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ETtech Profile picture
@ETtech
Jun 6 • 7 tweets • 3 min read Twitter logo Read on Twitter
🚨🚨#Breaking Image
Byju's files suit challenging loan acceleration, seeks lender Redwood's disqualification

economictimes.indiatimes.com/tech/technolog…
On Monday, Bloomberg reported that Byju’s plans to make a quarterly interest payment of about $40 million on a loan that has been at the centre of the firm’s financial troubles 👇

Byju’s faces deadline for $40 million payment

Read more at:
economictimes.indiatimes.com/tech/startups/…
In April, ET reported that Byju’s lenders had sought up to $200 million in prepayment along with a higher rate of interest as a precondition to restructure its $1.2 billion TLB 👇

Read more at:
economictimes.indiatimes.com/tech/startups/…
Byju’s closed a Rs 2,000-crore round from Davidson Kempner Capital, last month, in a structured credit transaction against the cash flows of its subsidiary Aakash Educational Services 👇

Byju’s raises debt of Rs 2,000 crore linked to future Aakash IPO

economictimes.indiatimes.com/tech/funding/e…
Timeline: Byju's $1.2 billion loan saga

economictimes.indiatimes.com/tech/technolog…
#Byjus Image

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More from @ETtech

ETtech Profile picture
Jun 7
📣📣 OpenAI CEO @sama will be in conversation with @satyan, vice chairman, Times Internet, hosted by @EconomicTimes, to discuss the impact of AI on businesses, jobs, and society at large.

To watch the conversation live, click here👇

Image
@sama @satyan @EconomicTimes The launch of ChatGPT — owned by the Sam Altman-helmed OpenAI, a company dedicated to research and deployment of AI — in November 2022 is widely reckoned to be a pivotal moment in the AI revolution

economictimes.indiatimes.com/tech/technolog…
@sama @satyan @EconomicTimes Follow live updates about the conversation here

economictimes.indiatimes.com/news/newsblogs…
Read 59 tweets
ETtech Profile picture
Jun 7
🚨Global management consulting and strategy advisory firm Zinnov and venture capital firm Chiratae Ventures on Tuesday marked down 2026 revenue projections of the Indian software-as-a-service (#Saas) startups from $100 billion to $26 billion in its latest annual report.
The report, titled India #SaaSonomics: Navigating Growth and Efficiency, said that concerns of a recession loom large for the Indian #SaaS industry, but that it has displayed remarkable antifragility to withstand turbulent times.
The report indicated three challenges plaguing the industry -- customer churn, customer demand slowdown and delayed sales cycles, and downward pressure on cash flows caused by macroeconomic headwinds.
Read 6 tweets
ETtech Profile picture
Jun 7
🚨There may be a further demand slowdown for Indian IT firms in the quarter ending June, going by the latest results of global software-as-a-service (#SaaS) and digital engineering firms.
Analysts though expect the demand to revive in the second half of 2023-24 as deal pipelines remain strong and there would be additional business from cost-optimisation initiatives that will benefit the Indian IT sector.
Indian IT companies have sell-to and sell-with partnerships with #SaaS firms like #Servicenow, #Salesforce, #Snowflake and #Workday, while the performance of digital engineering firms like Globant, EPAM and Endava can be considered a proxy for high-end digital services demand.
Read 5 tweets
ETtech Profile picture
Jun 7
🚨Welcome to a new edition of #FullStack by @samidhas, a place where you’ll find unfiltered commentary on all things technology. Read on 👇
#Edtech major #Byju's is faced with a trifecta of issues. There is the $1.2 billion TLB (term loan B), delayed audited results, and an equity funding round which has been in the works for months now
On Tuesday, #Byju’s defaulted on interest payment of $40 million for its term loan. That was not all, the beleaguered edtech firm said it is suing hedge fund Redwood, one of its lenders.

economictimes.indiatimes.com/tech/technolog…
Read 8 tweets
ETtech Profile picture
Jun 6
🚨After #digital payments and digital lending, the @RBI is looking closely at platforms that facilitate direct, or peer-to-peer (#P2P), lending between individuals.
While P2P startups, as regulated non-banking finance entities, need to share business updates with the regulator on a constant basis, the RBI has now asked them about partnership models with consumer-facing applications, the flow of funds, risk sharing among partners and so on.
#BharatPe, #Jupiter and #Cred are among the major consumer-focussed applications which work closely with NBFC P2P platforms. P2P startups such as Liquiloans and LenDenClub have built partnerships with these and multiple other consumer-focused platforms. Image
Read 5 tweets
ETtech Profile picture
Jun 5
Several #startups including #Unacademy, Kuku FM, TrulyMadly and QuackQuack have moved the Madras High Court challenging #Google’s notice asking them to either adopt the company’s mandated billing route or risk being removed from its Play Store, people aware of the matter said.
Matrimony.com chief executive Murugavel Janakiraman told ET that Google has been reaching out to startups “threatening” to delist their apps if they do not comply with its payments policy.
The Alliance of Digital India Foundation, a body of startups, has petitioned the Competition Commission of India (@CCI_India) against Google’s policies and proceedings over the issue are currently under way at the competition watchdog.
Read 6 tweets

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