Byju Raveendran, the founder of the embattled edtech group Byju’s, acknowledged on Thursday afternoon that he made mistakes, mistimed the market, overestimated growth potential and that his startup, once valued at $ 22 billion, is now effectively worth “zero.” Speaking to a group of journalists, Raveendran said the company’s aggressive acquisition of more than two […]
India’s Physics Wallah raises $210M at $2.8B valuation even as edtech funding remains scarce
Physics Wallah, an Indian edtech startup, has secured $ 210 million in fresh financing amid a tough funding environment for edtech companies in the country following the collapse of Byju’s, once the biggest company in the space. Physics Wallah said on Friday the Series B round was led by the hedge fund Hornbill Capital, a […]
Indian edtech Unacademy cuts another 250 jobs
Indian edtech giant Unacademy is laying off about 250 employees, the latest in a series of layoffs since the reopening of schools across the country after the pandemic. The Bengaluru-headquartered startup, valued at $ 3.4 billion in its last funding in 2021, is cutting 100 jobs in core roles (marketing, business and product) and 150 […]
Spotify throws its hat in the edtech ring
Hello, and welcome back to Equity, a podcast about the business of startups, where we unpack the numbers and nuance behind the headlines. This is our Monday show, in which we look back at the weekend what’s ahead in the week before us. Today on the show we had a lot of ground to cover: […]
Techstars-backed Nigerian edtech Klas raises $1M for global scaling of online teaching platform
Nigerian online teaching platform Klas has raised $ 1 million in pre-seed funding led by Ingressive Capital, with participation from Techstars, HoaQ Capital, and several angel investors. Founded in 2022 by Nathan Nwachuku and Lekan Adejumo, Klas enables users to create and sell ebooks, courses, and live classes. The platform offers essential class components such […]