Byju’s raised $250M in new funding as the market downturn delays its IPO; a source says the valuation was $22B, the same as when it raised $800M in March 2022 (Manish Singh/TechCrunch)

Manish Singh / TechCrunch:
Indian edtech giant Byju’s plans to lay off 5% of its workforce, or around 2,500 people, in a bid to achieve profitability by 2023  —  Indian edtech giant Byju’s said on Wednesday it has eliminated 5% of its workforce, or about 2,500 roles, across multiple departments as it looks to improve …

Moneycontrol:
Prosus valued its 9.67% stake in Byju’s at $578M at the end of Q3 2022, implying Byju’s total value to be $5.9B; Byju’s was valued at $22B in October 2022  —  Although Prosus’ accounting entry implies that it values Byju’s at $5.9 billion, experts say that different shareholders may value a private company differently in their books.

Manish Singh / TechCrunch:
Byju’s has missed its own deadlines to file audited financials for the year ending March 2021 by nearly 18 months; Indian government demands an explanation  —  It took Byju’s 10 years to become India’s most valuable startup, expanding its empire of online learning apps to many markets including …

Manish Singh / TechCrunch:
Indian edtech startup Unacademy cuts 350 jobs, or 10% of its workforce, in its second round of layoffs this year after cutting 1,000 roles in April 2022  —  Unacademy has eliminated 10% of its workforce, or about 350 roles, in its second round of layoffs this year as the Indian edtech warns of harsh economic conditions.

Manish Singh / TechCrunch:
Source: Byju’s has paid ~$234M to Blackstone for ~38% shares in Aakash, settling all its dues owed to the PE firm as part of a ~$1B deal from April 2021  —  Byju’s has cleared all its dues to Blackstone by paying $234 million it owed the global investment giant for the $1 billion acquisition of Aakash …

Manish Singh / TechCrunch:
Indian B2B marketplace Udaan raised $120M in convertible notes and debt, taking its funding to $350M+ in the past year, and plans an IPO in 12-18 months  —  India’s Udaan has raised $120 million in convertible notes and debt led by existing shareholders and bondholders …