Edtech

Startups cut about 11,250 jobs during the January-June period this year, compared with 21,000 in the first half of 2023 and 15,000 in the second, according to data from executive search firm Longhouse Consulting.

The gaming industry offers promising career opportunities for freshers with a blend of technical and creative skills. Key competencies include programming in languages like C++ and Python, art and design expertise, and knowledge of game design principles. Important soft skills such as communication and problem-solving, along with technological training in AI and cybersecurity, are also valued.

His appointment comes at a time when the company is looking to expand its reach and impact in the evolving online education universe.

Justice Sharad Kumar Sharma recused from hearing Byju Raveendran’s appeal as he had appeared as the senior counsel for the Board of Control for Cricket in India. A new bench will now be constituted to hear the appeal.

Bluelearn, a well-funded upskilling platform, has announced its shutdown and plans to return 70% of raised capital to investors. It is latest to join the list of Indian Edtech platforms that closed down.

Google-backed edtech startup Adda247, founder and chief executive Anil Nagar said that this employee stock ownership plan (Esop) buyback represents a pivotal moment for the company. The edtech firm recorded revenue of Rs 243.39 crore in FY24 and has about one million paid users, aiming to increase this number to 1.7 million by the end of this year.

Economic Survey highlighted, startups recognised by the government - more than 1.17 lakh as of December 2023 - have created over 12.42 lakh direct jobs in the country. Finance minister Nirmala Sitharaman tabled the Economic Survey 2023-24 in parliament on Monday. The top sectors for startups in 2023 were edtech (16%), enterprise tech (12%), BFSI (10%) among others.

The case relates to unpaid dues of Rs 158 crore payable to BCCI for sponsorship rights. The troubled edtech firm will knock on the doors of NCLAT on Monday.

According to industry executives, the consolidation is being driven by the fact that smaller companies often offer unique propositions and specialisation in niche categories. Such companies could also be acquired at attractive valuations due to the prolonged funding winter. Funding in edtech sector plunged to $319 million in 2023.

Happy Friday! The Centre is likely to go for another round of inter-ministerial consultations on the draft of the Digital Competition Bill. This and more in today’s ETtech Morning Dispatch.

Edtech firm Schoolnet has acquired learning app Genius Teacher for an undisclosed sum. This and more on today’s ETtech Top 5.

Amid consolidation in the sector, Housing.com cofounder Advitiya Sharma's edtech startup Genius Teacher, a quiz-based e-learning platform focussed on the K-12 category, was acquired by Schoolnet. The segment has seen multiple deals over the past year. Genius Teacher has raised nearly $3 million since inception.

Unacademy layoffs: Unacademy has laid off around 100 people from core functions like business development and marketing and the rest are from the sales department, sources told ET.

Byju’s faces protests from investors over $200 million rights issue conducted at 99% discount. Lenders within consortium loaned $1.2 billion to Byju’s file bankruptcy petition in US court.

Campus Fund invests in startups run by students and offers mentorship and guidance on investing. The firm describes student founders as those who are currently students, or graduates and dropouts in the previous three years, with at least 25% equity in the company.

Hemesh Singh, cofounder of Unacademy, transitions from CTO to advisory role after a decade. Singh's exit is the latest in a series of high profile exits from the edtech startup, which now primarily focuses on offline test preparation. Despite multiple layoffs, Unacademy reduced its net loss by 41% in fiscal 2023.

This comes at the time of Byju's controversial $200 million right issue at 99% discount to its peak valuation of $22 billion, meaning any investor not investing in the rights issue will see its holding wiped off.

The National Company Law Appellate Tribunal has rejected an appeal filed by a group of investors of Byju’s seeking intervention in the case between the two parties in the National Company Law Tribunal (NCLT). These investors had requested an order to halt the ongoing proceedings at the NCLT’s Bengaluru bench.

BYJU'S processed employees' May salaries from business collections. Salaries paid from company's collections, highlighting financial health and debt-raising challenges. Company raised debts, implemented strategic initiatives. Investors, including Prosus, General Atlantic, Sofina, Peak XV, Tiger, Owl Ventures, approached NCLT Bengaluru.

Edtech firms seeing strong demand for courses related to ESG reporting, climate technology, carbon accounting, lifecycle analyses