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Prosus Writes Off 9.6% Stake In Byju’s Amid Significant Valuation Decline

By
Kapil Suri
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BYJU

Investment firm Prosus has announced the write-off of its 9.6% stake in the edtech company Byju, attributing this decision to a significant decline in value. According to the Naspers-owned firm, the decreased value for equity investors in Byju necessitated this financial move. This mirrors the broader sentiment among Byju’s financial backers, who now assess the company’s value at nearly zero.

In a recent stock exchange filing in the Netherlands, Prosus disclosed, “A fair value loss of $493 million was recognised in other comprehensive income in the current year.”

Prosus has invested approximately $500 million in Byju’s over the years. Its portfolio includes prominent Indian startups like Swiggy, Meesho, and Eruditus.

Over the past few years, Byju has faced a series of valuation downgrades from its early backers, including Prosus. Notably, the financial firm HSBC recently estimated that Prosus’s nearly 10% stake in Byju holds zero value.

Also read: Edu-tech platform Udemy raises Rs 371 cr in funding

This development follows Byju’s recent $200 million rights issue, which valued the company at $225 million—a stark 99% discount from its peak valuation of $22 billion. Consequently, Byju Raveendran, the company’s founder, has seen his net worth plummet to zero, as per the Forbes Billionaire Index 2024. Previously, his net worth stood at Rs 17,545 crore (approximately $2.1 billion).

Byju’s financial troubles have also led to significant departures at both executive and board levels over the past year. In October 2023, CFO Ajay Goel resigned, followed by India CEO Arjun Mohoan in April this year. Last month, advisory council members Rajnish Kumar and T V Mohandas Pai also stepped down.

Currently, Byju Raveendran manages the company’s day-to-day operations. He consolidates its business into three core divisions: The Learning App, Online Classes and Tuition Centres, and Test-Prep.

This write-off is not an isolated incident for Prosus. Last year, the firm marked down its $38 million investment in the buy now, pay later startup ZestMoney, which DMI Group later acquired in a fire sale.

Setbacks and ongoing legal and regulatory challenges have left Byju with a bleak outlook. For Raveendran and his team, the path to recovery appears uncertain and fraught with difficulties.

 

MAHE, Roche Diagnostics India Unveil New Centre Of Excellence

By
Kapil Suri
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MoU

Manipal Academy of Higher Education (MAHE) and Roche Diagnostics India Pvt Ltd. have entered into a landmark partnership by signing a Memorandum of Understanding (MoU) to establish a Centre of Excellence (CoE). This initiative aims to bolster skill development and foster innovation in the diagnostics sector. Dr Giridhar Kini, Registrar of MAHE, and Dr Rishubh Gupta, Managing Director—India & Neighbouring Markets, Roche Diagnostics India, formalised the MoU.

This strategic collaboration represents a significant milestone in leveraging the synergies of academia and industry to advance healthcare diagnostics. The primary focus of the CoE will be developing state-of-the-art diagnostic tools and training healthcare professionals in the latest technologies. This facility will serve as a hub for cutting-edge research, interactive workshops, and comprehensive knowledge sharing, designed to cultivate a culture of innovation and excellence in diagnostics.

Read More: IIM Calcutta announces the establishment of Center of Excellence for Design Thinking

Lt. Gen. (Dr.) M.D. Venkatesh, (VSM) Vice Chancellor of MAHE, expressed his enthusiasm for the partnership, stating, “This collaboration will equip clinicians with advanced diagnostic technologies, leading to enhanced patient care and improved disease management.” He emphasised that the MoU will promote a collaborative environment and facilitate knowledge exchange, accelerating scientific progress in diagnostics and resulting in superior healthcare outcomes for the community.

The establishment of the CoE by MAHE and Roche Diagnostics India marks a forward-thinking approach to healthcare, uniting the strengths of both institutions to drive significant advancements in the field. Through this partnership, both entities aim to make substantial contributions to improving patient care and the effective management of diseases, ultimately benefiting the broader healthcare landscape.

 

Pradeep Singh Kharola Appointed Director General of NTA

By
Kapil Suri
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Ministry of education

The Appointments Committee of the Cabinet has appointed Pradeep Singh Kharola, a retired IAS officer from the 1985 Kerala cadre, as the new Director General of the National Testing Agency (NTA), Ministry of Education. Kharola, who currently serves as the chairman and managing director of the India Trade Promotion Organisation (ITPO), succeeds Subodh Kumar Singh in this role.

Kharola’s appointment comes amid a period of upheaval for the NTA, marked by the cancellation and postponement of major exams such as NEET-UG, UGC NET, and CSIR UGC NET. The Ministry of Education has turned to Kharola, known for his extensive administrative experience, to lead the NTA during this challenging time.

Kharola held significant positions, including the civil aviation secretary in 2019, and later shifted to ITPO in 2022. He will oversee the NTA until a permanent replacement is appointed or further orders are issued.

His appointment is critical as the NTA faces scrutiny over allegations of paper leaks and inconsistent marking practices in the NEET UG exam. These issues have eroded public confidence, prompting calls for immediate reforms. The government expects Kharola’s public administration and crisis management expertise to restore the NTA’s credibility.

Also read: H.E. Aisha Abdulla Miran appointed as the Director General of KHDA

Kharola’s primary focus will be implementing stricter security measures to prevent future paper leaks and ensure transparent examinations. He is also expected to review and refine testing procedures and marking schemes to address discrepancies. A seven-member committee has also been established to evaluate the NTA’s functioning and recommend necessary reforms. Kharola’s leadership will be vital in collaborating with this committee to enhance transparency and accountability within the agency.

The success of Kharola’s tenure at the NTA will be measured by his ability to restore public trust in the organisation. By prioritising transparency, fair testing procedures, and robust security measures, Kharola has the potential to pave the way for a brighter future for India’s competitive examinations.

 

Uttar Pradesh Government Modernizes Aided Schools with New Online Platform

By
Kapil Suri
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UP schools

In a significant move to elevate educational standards in Uttar Pradesh, the Yogi Adityanath-led government has embarked on an ambitious project to rejuvenate aided schools across the state. This initiative, part of a comprehensive action plan devised by Chief Minister Yogi Adityanath, aims to modernise over 400 aided schools by integrating a sophisticated online platform.

The cornerstone of this modernisation effort is developing a mobile application that will connect these schools and incorporate crucial data such as student and staff details. The app, which will include features like geo-tagging and a teaching staff module, is being developed by the Uttar Pradesh Electronics Corporation Limited (UPLC) under the direction of the Social Welfare Department. The UPLC has already begun selecting and allocating work to empanelled companies through an e-tender process.

The app development will follow a meticulously planned process. Initially, the selected service provider agency will conduct a detailed project study, which will be informed by feedback from department officials. This will involve gathering and compiling essential data from the aided schools, including information on students, staff, and infrastructure. The data will be adjusted according to the System Requirements Specification (SRS) to create a detailed project report to guide the app’s development.

Read more: Uttar Pradesh CM kicks off ‘School Chalo’ campaign in Shravasti district, MLAs, Education dept officials urged to adopt new schools under Operation Kayakalp

The app will include several modules, including the registration and Management Information System (MIS). The registration module will cater to students, staff, and school infrastructure, ensuring easy accessibility and efficient data management. This platform will enable the tracking and managing of information for over 60,000 students, providing details like date of birth, gender, contact information, family background, Aadhaar validation, and academic records. Similar comprehensive data will be recorded for the staff and teachers.

The app will feature advanced security measures, including secure login and access controls for over 400 aided schools, directorate (admin) logins, ID and password management, user role definitions, and permission access. It will also include analytics and scalability capabilities, ensuring robust performance and usability. The implementing agency will provide hosting services with 16 GB RAM and one terabyte of storage, ensuring the app is optimised for search engines.

Furthermore, the project includes annual maintenance and a three-day official staff training session based on recommendations from the Computer Emergency Response Team (CERT).

This initiative by the Uttar Pradesh government marks a significant step towards modernising the state’s educational infrastructure, leveraging technology to enhance the management and quality of education in aided schools.

Education-Driven Avanse Financial Targets ₹3,500 Crore IPO

By
Kapil Suri
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IPO

Avanse Financial Services Limited, an education-focused non-banking financial company (NBFC) backed by Warburg Pincus, has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹3,500 crore through an initial public offering (IPO). The IPO will consist of a fresh issue of equity shares worth up to ₹1,000 crore and an offer for sale (OFS) of up to ₹2,500 crore by existing shareholders.

Under the OFS segment, shares worth up to ₹1,758 crore will be sold by Olive Vine Investment Ltd, a promoter entity; up to ₹342 crore by International Finance Corporation (IFC); and up to ₹400 crore by Kedaara Capital Growth Fund III LLP. Olive Vine Investment, an affiliate of Warburg Pincus, holds a 58.38% stake in Avanse, while IFC and Kedaara Capital own 11.36% and 13.82%, respectively.

Avanse, established in 2013, is a rapidly growing NBFC that provides personalised education financing solutions to Indian students. The company aims to democratise education and financing in India, offering solutions to education aspirants and meeting educational institutions’ growth and working capital needs.

Also read: Alef Education Set To Be The Third IPO In The UAE for 2024, Marking The First Such Offering In Abu Dhabi

According to a CRISIL report, as of March 31, 2024, Avanse is the second-largest education-focused NBFC in India by assets under management (AUM). The company’s AUM increased 2.75 times from ₹4,835.6 crore in March 2022 to ₹13,303 crore in March 2024, representing a compound annual growth rate (CAGR) of 65.86%. During the same period, loan disbursements grew from ₹2,928.5 crore in FY22 to ₹6,335 crore in FY24, at a CAGR of 47.07%.

The company reported a net profit of ₹342 crores for the financial year ended March 31, 2024, more than doubling from ₹158 crores in FY23 and increasing over 5.42 times from ₹63.2 crores in FY22. Revenue from operations grew to ₹1,727 crore in FY24 from ₹990 crore in FY23.

As of March 31, 2024, Avanse’s total borrowings, including debt securities, other borrowings, and subordinated liabilities, stood at ₹10,135 crore, compared to ₹7,210 crore in FY23. The company maintained a healthy return on equity (ROE) of 12.81% and a return on assets (ROA) of 2.83% in FY24.

The education loan sector was noted for its best asset quality and lowest gross non-performing assets (GNPA) across NBFC asset classes, and it saw substantial growth. According to CRISIL, education loans grew from an AUM of ₹7,500 crore in FY19 to an estimated ₹41,800 crore in FY24, with a CAGR of 41.1% between FY19 and FY24 and 65% between FY21 and FY24.

The book-running lead managers for Avanse’s IPO include Kotak Mahindra Capital Company Limited, Avendus Capital Private Limited, J.P. Morgan India Private Limited, Nomura Financial Advisory and Securities (India) Private Limited, Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited), and SBI Capital Markets Limited.

AICTE Introduces New Guidelines to Enhance Industry-Academia Collaboration

By
Kapil Suri
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AICTE

In a significant move aimed at narrowing the gap between academic theory and practical application, the All India Council for Technical Education (AICTE) has introduced a set of guidelines to promote industry-academia mobility. Unveiled by AICTE Chairman Prof. TG Sitharam, these guidelines are designed to foster stronger linkages between educational institutions and the industry, enhancing the overall academic experience.

The new guidelines include introducing Professors of Practice (PoP), Associate and Assistant PoPs, and increased mobility of women PoPs under the BHARATI (Boosting Higher Education through Assimilation of Resilient and Talented Indian Women) initiative. These measures aim to facilitate knowledge exchange and bridge the gap between theoretical knowledge and practical application.

Prof. TG Sitharam, while unveiling the guidelines, stated, “This comprehensive framework underscores our commitment to excellence in higher education and fostering strong, sustainable linkages between academia and industry. The role of the Professor of Practice bridges the gap between theoretical knowledge and practical application, enriching the academic environment with real-world insights. Encouraging the appointment of Women Professors of Practice is a significant step towards gender equality in higher education and the professional sphere. These guidelines promote gender diversity, inclusivity, and seamless industry-academia collaboration, ensuring meritocracy remains central.”

AICTE plans to support this initiative by funding Professors of Practice. Prof. Sitharam announced that AICTE would remunerate 100 women PoPs under the BHARTI initiative. This scheme aims to help distinguished professionals and industry experts, especially those with career breaks, successfully re-enter the workforce.

AICTE Vice Chairman Dr Abhay Jere highlighted the challenges in acquiring the required 15 years of experience for the Professor of Practice role. To address this, AICTE has introduced the roles of Associate Professors of Practice and Assistant Professors of Practice. “These additional roles will ensure that a broader range of experienced professionals can contribute to our academic environment,” said Dr. Jere.

Dr. Jere also praised the committee, led by Prof. G.D. Yadav and the Policy and Academic Planning Bureau of AICTE, for their dedicated efforts in preparing the comprehensive guidelines. The framework balances the inclusion of industry expertise with the academic rigour required for educational institutions.

Also read: Internshala & AICTE Join Forces To Provide Internships & Enhance Student Skills

The press release emphasised that appointing Professors of Practice is crucial for bridging the gap between theory and practice in higher education. These professionals help align academic curricula with industry needs, giving students a deeper understanding of how theoretical concepts are applied in real-world scenarios. Their practical experience enhances student employability by exposing them to industry practices, trends, and challenges. Moreover, Professors of Practice bring valuable industry connections, offering students internship opportunities, mentorship, and job placements.

The mobility of professionals between academia and industry is essential for creating a dynamic and conducive educational environment. This bi-directional flow facilitates knowledge transfer, with industry professionals bringing practical insights to academia and academics applying their research to real-world problems.

This initiative by AICTE marks a significant step towards creating a more integrated and practical educational framework, ensuring that students are better prepared to meet the demands of the industry.

PM Modi Launches New Campus for Nalanda University in Bihar

By
Kapil Suri
-
Nalanda Unversity

Prime Minister Narendra Modi inaugurated the new campus of Nalanda University in Rajgir, Bihar, on Wednesday. The grand ceremony was attended by External Affairs Minister S. Jaishankar and ambassadors from around 17 nations. Earlier in the day, PM Modi expressed his excitement on X (formerly Twitter), stating, “It’s a very special day for our education sector. At around 10:30 AM today, the new campus of Nalanda University will be inaugurated at Rajgir. Nalanda has a strong connection with our glorious past. This university will surely go a long way in catering to the educational needs of the youth.”

The establishment of this new campus is a collaborative effort between India and East Asia Summit (EAS) countries, aiming to revive the legacy of the original Nalanda University. Founded approximately 1600 years ago, the ancient university is renowned as one of the world’s first residential universities and thrived for centuries before its destruction in the 12th century.

Also read: New Era for Nalanda University

The new campus is a testament to modern educational infrastructure. It features two academic blocks with 40 classrooms, accommodating around 1900 students, two auditoriums with a seating capacity of 300 each, and a hostel for approximately 550 students. The campus includes an international centre, an arena for up to 2000 individuals, a faculty club, a sports complex, and numerous other facilities.

A notable highlight of the new campus is its design as a ‘Net Zero’ Green Campus, equipped with solar plants, water treatment and recycling facilities, 100 acres of water bodies, and various other eco-friendly amenities.

Chancellor Arvind Panagariya expressed his happiness and optimism about retaining the spirit of the ancient Nalanda University. He remarked, “This is incredibly significant; we have been waiting for the day. We wanted the PM to inaugurate the campus. He has agreed to do so. I welcome him to the campus. Nalanda University was conceived here, and it is an international university. It was cast in those terms, and the project was started with cooperation from more than a dozen Southeast Asian countries. In the spirit of the ancient Nalanda, it lasted about 800 years; Europe was not what it is today, and the USA didn’t exist. The ancient Nalanda attracted students from all over. The new Nalanda started with the same spirit but with a modern touch.”

The inauguration marks a significant milestone in reviving an iconic centre of learning, blending the rich heritage of ancient Nalanda with contemporary educational needs and sustainability practices.

Indian EdTech Titans Unacademy And K12 Techno Eye Landmark Merger

By
Kapil Suri
-
Unacademy

SoftBank-backed edtech startup Unacademy, which has been under pressure to turn profitable, is in talks to merge with K12 Techno, the operator of Orchids International Schools, according to a report by Entrackr on Tuesday. The discussions have been ongoing for the past four weeks, and if successful, both companies will own a 50% stake in the joint entity.

Unacademy invested in K12 Techno, the parent company of Orchids International Schools, three years ago. Peak XV is a common investor in both companies. Sources revealed that Unacademy previously attempted to acquire K12 Techno in 2021, but those negotiations did not succeed.

Unacademy, once the second most valued edtech startup after Byju’s, has struggled to raise funds. The startup last raised $440 million in August 2021, led by Singapore’s state-owned Temasek Holdings, at a valuation of $3.44 billion. Founded in 2015 by Gaurav Munjal, Hemesh Singh, and Roman Saini, Unacademy reportedly claimed it was close to achieving profitability in April.

Incorporated in 2010, K12 Techno provides full-stack education services to over 800 private educational institutions, enrolling more than 300,000 students across India under multiple brands. The company boasts a compound annual growth rate (CAGR) of around 40% over the past five years.

Last month, Venturi Partners, a growth equity firm specialising in consumer investments across India and Southeast Asia, purchased a $27 million stake in Bengaluru-based K12 Techno Services Private Limited from Navneet Learning LLP, a subsidiary of Navneet Education. In September, K12 Techno secured undisclosed funding from private equity firm Kedaara Capital, providing a partial exit for Peak XV Partners (formerly Sequoia Capital India).

Also read: Edtech firm UpGrad to spend $250 million on mergers and acquisitions

The Indian edtech sector, which saw massive growth during the COVID-19 pandemic, is now facing a funding winter and rising costs amid declining demand for online education. Byju’s, led by Byju Raveendran, once valued at $22 billion, has been particularly affected, facing scrutiny over various issues. This has led to calls from shareholders for significant changes, including Raveendran’s ouster. Furthermore, the company has seen the resignation of its auditor, Deloitte, and several board members.

As the edtech industry navigates these challenges, the potential merger between Unacademy and K12 Techno could mark a significant consolidation, aiming to bolster their market positions and drive towards profitability in a turbulent market environment.

Finland International School Expands with Third Campus in India

By
Kapil Suri
-
Finland International School

Finland International School (FIS) has officially launched its third campus in India, located in the upscale Mahalaxmi neighbourhood of Mumbai. The inauguration ceremony at FIS Race Course was graced by Bollywood actors, cricketers, and entrepreneurs, marking a significant milestone for the international school’s expansion into India’s financial capital.

Following the successful launches of FIS Pune in April 2022 and FIS Thane in February 2023, the new FIS Race Course campus, named for its proximity to the famous Mahalaxmi Racecourse, is set to open its doors to students on August 5, 2024. The orientation week for teachers will begin on July 29.

“We have a confirmation of 30 students now and are looking to double that number before the classes begin,” said Nikke Keskinen, founding principal of Finland International Schools and director of academics at Goenka Inc., the company leading the initiative in partnership with Educluster Finland.

FIS Race Course will implement a comprehensive curriculum based on the Finnish National Core Curriculums, offering Early Childhood Education and Care for ages 3-5, primary education for ages 6-10, a middle years program for ages 11-16, and an international board diploma program for ages 16-18. Initially, the school will cater to students from nursery to the fourth grade, with plans to expand to grade 12 in subsequent years.

In addition to the Finnish curriculum, FIS will incorporate aspects of India’s National Education Policy, which was introduced in 2020. “Combining both the Finnish and Indian systems of education forms a powerful synergy that prepares students to thrive in the 21st century,” said Anna Hart, primary school academic principal at FIS Thane.

Prospective students and parents were also introduced to vocational classes in woodworking, textile making, sewing, design, and more, each with dedicated rooms – a rarity in most Indian schools. While the school follows the International Baccalaureate program, Finnish-inspired vocational activities will be integrated into the curriculum through formative assessment.

Keskinen emphasised the unique approach of FIS Race Course, calling it the flagship model among all branches. “India is a huge country, with a lot of competition, but the question is whether learning has to remain the same or we should see some major changes. We have mentored teachers to better coach students and incorporate individual learning plans. The goal is to have personalised, stress-free education with minimal planning,” he said. Keskinen also revealed plans to establish a campus in the North Indian state of Punjab, with a deal close to being finalised with the state government.

Also read: Finland to do away with all school subjects

The launch of the FIS Race Course highlights the growing educational collaboration between India and Finland. This partnership has been strengthened by recent visits from Finnish officials, including Education Minister Anna-Maja Henriksson’s visit to India in October 2023. States like Kerala have also discussed exploring educational cooperation with Finnish representatives.

Despite the challenges of integrating the Finnish education system into India, Keskinen remains optimistic. “We must remember certain non-negotiable elements when transferring the Finnish school system to India. We don’t expect FIS to be a huge school in terms of student size and are aiming to maintain a basic ratio of 2 teachers per 20 students,” he added.

Rajani Naik, academic vice principal of middle school and MYP coordinator at FIS Race Course, believes that while India’s education landscape may not drastically change due to schools like FIS, much to learn from Finnish pedagogy will benefit students.

As Finland aims to attract 15,000 international students and workers by 2030, Goenka Inc., led by Managing Director Shashank Goenka, plans to build resources for Indians seeking to upskill through programs in Finland. “Everyone doesn’t have to go to the UAE or the US; Finland is also a great option to work. We have to make it easier for these international workers to bring their families to Finland as well,” stated Keskinen.

 

Education Financing Made Easy with GradRight’s PhonePe Partnership

By
Kapil Suri
-
GradRight PhonePe

GradRight, an AI-driven Edfintech platform connecting students, universities, and lenders, has partnered with PhonePe, India’s leading digital fintech company, to extend its education loan services to Indian students.

GradRight primarily serves students from over 2000 tier 2 and 3 towns and cities in India. These students typically need more access to quality social networks, counselling, and financing services. With this partnership, GradRight intends to deepen its reach and power a seamless financing services experience for PhonePe’s unmatched network of 535+ million registered users nationwide. Through this integration, students and parents can now conveniently access the GradRight platform within the PhonePe app and get education loans of up to 2 crore with competitive interest rates starting from 9.25%.

Speaking on the partnership, Aman Singh, Co-Founder, GradRight, said, “This collaboration is a testament to the power of technology in making education more accessible and affordable for students from lower—and middle-income families in every corner of India. The partnership changes the game by expanding our service opportunity to thousands to millions of students. Our technology-first approach offers us a unique advantage in matching the speed and reliability of PhonePe and serving its students and parents who wish to avail of education loans.”

Speaking on the launch, Hemant Gala, CEO, PhonePe Lending, said, “We are excited to partner with GradRight to offer Education loans through our newly launched Secured lending platform. Education loan is a very large market & within that, the study abroad loan market has been showing an upward trend over the last few years. This collaboration leverages PhonePe’s massive 535+ million user base with GradRight’s expertise in financing overseas education. It helps us empower students with convenient access to higher education funding through secured lending solutions directly within the PhonePe app.” 

GradRight offers various services beyond financing to empower all stakeholders in the international higher education ecosystem. It also helps students find the best-fit colleges and programs, universities to find and market themselves to the best-matched students, counsellors to help finance their students, and insurers to offer customised health insurance plans unique to each college and student’s requirements.

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