I wish our edtech companies get swallowed by Coursera, at least that way we may actually end up with something decent

Edtech died the day wolf Gupta wanted us to learn coding. 
 The burial activities are going on now.

Consultant

Founder

Recruiter

They can still , swallow but not something that they are gonna like

Software Engineer

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Coursera Ceo on Byjus

Coursera Ceo on Byjus- Grapevine

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Sad state of Indian Edtech. Next would be Unacademy.

BlackRock has yet again cut the value of its holding in Byju's, slashing the implied valuation of the Indian startup to $1 billion from $22 billion in BlackRock has cut the value of its holding in Byju's, slashing the implied valuation of the Indian startup to $1 billion from $22 billion in early 2022.

BlackRock cuts Byju's valuation by 95% to $1 billion | TechCrunch

Just in : BlackRock cuts Byju’s valuation by 95% to $1 billion 🌀

Software Developer

Program Manager

If founders care more about customer then they don't have to bow infront of VCs.

Customer Obsession >> Funding Obsession

Byjus debacle $ 22B to $ 1B.

Senior Consultant

Most edtechs have been infamous for mis-selling, poor teaching , etc but are there any good startups who are doing great work?

Any good Edtechs worth joining?

Most of us are curious of how decisions are made in major VC funds, as these funds are private and only share this information with their Limited Partners (LPs).

For the unknown, there are VC funds known as Corporate Venture Capital funds, which are the venture arms of corporate firms; they are required to disclose the performance of their CVC funds to the general public.

Prosus, one of the largest funds in this category, has just released its 2024 Annual Report, so thought it would be helpful to share the key takeaways with you all. So, here we go:

1/ Swiggy: On the Launchpad
Swiggy continues to impress with a 26% surge in its gross order value and a robust user base that's grown to 104 million. The food delivery giant isn't just expanding—it's preparing to soar with a confidential IPO filing. Swiggy's blend of core deliveries and quick-commerce ventures positions it as a frontrunner in the food-tech race.

2/ Byju's: A Reality Check
The tides have turned for Byju’s, once a darling of the edtech world, now facing a stark reality with a $493 million valuation write-down by Prosus. This significant markdown is a wake-up call to the high-flying valuations in the edtech sector, spotlighting the need for sustainable financial health over speculative growth.

3/ PayU: Quietly Confident
While specific updates on PayU were sparse, its role in Prosus’s fintech ambitions remains pivotal. PayU continues to weave through Prosus's strategy, likely focusing on enlarging its digital payment solutions and tapping into burgeoning financial service opportunities in emerging markets.

4/ PharmEasy: Unsung Potential
PharmEasy's story remains under the radar in this year’s dispatch. However, as a component of Prosus's health tech ventures, it’s poised to play a crucial role in expanding accessible digital healthcare solutions, streamlining services from prescriptions to doorstep delivery.

The Bigger Picture? Prosus's strategy paints a vivid portrait of India's evolving startup ecosystem. It's no longer just about rapid growth and sky-high valuations. The game has changed:

1/ Sustainability is king: Byju's fall from grace is a stark reminder that financial health trumps speculative growth.
2/ IPO readiness matters: Swiggy's preparations show the market's appetite for well-prepared tech giants.
3/ Quiet expansion: PayU and PharmEasy's low-key presence suggests strategic focus on steady growth over flashy headlines.
4/ Diversification is key: Prosus's varied portfolio highlights the importance of spreading bets across sectors.

Checkout their annual report at https://www.prosus.com/~/media/Files/P/Prosus-CORP/AR2024/1latestfinancialresults/04annualreport/fy2024annualreport.pdf - happy reading!

Would you like more breakdowns of such reports and documents? Let us know in comments below 👇🏽

Key takeaways from Prosus 2024 Annual Report

Journalist

Absolutely crazy stuff. To summarize what I read: 

1) Byju's apparently transferred $533Mn to Camshaft Capital - a random hedge fund in Miami that was started by a 23 year old, with barely any investing experience. 
2) This hedge fund is run out of a building that has an iHOP (yes the food chain). When asked about the whereabouts, nobody even recognizes if the fund actually exists there
3) This fund typically accepts only upto $50Mn. How come Byju's transferred $533Mn to them?
4) 2023 Ferrari Roma, a 2020 Lamborghini Huracán EVO, and a 2014 Rolls-Royce Wraith -> All registered on this fund's papers 
5) Now, Byju's lenders have filed a case against Camshaft in the US.


Link to original article: https://www.bloomberg.com/news/articles/2023-09-12/byju-s-hid-533-million-in-hedge-fund-camshaft-run-from-miami-ihop-lenders-say#xj4y7vzkg

Byju’s Hid $533 Million in Fund Run out of an IHOP outlet 🤯

The games that the rich and wealthy play. We're way to far away from it. And we'll probably never get it? 

Fuck it

Product Manager

Analyst

Byju's

My first startup had a smoking zone where there was gramophone looking art piece where people used to dump their ashes. Later someone told me that it’s a Bluetooth speaker and no one cared to put it back after the party that happened two weeks back. 

That was true culture shock.

What are some of the mindless things that high funded startups do?

Remember that poem 'Ozymandias'

Business Analyst

Coursera hasn’t announced yet but 50 people got the email yesterday. All in the Sales teams.

Coursera silent layoffs

Welcome to Product Managers's Private Community

I have been on this journey for a long time now. Lots of failure comes with loads of learning. Each step or initiative I took has helped me grow as a person, the business guy (ed-tech, media space), and also in terms of technicalities (full-stack product management, hardcore hands-on into technology and I love user experience)

Ps: currently running an edtech startup in pre-seed/seed stage

Feel free to ask anything, would be happy to help even personally

5 years of failure (Entrepreneurship) AMA

30% of engineers will be gone.
50% of higher managenment will be gone.
List contains a total of 80 devs/managers/directors/Vp/CTO from Tech team, reducing the Tech Team size to merely 130.

How does byjus justify their valuation, when there is no value ?

Byjus 6th Round on 4th Dec 🥲

Byju’s

I hear tales about how at their peak, BYJU's used to deal with investors. 
They would not share financials. If you wanted to invest, they'd ask you to come down to office, and only for that time, see whatever you want to see. 

Investors obliged. It was the shining star of Edtech India, nobody wanted to miss out. 

Now those same investors are ousting the founder, fair enough.

But I hope enough people look back and realize they created the problem. They allowed it to exist.

BYJU's: Wasn't it always gonna happen?

How is Byju’s doing?

https://m.economictimes.com/tech/technology/new-byjus-ceo-arjun-mohan-plans-to-merge-businesses-cut-more-than-5000-jobs/amp_articleshow/103968170.cms

Apparently, they didn’t know that they had to repay the loan, so now they have to fire 4-5K people to repay it. I guess this is all a game for them.

Kalyug at BYJUs

Growth And Strategy

What could they do to undo this downward spiral?

How long before Byjus runs out of funds?

A lot of noise inside unacademy around this news.

Apparently Gaurav will move aside and let Mrinal Step in and take over as CEO role to help Unacademy grow. This has been confirmed by senior folks from the Unacademy CEO's office team. 

Edtech space is truly getting hot with each passing day. Official announcement later this week.

Mrinal Mohit joining Unacademy as CEO

- Byju's, once valued at $22 billion, faces insolvency, causing panic among employees.
- U.S. lenders seek $1 billion in unpaid dues, leading to a court battle and asset freeze.
- Employees, unpaid for months, consider protests and lawsuits to recover dues.
- India's Supreme Court declined Byju's request to halt the insolvency process.
- Founder Byju Raveendran assures staff of prompt salary payments once control is regained. 

 Source: [Reuters](https://www.reuters.com/world/india/indian-ed-tech-giant-byjus-insolvency-case-fans-fears-employees-2024-08-22/)

Byju's Insolvency Sparks Employee Fears Amid Legal Battles

- BYJU'S founder and CEO Byju Raveendran claims the company is on the brink of reversing its negative business cycle and launching BYJU'S 3.0, an AI-driven educational platform.
- Raveendran stated that the founders have infused approximately INR 7,500 Cr into the company over the past 29 months to meet operational needs.
- The company has failed to clear July 2024 salaries, with Raveendran blaming lenders and promising prompt payment once control is regained.
- Despite financial challenges, BYJU'S remains the largest edtech platform globally with 150 Mn monthly users, transitioning to a sustainable business model.
- Raveendran addressed ongoing legal battles with US-based lenders and denied any personal investigation by the Directorate of Enforcement. 

 Source: [Inc42](https://inc42.com/buzz/byjus-on-the-verge-of-a-turnaround-investors-ready-to-back-the-company-byju-raveendran/)

BYJU'S On The Verge Of A Turnaround, Investors Ready To Back The Company: Byju Raveendran

- Byju's founder, Raveendran, declared the company's worth as zero after key investors resigned from the board.
- The resignations made it impossible for the edtech firm to raise further funds.
- Raveendran expressed regret over taking the Term Loan B, which he described as the most expensive capital.
- The company is currently undergoing bankruptcy proceedings, with the National Company Law Tribunal initiating insolvency proceedings against Byju's.
- Despite the crisis, Raveendran remains optimistic about a turnaround and insists there has been no fraud within the company.

Source: [Economic Times](https://economictimes.indiatimes.com/tech/technology/investors-leaving-board-was-biggest-setback-byjus-now-worth-zero-founder-raveendran-our-bureau/articleshow/114320123.cms)

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