New Delhi: Edtech firm Byju’s rights issue to raise $200 million at a 99 per cent valuation cut has been fully subscribed. In a shareholders’ letter accessed by IANS, founder and CEO Byju Raveendran said that this $200 million raise will give the company “the capital it needs to ensure that we can take care … Read more
New Delhi: Edtech unicorn PhysicsWallah (PW) registered a massive 91 per cent plunge in its profit in the fiscal year that ended March 31, 2023. The Alakh Pandey-led company saw its net profit nosedive to Rs 8.9 crore in the financial year 2022-23 (FY23) from Rs 98.2 crore in FY22, owing to a rise in … Read more
New Delhi: Edtech company Unacademy’s losses decreased by about 40 per cent in FY23, as its revenue grew at 26 per cent in the fiscal year ending March 2023. To reduce losses, Unacademy also laid off about 1,500-2,000 employees in several restructuring exercises. The Peak XV Partners-backed edtech platform reduced its loss to Rs 1,678 … Read more
