow/82449228.cms">These are some exciting part-time work-from-home jobs you can do to earn a few extra bucks</a>

Microsoft, Airtel, BYJU’S, IIT-Bombay and more — here is a list of companies looking for interns

Edtech platform <keyword id="2900267" type="General" weightage="80" keywordseo="byju" source="Orion">BYJU</keyword>'s on Thursday announced that it has roped in two former <keyword id="18635" type="General" weightage="80" keywordseo="amazon" source="Orion">Amazon</keyword> executives -- <keyword id="6395761" type="General" weightage="50" keywordseo="sunil-sharma" source="Orion">Sunil Sharma</keyword> and Darshan <keyword id="238878" type="General" weightage="80" keywordseo="bhandari" source="Orion">Bhandari</keyword> -- to further enhance its learning products and solutions. <keyword id="445" type="General" weightage="80" keywordseo="sharma" source="Orion">Sharma</keyword> has been appointed as Vice President, Engineering - Student and Teacher Experience and Bhandari as Vice-President, Engineering - BYJU's Tuition Centre and Devices. "I am delighted to welcome <keyword id="6093" type="General" weightage="80" keywordseo="sunil" source="Orion">Sunil</keyword> and Darshan as we continue to strengthen our tech foundation," Anil Goel, President - Technology, BYJU's, said in a statement. "While Sunil's expertise across technology, strategy, and execution will bolster BYJU's ongoing initiatives to optimally leverage technological solutions and improve the student experience, Darshan will play a key role in enhancing tech-led growth, providing support for improved front-end and back-end processes and helping us achieve our overarching digital and technology goals," he added. With a career spanning over 21 years, Sharma brings with him a proven track record of scaling technology teams across companies such as Amazon, Hewlett Packard, and AGT International. Meanwhile, Bhandari is a seasoned engineering leader and growth specialist with over 18 years of experience in technology innovation, building top talent and delivering world-class products across companies such as Amazon, <keyword id="1543410" type="General" weightage="50" keywordseo="reliance-jio-infocomm" source="Orion">Reliance Jio Infocomm</keyword>, and Amdocs. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/lg-electronics-estimates-q2-operating-earnings-fall-by-12-on-weaker-demand/articleshow/92721180.cms">LG Electronics Q2 operating earnings fall by 12% on weaker demand</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/id-fresh-offers-stock-options-to-another-27-employees-aims-to-create-100-crorepatis-in-the-next-three-years/articleshow/92722488.cms">ID Fresh offers stock options to another 27 employees, aims to create 100 crorepatis in the next three years</a>

Edtech platform BYJU's brings in two ex-Amazon executives to enhance learning products and solutions

<keyword id="3368988" type="General" weightage="80" keywordseo="itw" source="Orion">ITW</keyword> Sports Inc, a US-based sports consulting firm focused on delivering end-to-end growth strategies for brands through the impactful platforms of sport and live entertainment, and a subsidiary of ITW Universe, was today named the official Global Activation Partner by Ed-tech giant BYJU'S for the <keyword id="149598" type="General" weightage="50" keywordseo="icc-cricket-world-cup" source="Orion">ICC Cricket World Cup</keyword> and FIFA Football <keyword id="22177" type="General" weightage="80" keywordseo="world-cup" source="Orion">World Cup</keyword>. The announcement comes on the back of major sponsorships deals that the Bangalore-based company has signed in the recent past, including coming on board as the official sponsor of the Qatar FIFA World Cup 2022 to be held in Qatar as well as a three-year agreement between BYJU'S and the ICC which will see BYJU'S partner all ICC events till the end of 2023, including the ongoing ICC Men's T20 World Cup in Australia. ITW was instrumental in stitching together the deals with the BCCI and the ICC for BYJU'S, consulting the brand on the landmark partnerships. "ITW and BYJU'S share a long-standing relationship and we are proud of the work we have done to find the right platforms in international cricket and football for BYJU'S to achieve the global brand objectives," said Nikhil <keyword id="30343" type="General" weightage="50" keywordseo="vyas" source="Orion">Vyas</keyword>, Founding Partner, ITW Universe &amp; CEO ITW Sports Inc. USA, an agency that will focus on the top 5 sports in the United States while also consulting emerging brands with global expansion ambitions. Additionally, the agency will be committed to backing cricket in the United States, aiming to build sustainable commercial interest in the game's next market frontier. "Our expertise in sports as well as our intrinsic knowledge of our brands and the sports environment is key to our successes. We are excited about the activation around two of the world's most viewed events and confident of delivering successful campaigns for BYJU'S," added Mr Vyas. ITW's India office will be servicing the ICC T20 World Cup activation while ITW's USA office will service the FIFA World Cup activation campaign. As a global partner, BYJU'S will have extensive in-venue assets, broadcast, and digital rights across all ICC events and similar rights for the FIFA World Cup which will be viewed by a projected audience of 5 billion people across the world. Through its partnership, BYJU'S will be leveraging those rights to run unique promotions and activations to connect with passionate football and cricket fans worldwide. "Our sponsorship deals in International Cricket and Football have given us great visibility and have helped position BYJU'S become a household name in India. We plan to scale it up and reach the world's largest sports fan base with the Qatar FIFA World Cup. ITW Sports has been our sponsorship agency partner since the start of the brand journey and has helped facilitate and execute most of our sports partnerships, we are confident that they will continue to deliver the ambitious brand objectives set out for the upcoming cricket and football world cups," Atit Mehta, Head of Marketing, BYJU'S. The T20 World Cup which began on October 22 in Australia is currently underway, while the FIFA World Cup kicks off in November and it is the first time that an Indian Brand is associated with the event in the capacity of an Official Sponsor. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/are-millennials-and-gen-z-influencing-future-trends-of-indian-hospitality/articleshow/95277333.cms">Are millennials and Gen Z influencing future trends of Indian Hospitality?</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/hdfc-reports-18-year-on-year-rise-in-q2-net-profit-to-4454-crore/articleshow/95279744.cms">HDFC reports 18% year-on-year rise in Q2 net profit to ₹4,454 crore</a>

BYJU'S appoints ITW Sports Inc USA as its Global Activation Partner for the ICC Cricket and Qatar FIFA Football World Cup 2022

Edtech major BYJU'S on Wednesday announced several measures to bolster its <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> business, saying that its K-10 business, which includes Toppr, <keyword id="1573710" type="General" weightage="50" keywordseo="meritnation" source="Orion">Meritnation</keyword>, <keyword id="192259" type="General" weightage="50" keywordseo="tutorvista" source="Orion">TutorVista</keyword>, <keyword id="14957" type="General" weightage="50" keywordseo="scholar" source="Orion">Scholar</keyword>, and HashLearn platforms, will now be consolidated as one business unit. To avoid redundancies and duplication of roles, the move will result in five per cent of its 50,000-strong workforce (about 2,500 people) being "rationalised across product, content, media, and technology teams in a phased manner", the company said in a statement. Aakash Educational Services and Great Learning will continue to function as separate organisations, the company said in a statement. "As a mature organisation that takes its responsibility towards investors and stakeholders seriously, we aim to ensure sustainable growth alongside strong revenue growth. These measures will help us achieve profitability in the defined time frame of March 2023," said Mrinal Mohit, CEO, BYJU'S India business. At a group level, BYJU'S said its top priority is to achieve "overall profitability by March 2023". Over the last three years, BYJU'S acquired multiple companies whose integration with its core business is now complete. BYJU'S said at the group level, it will continue to hire across all levels and will end this financial year as a net hirer. The company plans to hire a total of 10,000 more teachers in the coming year, adding to its current strength of 20,000 teachers. It said it is expanding its teams along with hiring senior leadership to further build operational strength. The company said there will also be re-targeting of the marketing budget towards more efficient growth. "Since significant brand awareness has been created in India over the past few years, there is a scope to optimise marketing budgets locally and prioritise spending to increase brand awareness in overseas markets," the company said. BYJU'S said it is also reinventing its sales model to focus more on inside sales, using video calling platforms which in turn will enhance customer experience and reduce operational costs. Multiple inside sales hubs will now be created across India from where BYJU'S sales associates will reach out to incoming leads through calls, email, and <keyword id="10296" type="General" weightage="50" keywordseo="zoom" source="Orion">Zoom</keyword> meetings. Inside sales will lead to higher customer satisfaction and lower costs. "None of these measures will have any impact on our revenue run rate," said Mohit. After six stressful and tough months, the company's Co-founder Byju Raveendran recently said that "the worst is finally over" and there is only "growth ahead" as seen in the company's FY22 financial results, where it logged Rs 10,000 crore in gross revenues. BYJU's last month paid the remaining dues of nearly Rs 1,983 crore (over $245 million) to global VC firm Blackstone in the $1 billion acquisition of Aakash. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/hcl-techs-net-profit-rises-6-3-sequentially-increases-fy23-revenue-guidance/articleshow/94813269.cms">HCL Tech’s net profit rises 6.3% sequentially, increases FY23 revenue guidance</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/intel-plans-major-layoffs-this-month-as-pc-sales-nosedive-report/articleshow/94813156.cms">Intel plans major layoffs this month as PC sales nosedive: Report</a>

BYJU's consolidates India business, 5% workforce to be 'rationalised' across teams

<ul><li>The <keyword id="11924074" type="General" weightage="20" keywordseo="shark-tank-india" source="Orion">Shark Tank India</keyword> judge says gatekeepers of the app ecosystem – Apple and <keyword id="19902762" type="General" weightage="20" keywordseo="google" source="keywords">Google</keyword> – are the new East India Company and they operate with complete arrogance and impunity.</li><li>Just as startup founders are coming under pressure, venture capitalists and auditors too need to be held accountable for their behaviour.</li><li><keyword id="20225195" type="General" weightage="20" keywordseo="shark-tank" source="keywords">Shark Tank</keyword> India has become a catalyst for driving entrepreneurship and giving it legitimacy. </li></ul> <keyword id="127971" type="General" weightage="100" keywordseo="anupam-mittal" source="Orion">Anupam Mittal</keyword> is India’s original internet entrepreneur, who is the founder and CEO of People Group. Way before platform economy became a buzzword, Mittal built a platform for Indians seeking life partners. And even today one million Indians find their partners on shaadi.com every year. Call him the OG of startups or a serial entrepreneur, he is a man who does not mince words. In a free wheeling chat with Business Insider’s Malini Bhupta, Mittal talks about unfair trade practices of Google, his investment in Ola’s Bhavish Aggarwal and what he thinks is the biggest achievement of Shark Tank India. Edited Excerpts: With some high profile startups like Paytm and Byju’s coming under lens, what do you think is wrong with the startup ecosystem? I think the Paytm issue is a little different. There are two issues there in my view – one is valuation. The company came out with its IPO at the height of the unicorn boom and as a result, their valuation was corrected when the pvt. market corrected. This is part of the pricing game and one can hardly blame them for it. Eventually, they would have grown into their valuation is what I believe. However, the second issue which is regulatory in nature is far more serious. Whether it is justified or not I don’t know. I think there is a little heavy-handedness here as what you are talking about is a payments bank KYC stuff being the reason to shut them down, which could be seen as over-reach since they are not a significantly important lending institution. Talking about what is wrong with India’s ecosystem and why founders are behaving badly is a common issue that occurs when there are high levels of greed. When there is massive liquidity in the system people think they can take advantage of the situation. In the US you have seen Theranos, crypto frauds and an industry that was created around SPACs. Billions of dollars have been lost on that. What is happening in India is a small reflection of that. Greed manifests in two ways – one is the founders who are ambitious who see the ecosystem celebrating unicorns and that gets weaponised. Over time a few start with minor refractions and very soon they start fabricating revenues and manipulating auditors to keep up with the image that has been created. They are riding tigers they can't get off. The venture capitalists too want to see their investments being marked up as their future fund raises depend on the portfolio's net asset value and so they play along and at times actually drive the founders at a velocity that is unsustainable. I think they need to be held accountable by their LPs. Auditors have a very important role here and are perhaps the ones who need to pay the highest price through government censures. They are market participants who have been entrusted with a certain job for which they get paid hefty fees. When they start looking the other way, the system breaks. You have been waging a pitched battle against the unfair trade practices of Big Tech companies in India. What, in your view, are the steps that need to be taken by the government to prevent such unfair practices by large global players? Fundamentally the experience of the internet is through apps – two companies control the entire app ecosystem Google and Apple. Both operate with complete impunity. Two years ago the CCI passed an order against Google around <keyword id="963171" type="General" weightage="20" keywordseo="google-play" source="Orion">Google Play</keyword> Billing System (GPBS). Now they have changed the name to User Choice Billing. If you look at the order CCI says there will be no discrimination at all. Being on the App Store means nothing unless you advertise on Play Store. Startups spend anywhere between 10-50% of revenue on advertising on these platforms already. Essentially, the app store is worth nothing if you don’t have content. What choice does a company have but to adhere to their unfair practices… Now they say that any transaction that happens on apps downloaded via the store will be subject to 15-30% tax/commissions. What this means is that they want 50% of the revenues of the startups. It is the new East India Company and they operate with complete arrogance and impunity. The problem is in getting these companies to comply. Their strategy is to stretch out the legal process and tire the system. Our government and regulators have the right intent but sometimes democracies are messy. As a government, we have to ensure that nobody becomes the gatekeeper to our economy which is what these companies are trying to do. There should be penal provisions for anybody who abuses the law or twists and turns it while violating the very spirit of it. Non-compliance with judicial orders is contempt of court and so there is an opportunity to send a very strong message. These bullies need one arm chopped off in the form of penalties, a rap on the knuckles will not work as they are too big to care about a couple of hundred million in penalties. What is the biggest achievement of Shark Tank, which has now become a huge hit in India? In life timing is everything. Shark Tank’s first season was in December 2021, which was the peak of the startup hype cycle, and it demystified the whole conversation around startups and funding. Shark Tank has become a catalyst for driving entrepreneurship and giving it legitimacy. India is a land of entrepreneurs with every second person running some small business, many from home. A decade ago, if you told someone you are an entrepreneur, you would be told to come back when you get serious. The show has played an amazing role in celebrating entrepreneurship and the startup ecosystem. A lot of companies have done very well. About 8-10 companies that got funded in Shark Tank are doing very well out of 180 companies that came to the show. This is an early stage game and will play out the same way. When you invest in 100 early stage companies, 4-5 will do very well and help recover the investments and some will become very big. A majority will fail. What I found amazing was that the companies that came to the show were not the elites who came from IIT or IIM. These are small businesses founded by housewives and family members. Entrepreneurship is not the reserve of the few. The next decade will be defined by Indian entrepreneurs globally and so there is no better time to be an entrepreneur than now. Shark Tank has put belief in every Indian that they can do it and that changes the game. Many of the founders that come to Shark Tank can do even better than the founders who have come from an IIT or an IIM. I believe that these people understand commerce and ‘dhandha’. The elitist founders are used to being served everything on a platter. Many professionals who come out of large companies or consulting firms cannot start without large funding. Out of the 100 unicorns we have, many will spectacularly fail in 2024 as they were built on the wrong foundations. These companies were built on a template of Ivy League founders and old school networks and so they got funded. Of the businesses that come to Shark Tank, what sectors can do well and stand a better chance of being funded? Indians now have the same aspirations as people in other parts of the world. Anybody who comes in and can bridge the gap between aspiration and affordability will do well especially in lifestyle. For example - Companies in the clothing and jewellery space will do well if they can deliver high aspiration at a value pricing. Last year a company called Snitch came with a revenue of Rs 60 crore and is now doing Rs 250 crore in sales. A company called Skippy, which makes ice pops was funded on Shark Tank too and has a run rate of Rs 50 crore from a few lakhs before ST. I funded a company called Sharmaji Ka Atta which has a revenue run rate of Rs 20 lakh a month in less than 12 months from less than 1 lakh. Another one called Whatsapp Wellness just got funded by HUL. Fundamentally, companies that can build premium products but don’t break the bank on affordability in categories like fashion, lifestyle and food will do well. People read labels now and the young generation is focused on what they are eating. Beauty and wellness products will do well as a secular trend for most of our history Lakme meant beauty, that’s how unbranded we were. Do you feel Shaadi.com is still relevant after Tinder and other dating apps came about? Let’s understand why Tinder is used, it is for hookups and is struggling to grow its revenue in India. Shaadi.com is not an arranged marriage platform. Shaadi.com is a planned marriage platform. Indian culture has four stages of life and marriage is one of the life stages. When you are planning to marry you look for compatibility and it is not about a chemical reaction. On Shaadi.com the family and parents collaborate to find a partner. The old community networks are now dying and we replace those networks. We are bringing together people in the same life stage to find a like-minded partner. The hook-up sites don’t do that and don't understand the Indian ethos. They are applying the same global model to India which does not work beyond a certain point. You were the original internet entrepreneur with a disruptive product. Why did you not create a large business that went on to become a decacorn or a unicorn? It depends on how you define success. If the definition is labels such as decacorn and unicorn, then that's not the game we are playing. Those are vanity labels that I would rather not pursue. Our definition of success is value creation and we are long-term compounders, much like Berkshire &amp; LVMH, so in a sense our ‘overnight’ success story is still waiting to become obvious to the world. From that lens, our ROCE is perhaps the best in the industry we have only ever raised about $20 mn but created several billion in value between our operated and invested cos. Our investee companies employ thousands, have raised over $20 bn and will go on to create $100 bn in value over time, in the bargain generating tremendous wealth for the country and hopefully for us too. We boast an IRR of 52% consistently for more than a decade which is extraordinary by any standards and a testament to our approach and story. Many people build businesses but we were fortunate to create entire industries such as online matchmaking via Shaadi.com, which we still run; proptech company Makaan.com which we sold to NewsCorp very handsomely; India’s first &amp; still the largest digital ad agency, Interactive Avenues, which we sold to IPG at a benchmark price that is yet to be crossed; India’s first mobile gaming company, Mauj Mobile which spawned a massive industry. So, whether it is our customers, employees, shareholders, the country or society at large, I think we have already impacted 10s of millions and while we don’t have a market listed entity like Jio or TCS to show for it, we have delivered massive national and global level impact. Keep in mind that we are most often the first to check into investee cost and every company we have founded has been the first in its industry. Our innovations have generated billions of dollars in wealth and given rise to innumerable founders and entrepreneurs who have learnt at our companies and gone on to build massive companies of their own. Further, I am still very young and the Indian opportunity is only now unfolding. In the next couple of years, you will see some of our other bets in space exploration, mobility real edtech, &amp; sustainable fintech come into the limelight besides something very special we are building on our own. So, in short, I still remain the OG and if you force me to use your labels we have birthed not one or two but several Unicorns &amp; Decacorns and that too with very limited capital. It is perhaps one of the most spectacular untold stories of value creation in the digital economy. Ola is one company that is headed for an IPO and you own 2% in the company. How did that happen? When we invested in Ola, there was not much of a concept of venture funding and the company did not have any suitors so we were able to get in at a very attractive valuation and hold an extremely healthy minority stake which obviously has been diluted over time. I think the network effects are so large that it is hard for others to get into it. I am still a shareholder and looking forward to the initial public offering. I invested in 2012 and when I met Bhavish first, I did not understand the problem he was solving as I live in Mumbai where cabs are available. So I did not think there was a problem. A few days later when I was in Delhi and needed a cab, I was told that they would call a taxi stand. After I came back from Delhi, I realised there was a problem everywhere. And I used to call the call centre and Bhavish used to answer the call centre, which showed me his commitment and reminded me of myself when I had started and so I invested.

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SC to hear plea related to insolvency proceedings against ed-tech firm Byju's on Sept 17

PTI

Supreme Court agrees to list plea related to insolvency proceedings against ed-tech firm Byju's

PTI

India's once-hot startup Byju's was valued at $22 billion. Now, BlackRock says its investment is worth nothing.

Shubhangi Goel

BYJU's acquires another American startup, plans to spend $1 billion on US expansion

Kritti Bhalla

Most laid-off tech employees have landed new jobs in 3 months: ZipRecruiter survey

IANS

Overall job cuts no more than 5% to avoid role duplication: Byju Raveendran

IANS

Microsoft, Airtel, BYJU’S, IIT-Bombay and more — here is a list of companies looking for interns

Vaamanaa Sethi

Edtech platform BYJU's brings in two ex-Amazon executives to enhance learning products and solutions

IANS

BYJU'S appoints ITW Sports Inc USA as its Global Activation Partner for the ICC Cricket and Qatar FIFA Football World Cup 2022

ANI

BYJU's consolidates India business, 5% workforce to be 'rationalised' across teams

IANS

Anupam Mittal hits out at Google — 'Tech bullies need one arm chopped off in the form of penalties'

Malini Bhupta

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