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Byju’s lays off over 2500 employees across Whitehat Jr and Toppr

The ed-tech company in India is experiencing its most successful era to date. Byju’s, the biggest and most successful ed-tech startup in India after Unacademy and Vedantu, is having trouble surviving. Shah Rukh Khan serves as the brand ambassador for the ed-tech business, which has cut off over 2500 workers from sibling companies including Whitehat Jr. and Toppr. During the covid-induced lockout, WhiteHat Jr dominated the spotlight to make coding approachable to children. The Byju Ravendrann-led company, according to MoneyControl, has let go of full-time and contract workers from Toppr,…

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Merchant commerce platform Pine Labs makes its third acquisition; buys API Infra startup Setu

The API infrastructure company Setu from Bengaluru has been purchased by Noida-based merchant commerce platform Pine Labs for an undisclosed sum. The sale is reportedly worth anywhere between $70-75 million, according to multiple media sources. As part of the agreement, Setu will continue to run as a separate business and continue to support its current merchants. Pine Labs will be able to access Setu’s API infrastructure stack and enter integrated finance as a result of the agreement, extending fresh offerings for its online merchant partners. “Setu will make an incredible…

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 Byju’s pushes back payments for billion-dollar Aakash deal

Byju’s, the most valued startup in India and a provider of online education, is delaying payments for a $1 billion acquisition made last year. According to the sources, who declined to be named because the conversations were private, Byju’s requested a two-month delay before paying Blackstone Inc. and other shareholders of test prep company Aakash Educational Services this week. According to the sources, several dealers got partial payments in 2021. According to one of the sources, Blackstone, which controlled 38% of Aakash, decided to postpone payments that were due this…

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Edtech players go hybrid as online growth slows

Edtech companies are focusing on a hybrid strategy as the sector slows after two years of hypergrowth, as softening Covid-19 restrictions and the reopening of offline institutions encourage more students to return to traditional learning methods. PhysicsWallah, Byju’s, Imarticus Learning, Cuemath, Vedantu, and Unacademy are all in the process of expanding or establishing a physical presence. Going hybrid, according to edtech firms, is a logical move as education alters as a result of digitisation and developing technology. While online learning will continue to grow in popularity, classroom programmes will improve…

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AICRA to establish Center of excellence for AI in Karnataka

All India Council for Robotics & Automation (AICRA) announced the establishment of a Centre of Excellence (CoE) for Artificial Intelligence (AI) in Bengaluru at the India first tech startup conclave & awards 2022. With a corpus fund of Rs 100 crore, the CoE will focus on building an ecosystem for embracing entrepreneurship in the AI sector to help them start, sustain and do R&D. An MoU was signed for the establishment of the CoE with Boston India Pvt Ltd. Organized by the All India Council for Robotics & Automation (AICRA)…

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IFTSC 2022: That’s a Wrap for India’s most influential startup event.

IFTSC 2022 witnessed Startup presentations, keynote sessions, and new product launches. AICRA signed MoU with Boston India Pvt ltd and AISECT. India’s largest and most influential startup event, “India First Tech startup conclave & awards 2022” organized by the All India Council for Robotics & automation under the India startup mission winds up its second chapter in the Silicon Valley of India- “Bengaluru”. The event kicked off on the 8th of June with more than 100 exhibitor companies including emerging tech startups that featured several innovative products and services. The…

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SaaS startup Kissflow leans on new low-code platform

Kissflow, a software-as-a-service company, announced on Tuesday that it is aiming for the $50 billion integrated work platform market with the launch of its unified low-code/no-code platform, which it claims would help organisations accelerate digital transformation. According to the company, the platform would unify the whole spectrum of task management for users ranging from end-users to teams, team managers, process specialists, citizen developers, and IT developers. “This is a long game for us,” Suresh Sambandam, CEO, Kissflow said. “So we are really looking at anywhere between three to five years,…

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BetterPlace acquires EzeDox in an all-cash deal

BetterPlace, a full-stack tech platform for frontline staff management, has announced the purchase of EzeDox, a no-code workflow builder platform, for an undisclosed sum. BetterPlace has consolidated its leadership position as the largest and only full-stack tech provider in the Indian frontline workforce management area, a $80 billion potential in India, with this acquisition. In its seed stage round, EzeDox was last valued at $2 million. BetterPlace will be able to automate and digitise its frontline personnel management procedures with EzeDox’s custom workflow builder capabilities from day one of operations….

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Anicut Capital raises Rs 110 crore to invest in startups

Anicut Capital, an investment management firm, announced on Tuesday that it had raised Rs 110 crore to acquire equity holdings in startups across a variety of industries. The Rs 500-crore Anicut Opportunities Fund I has reached its first closure. According to an official announcement, the fund would be used to invest in up to 15 growth stage enterprises. It also stated there is a Rs 250-crore greenshoe option for the newly launched fund, without divulging the details of the Rs 110-crore commitments. The firm also announced the appointment of Dhruv…

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Online learning platform Physics Wallah enters unicorn club with $100 million funding

Physics Wallah, a self-funded online education startup, has raised $100 million in its first round of funding led by WestBridge Capital and GSV Ventures, making it the newest edtech to join India’s unicorn club. The company is worth $1.1 billion, according to a prepared statement released on Tuesday. Unicorns are startups valued at $1 billion or more that are privately held. Other edtech unicorns include the likes of Byju’s, Unacademy, Eruditus, Vedantu, UpGrad and Lead School. According to a prepared statement, the funds will be used for business expansion, branding, the…

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