Byju’s Founder Byju Raveendran
Dear reader,
The recent turmoil surrounding Byju’s, a prominent player in India’s edutech arena, has escalated with major backers advocating for a leadership overhaul and board restructuring.
This demand, echoing concerns over governance and financial mismanagement, underscores a deepening rift within the company’s stakeholders.
Think & Learn’s assertion of shareholders’ limited authority to influence management decisions contrasts sharply with investors’ calls for an extraordinary general meeting to address pressing issues.
Amidst this internal strife, Byju’s faces additional challenges on the global front, with its US division embroiled in bankruptcy proceedings following substantial debt defaults. Allegations of financial impropriety, including claims of fund misallocation, further tarnish the company’s reputation.
The involvement of notable investors such as General Atlantic and the Chan Zuckerberg Initiative underscores the gravity of the situation, casting a shadow over Byju’s once formidable position in the edtech landscape.
As the saga unfolds, restoring trust and stability appears paramount for the company’s future viability amidst a landscape of heightened scrutiny and financial uncertainty.
Sainul,
Editor.
NEWS & ARTICLES
Byju’s US division files for bankruptcy protection
The move comes after the unit, Byju’s Alpha, defaulted on US$1.2B in debt. According to a document filed by the US entity’s CEO Timothy Pohl, Byju’s Alpha lacked the funds to pursue its conflict with its parent firm over the debt.
Byju’s investors call to oust founder
This development comes days after its parent Think & Learn said it was looking to raise US$200M via a rights issue; This would mean a plunge of nearly 99% from the company’s peak valuation of US$22B.
Mobile crypto payment app Oobit raises US$25M in Series A
Investors include Solana Labs’s Anatoly Yakovenko and stablecoin issuer Tether, 468 Capital, and CMCC Global’s Titan Fund; The Singaporean startup will use the funds to expand across APAC, Latin America, and the UAE.
Validus banks new funding to boost SME financing in Vietnam
The investor is Japanese firm Reazon Holdings; Singapore-based fintech firm Validus uses data analytics, AI, and supply-chain partnerships to provide financing for SMEs in the region.
Shopee lawsuit against ex-employee dismissed by Singapore judge
Shopee had sued Lim Teck Yong – who last held the executive director of operations position at Shopee Brazil – for joining ByteDance weeks after leaving his Shopee post in mid-2023.
Genesys acquires Singapore SaaS startup Radarr to flex more AI muscles
Radarr helps companies make decisions based on relevant real-time online conversations – on social media and other digital platforms – through data visualisations, dashboards, and insights reporting.
Temasek exits Policybazaar investment for US$290M
Temasek held a 5.42% stake in the Indian insurtech marketplace; Policybazaar had recently posted its first quarterly profit of US$4.4M as demand for insurance bolstered revenue during the December 2023 quarter.
Jio Financial says not in talks to acquire Paytm’s wallet business
Paytm and Jio Financial Services have reportedly been engaging for months for a deal, something that escalated after the Indian central bank widened its crackdown on Paytm’s Payments Bank.
Pyxis bags US$3.4M to help make the maritime industry greener
Investors include Motion Ventures, Shift4Good, Seeds Capital, and MarImpact; Pyxis will use the new funds to accelerate its electrification tech development and expand the production of its electric harbour crafts.
Web3 gaming IP company Pixelmon secures US$8M seed funding
Investors include Animoca Brands, Delphi Ventures, Amber Group and Bing Ventures; Pixelmon delivers ownership of IP and in-game assets through its fractionalised IP ecosystem Mon Protocol.
Indian EV ride-hailing firm Snap-E Cabs secures US$2.5M
Inflection Point Ventures is the lead investor; Snap-E currently operates with 600 electric cars in India’s eastern city of Kolkata and looks to add 300 to 400 more by the end of this financial year
Snapchat’s parent lays off 10% of workforce
The layoffs would impact roughly 500-plus employees; The layoffs were announced in an SEC filing, where Snap explained the move was necessary to support its further growth; In November 2023, it conducted a saw small-scale layoff.
Chinese EV sales drop in Jan amid decreased demand
The decline was especially marked for BYD, which accounted for nearly a third of the country’s green energy vehicle sales last year; BYD, the biggest Chinese EV maker, witnessed a 41% sales decline compared to December.
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The post Ecosystem Roundup: Byju’s in deep mess | Temasek exits Policybazaar investment | Oobit secures US$25M appeared first on e27.