<div>
  <ul>
    <li>
      <p>
        Byju&rsquo;s, an online learning platform, reported a revenue decline of 3.3% YoY to INR 24.28 billion (~USD 305.6 million) in FY2021 (ending March). This was due to the company adopting a new revenue recognition model which deferred ~40% of its revenue to FY2022. Byju's losses widened to USD 577.4 million in FY2021 compared to a loss of USD 32.9 million the previous year.
      </p>
    </li>
    <li>
      <p>
        The company also stated that it generated gross revenue of USD 1.26 billion in FY2022 and a revenue of USD 570 million in the first four months of FY2023.
      </p>
    </li>
    <li>
      <p>
        According to the company, the filing of audited accounts was delayed due to the Covid-19 pandemic and the complexity of accounting for numerous acquisitions in FY2021.
      </p>
    </li>
    <li>
      <p>
        Byju&rsquo;s stated that it has postponed its plans for going public this year due to uncertain macroeconomic conditions and is considering an IPO in 9&ndash;12 months. Additionally, the company is planning new funding round in the upcoming weeks and has made a bid to acquire US-based EdTech firm 2U.
      </p>
    </li>
    <li>
      <p>
        The company also reported that it had paid a substantial amount of the USD 1 billion due for the Aakash acquisition to investor Blackstone and the two companies have mutually agreed to settle the balance amount at a future date. Moreover, the company confirmed that it is yet to receive USD 250 million from investors Sumeru and Oxshott from a 
        <a href="https://sp-edge.com/updates/9068">
          funding round in March 2022.&nbsp;
        </a>
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://techcrunch.com/2022/09/14/indian-edtech-giant-byjus-missed-own-revenue-projections-in-fy21/">
      TechCrunch
    </a>
  </p>
  <p>
    <a href="https://www.usnews.com/news/technology/articles/2022-09-14/indias-byjus-posts-gross-revenue-of-100-billion-rupees-in-fy22">
      U.S. News
    </a>
  </p>
  <p>
  </p>
</div>


EdTech: K-12

Byju’s reports FY2021 results after a delay of 18 months; listing plans may be delayed till 2023 due to macroeconomic conditions

<div>
<p>HyperionDev, an online computer science education provider based in Cape Town, has secured a funding of approximately ZAR 95 million (equivalent to USD 5 million). With this investment, the firm aims to expand its operations in South Africa and the UK and to venture into new markets. The funds will also enhance the availability of technology education on HyperionDev's platform.</p>
</div>

HyperionDev raises ZAR 95 million (~USD 5 million) for market expansion

PROMINENT_CATEGORY

<div>
 <p>PowerSchool Holdings has launched two AI-based solutions, namely PowerBuddy for Learning and PowerBuddy for Assessment. They are formulated to enhance the efficiency of educators and foster student learning. These programs rely on Microsoft's Azure OpenAI Services technology for their operation and are accessible to schools and districts.</p>

</div>

PowerSchool Holdings introduces 'PowerBuddy' AI solutions for learning and assessment

<div>
 <p>Byju Raveendran has resumed his position as CEO at Byju's. This follows the departure of Arjun Mohan, who served as CEO for 10 months before transitioning to an advisory role.&nbsp;</p>
 
</div>

Byju Raveendran resumes CEO role as Byju's navigates restructuring challenges

INCUMBENTS_PRESENT

<div>
 <p>Pearson, a UK education firm, introduced two new online, full-time tuition-free public school programs and expanded an existing one in its Connections Academy. The programs include all essential books and materials and are open for enrollment for the 2024–2025 school year.</p>
</div>

Pearson launches tuition-free online Connections Academies in three states

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<div>

<p>Byju, an educational technology company, laid off 500 of its employees primarily from the sales and marketing departments due to a financial crisis it is suffering through. This process took place over a span of two months with the company focusing on dismissing its underperforming members. The firm now seems to be proactively modifying its business structure while struggling to manage its financial situation.</p>

</div>

Byju's lays off 500 employees amid restructuring and cash crunch

<div>
 <p>IXL Learning, a personalized learning product developer and learning platform provider, has purchased the famed Dictionary.com and Thesaurus.com. The company says this merger will enhance education's engagement and accessibility, and they plan to collaborate to expand Dictionary.com's platform.</p> 
</div>

IXL Learning acquires Dictionary.com and Thesaurus.com to strengthen language and literacy portfolio

<div>
 <p>Pearson, a UK-based education provider, has revealed plans to initiate three new Connections Academy online public school programs in California, Missouri, and Pennsylvania. These programs are scheduled to be launched in the 2024–2025 academic year with an aim to offer free K-12 education to students through an online platform. The curriculum offered will be state-aligned and deliver personalized educational support to aid the students in their learning journey.</p>
</div>

Pearson announces new Connections Academy online public school programs in three states

<div>
 <p>GoStudent, an online tutoring platform, regained its profitability after suffering significant losses in 2021 and 2022. The company was able to achieve a positive EBITDA and operating cash flow globally. This financial recovery was due to rapid scaling and restructuring, which included layoffs and cost-saving initiatives.&nbsp;</p>
 
</div>

GoStudent achieves profitability after rapid scaling and major cost cuts

<div>
 <p>Byju's, an educational company, has confirmed that 262 of its centers are entering their third year of operation, contradicting rumors of their closure. Earlier reports speculated that Byju's was planning to shut down 200 out of its 300 national centers in a bid to cut costs, but the company has denied these claims. Byju's aspires to set new benchmarks in hybrid learning through a blend of online and offline modes.</p>
</div>

Byju's clarifies rumors on tuition center shutdowns

<div>
 <p>Accelerate Learning collaborates with CloudLabs to offer CloudLabs Virtual STEM, an educational tool featuring over 600 gamified simulations and 135 learning units across STEM fields. The simulations provide immersive virtual lab experiences for students, exploring real-world challenges. CloudLabs Virtual STEM can be integrated into Accelerate Learning's STEM curricula or used independently.</p>
</div>

All Updates