On Monday, News reported this, citing persons who were acquainted with the situation as their source. Byju’s is trying to raise money in order to alleviate the strain of its current financial situation.

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According to a piece of writing that was released in the month of September, Byju’s had been mulling over the possibility of divesting itself of two of its subsidiaries, namely Great Learning and Epic, in order to raise as much as one billion dollars in order to streamline its business operations and repay its debtors.

The potential sale of Epic would help Byju’s

A report suggests that the potential sale of Epic would be beneficial to Byju’s in terms of funding its contentious $1.2 billion term debt. In addition, the paper mentioned that other prospective buyers, including Duolingo (DUOL.O), a company that designs and develops mobile learning platforms, expressed interest in purchasing Epic.

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Byju’s did not immediately reply to the request for a statement, and officials from Joffre and Duolingo could not be reached immediately because it is presently outside of work hours in the United States. Duolingo also did not immediately answer to the request for comment.

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The individual in charge of carrying out the selling process for Epic, according to the source, and a deal may be closed by the end of this month.

Byju’s, backed by investors such as…

Byju’s, which had a valuation of $22 billion the year before and was supported by investors like General Atlantic, Prosus, and Silver Lake, has been rocked by a slew of setbacks, including the departure of its auditor and board members.

Byju’s was sponsored by investors like these: General Atlantic, Prosus, and Silver Lake. It has also been considering the repayment of a debt that is currently worth 1.2 billion dollars throughout the course of the past few months.

The post Byju’s and Joffre are negotiating a sale of the US division of epic for $400 million. appeared first on Republic Aeon.

People familiar with the situation informed Business Today on Wednesday that edtech unicorn BYJU’s has conducted a new wave of layoffs, affecting more than a thousand workers. According to Business Today, a member of the company’s engineering staff said, “People were laid off in every IT team this morning.” My team too experienced steep cuts. Over a thousand people have been laid off from engineering departments, which accounts for 15% of the workforce.

A new hire who was terminated says that the corporation has fired everyone who is just starting out in their career. According to the newcomer, “BYJU’s has laid off all newcomers in this layoff.”
Moreover, a current worker at the company revealed that 30% of the tech and engineering staff were let go in October of last year. The previous round of layoffs resulted in the dismissal of 30 percent of the engineering staff, he claimed. An extra fifteen percent were laid off this time.

On Wednesday, Business Today attempted to contact BYJU’s for comment on the aforementioned allegations. Their response will be added to the document.
The corporation announced in October that it had fired 5 percent of its personnel, or 2,500 people out of a total of 50,000. The creator, Byju Raveendran, said that the layoffs were necessary in order for the company to turn a profit.

A loss of Rs 4,589 crore was declared for FY21, the greatest ever for an Indian company, according to the edtech giant’s financial papers. The company had a 3.3% decline in revenue. The Corporate Affairs Ministry was apparently annoyed by the fact that the company’s FY21 financials were delayed by approximately 18 months.

BYJU’s marketing budget for FY21 was around Rs 2,500 crore. The official sponsorship of the FIFA World Cup cost the firm $40 million (about Rs 330 crore).

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In 2019, the firm replaced Oppo as the primary sponsor of the Indian cricket team. Each bilateral match cost them 4.61 crore, while each other match cost them 1.51 crore. And for a reported $55 million, they extended their deal with India’s cricket governing body, the Board of Control for Cricket in India (BCCI) (Rs 454 crores).

BYJU’s, however, recently made it public that the company would not be renewing its sponsorship deals with the Board of Control for Cricket in India (BCCI), the International Cricket Council (ICC), or FIFA (Federation Internationale de Football Association).

Edtech unicorn BYJU’s has undergone a fresh round of layoffs, letting go of over 1,000 employees, people aware of the matter told Business Today.https://t.co/SOtHBAFUIn

— Business Today (@business_today) February 2, 2023

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