Byju's fire sale; Meesho's pre-IPO move
Byju's fire sale; Meesho's pre-IPO move
Also in the letter:
Byju's sells American assets Epic, Tynker for a song
Fire sale:
Epic, Byju's second-largest acquisition with a $500-million price tag in 2022, has been sold to China's TAL Education Group for $95 million.
CodeHS, a computer science education company, has bought Tynker for $2.2 million in cash. Byju's had acquired it in 2021 in a cash-and-stock deal worth $200 million.
Leading to the sale:
In June 2024, a group of lenders from the consortium that loaned $1.2 billion to Byju's filed a petition in a US court seeking bankruptcy proceedings against its subsidiaries Epic, Tynker and Osmo, ET had reported.
The court approved the sale of Epic and Tynker in an order dated May 20.
Lots of litigations:
Meesho converts to public entity in run-up to IPO
Future proofing:
Homecoming:
Meesho has also applied to the National Company Law Tribunal (NCLT) to shift its domicile from the US back to India.
Last month, the SoftBank-backed etailer got board approval to rename its Indian entity, Fashnear Technologies Pvt Ltd, to Meesho Pvt Ltd.
Following the 'reverse flip', Meesho Ltd will become the parent company of the online marketplace.
Operational metrics:
Meesho recorded 34% year-on-year growth in orders, reaching 1.3 billion in nine months to December 2024.
As of December 2024, the platform had 187 million unique annual transacting users, representing a 26% increase from the previous year.
Sponsor ETtech Top 5 & Morning Dispatch!
Why it matters:
The opportunity:
Reach a highly engaged audience of decision-makers.
Boost your brand's visibility among the tech-savvy community.
Custom sponsorship options to align with your brand's goals.
What's next:
Meta's Mark Zuckerberg is hiring for new AI team: Report
Driving the news:
Zuckerberg plans to personally hire 50 people, including a new head of AI research. The move, the report added, follows internal dissatisfaction with the reception of Meta's Llama 4 model.
Meta's proposed $10 billion investment in Scale AI could also see the AI startup's founder, Alexandr Wang, joining Meta's AGI team once the deal is finalised.
Tell me more:
Meta has delayed the release of its flagship "Behemoth" AI model, reportedly due to concerns about its capabilities, according to The Wall Street Journal.
OpenAI, Meta's closest rival in the AGI race, is also actively seeking fresh investment to accelerate its own efforts.
Also Read:
OpenAI's annualised revenue hits $10 billion, up from $5.5 billion in December 2024
What does this mean?
The company is on track to meet its 2025 revenue target of $12.7 billion, as outlined to investors.
OpenAI lost nearly $5 billion last year, but its current revenue run rate highlights just how far ahead it is of its competitors.
Turf war in the clouds showers on the ground
Babyscalers vs hyperscalers:
Neocloud firms, often called babyscalers, are boutique operators focused on flexible GPU rentals and specialised infrastructure.
Hyperscalers, in contrast, offer vast computing, storage and networking capacity at scale.
The underdogs are winning on price. Renting an Nvidia DGX H100 GPU system from a hyperscaler costs around $98 an hour. A babyscaler charges just $34, roughly two-thirds cheaper.
Investors' darlings:
Everything Apple announced at its annual developer conference
New features:
At WWDC, Apple launched iOS 26 and integrated Apple Intelligence across its apps and devices.
The company also introduced a new display technology, 'liquid glass'.
The Phone app now offers smart screening, automatic hold, and optional call answering.
Messages is getting a refresh too, with features like custom chat backgrounds.
Apple is also introducing generative AI to Xcode, its developer tool, to assist with writing, testing, and debugging code. Support for third-party models, such as ChatGPT, is forthcoming.
Updates availability:
Troubled edtech startup Byju's is selling its US assets at steep losses, mandated by a US bankruptcy court. This and more in today's ETtech Top 5.■ Meta's AGI scramble■ Enter the Babyscalers■ Coming soon: iOS 26Embattled edtech firm Byju's is being forced to offload American assets , Epic and Tynker, at steep losses following an order from a US bankruptcy court. US lawsuit filed on April 10 against Byju's eponymous founder, Byju Raveendran, his wife Divya Gokulnath, and former company executive Anita Kishore, alleged they misappropriated $533 million from the funds lent to the group's special purpose financing vehicle, Byju's Alpha. In October last year , a Delaware Bankruptcy Court found that suspended director Riju Raveendran had violated his fiduciary responsibilities as a director of Byju's Alpha.Meesho's board has approved converting the company from a private limited entity to a public limited one. The move is a key step for the ecommerce firm's plans to list in India.While the Meesho board has not cleared an IPO yet, the company said in a filing with the Registrar of Companies (RoC) that it 'intends to maintain readiness from a regulatory and compliance perspective to enable such an offering when deemed appropriate.'ETtech Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and employees.Interested? Reach out to us at spotlightpartner@timesinternet.in to explore sponsorship opportunities.Mark Zuckerberg, CEO, MetaMeta chief Mark Zuckerberg is assembling a team to develop artificial general intelligence (AGI), an AI system designed to match or surpass human capabilities, Bloomberg reported.OpenAI said on Monday that its annualised revenue reached $10 billion as of June , doubling from December 2024, driven by soaring enterprise and developer AI adoption.'Babyscalers' like Coreweave, Lambda Labs, Crusoe, and Nebius are taking on hyperscalers such as Amazon Web Services, Google Cloud, and Microsoft Azure, offering more competitive pricing and specialised infrastructure.As neocloud firms chip away at the dominants of the giants, Indian data centres are positioning themselves to capitalise on the shift in global cloud demand.The lower cost of power and space has made babyscalers a magnet for private equity. Blackstone, Carlyle, and BlackRock have collectively invested $11 billion into this emerging cohort.Wall Street banks have built a growing debt market around these forms. Babyscalers tap these funds to bulk-buy Nvidia chips, then lease them out by the hour or month to AI companies and developers.Apple unveiled a wave of major software updates on Monday at its Worldwide Developers Conference (WWDC), introducing revamped visuals, a new naming convention, and powerful tools under its Apple Intelligence suite. iOS 26 will be available as a free update for iPhone 11 and newer models, including the 12, 13, 14, 15, and 16 series.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
26 minutes ago
- News18
Indian Hockey Players To Get A Monthly Stipend From Sports Ministry
Last Updated: Indian hockey players selected for national camps will receive a Rs 25,000 monthly allowance. The decision, costing Rs 20 lakh per month, was approved by the sports ministry. For the first time, Indian hockey players selected for the men's and women's national camps will receive a Rs 25,000 monthly out-of-pocket allowance, a decision sanctioned by the sports ministry after consistent requests from the sport's governing body. Eighty players (40 men and 40 women) are set to benefit from this allowance, which is extended to athletes in the developmental group of the Target Olympic Podium Scheme. The decision was made during the Mission Olympic Cell's monthly meeting on Thursday. This allowance will cost the government Rs 20 lakh per month, while core group athletes receive Rs 50,000 per month. 'The allowance was being requested by Hockey India for some time, and we have decided to accept the demand. The players have performed reasonably well, and it is on merit," Sports Minister Mansukh Mandaviya informed reporters in an informal interaction. Hockey India will need to submit a list of players every month to facilitate the disbursement of funds. 'The list will consider form and fitness, and names might change depending on these factors," a sports ministry source explained. Currently, hockey players earn salaries from their respective departments and organisations, although a proposal for a graded contract system by Hockey India has been under consideration for the past few years. Their additional source of income comes from prize money for strong international performances in events like the Olympics and the Asian Games. The men's team has secured two consecutive bronze medals in the 2021 Tokyo Olympics and the subsequent Paris Games last year. The women's team finished fourth in Tokyo but did not qualify for the Paris event. Both teams are currently competing in the FIH Pro League's European leg, where the results have not been particularly encouraging so far. The MOC also approved financial proposals amounting to Rs 4.28 crore during the meeting. A significant portion of the funds — Rs 1.38 crore — will be allocated to tennis players such as Saketh Myneni, Jeevan Nedunchezhiyan, and three women players. 'Several proposals for assistance from para-athletes were also approved. Additionally, a few additions were made to the TOPS developmental group. The core group remains unchanged for now," a Sports Authority of India (SAI) official stated. The ministry has also decided to enhance its talent identification process with an app that will allow talented youngsters to upload their performances for evaluation by regional talent identification panels of the SAI. 'If found promising at first glance, the youngster will be invited to Khelo India Regional Centres where their potential will be assessed. This will broaden our talent identification mechanism, which is currently limited to age group competitions," Mandaviya said. 'It will ensure that we can reach the remotest corners of the country to find promising athletes. This is all part of the National Sports Repository System," he added. With PTI inputs.
Time of India
32 minutes ago
- Time of India
Meta launches Oakley-branded AI glasses with built-in camera and IPX4 water resistance
Meta has partnered with Oakley to introduce a new line of performance AI glasses, starting with the Oakley Meta HSTN (pronounced HOW-stuhn). These glasses integrate a built-in camera for hands-free capture and feature IPX4 water resistance, combining Oakley's design with Meta's technology. The new Oakley Meta glasses aim to provide users with insights into physical capabilities and improve sharing experiences. This product line will be supported by a global campaign featuring Team Oakley athletes Kylian Mbappé and Patrick Mahomes. Meta highlights that these glasses are a significant hardware category in the AI era, building on the success of its Ray-Ban Meta glasses. The Oakley Meta HSTN model is designed for athletes and fans, incorporating open-ear speakers for audio in addition to its camera and water-resistant features. Watch the launch video here . Oakley Meta HSTN AI glasses: Price and availability The Limited-Edition Oakley Meta HSTN will be available for pre-order starting July 11 for $499. Additional models from the collection, starting at $399, are scheduled to launch later this summer. The Oakley Meta HSTN will be offered in several regions, including the US, Canada, the UK, Ireland, France, Italy, Spain, Austria, Belgium, Australia, Germany, Sweden, Norway, Finland, and Denmark. Plans are also underway to expand availability to Mexico, India, and the UAE later this year. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Perdagangkan CFD Emas dengan Broker Tepercaya IC Markets Mendaftar Undo The Oakley Meta HSTN will be introduced through a global campaign featuring athletes from Team Oakley and others. The campaign includes appearances by Gabriel Medina exploring surf conditions, J.R. Smith assessing wind on the golf course, Ishod Wair and Boo Johnson skating through various locations, and Bicho Carrera navigating high altitudes. The new AI glasses will also appear at major sporting events, starting with Fanatics Fest from June 20–22 and UFC International Fight Week from June 25–27, with additional appearances expected throughout the year. Oakley Meta HSTN: Here's what these AI-powered glasses can do Meta claims that the HSTN glasses are designed with a focus on battery efficiency and extended usage. On a full charge, they promise to deliver up to eight hours of typical use and up to 19 hours on standby. With fast-charging capabilities, the battery can reach 50% in nearly 20 minutes. The included charging case provides additional convenience, offering up to 48 hours of power while on the move. For visual capture, the glasses are equipped with a higher resolution camera that records in Ultra HD (3K) video. This enables users to document their activities and share key moments with greater clarity. A key feature of the Oakley Meta HSTN is the integration of Meta AI, a built-in personal assistant that offers hands-free functionality and access to information in real time. For example, athletes can ask about weather conditions on a golf course or initiate video recording during a skate session with voice commands like, 'Hey Meta, how strong is the wind today?' or 'Hey Meta, take a video.' The AI assistant supports a range of use cases, from monitoring performance to checking environmental conditions.
Time of India
36 minutes ago
- Time of India
Trump's 'Big Beautiful Bill': Senate aims for passage by this date; hopes to finalise it 'even sooner'
Senator Ron Johnson said there's a strong chance that Donald Trump 's "Big Beautiful Bill" could be passed by the Senate and land on the US president's desk by July, possibly before the August recess. "I think we can do it before the August recess, yes, and maybe even sooner than that," Johnson told Fox News. President Trump has earlier urged Congress to send the bill to his desk by July 4, calling it "arguably the most significant piece of legislation that will ever be signed in the history of our country." — bennyjohnson (@bennyjohnson) The wide-ranging legislative package — formally known as the "One, Big, Beautiful Bill" bundles together major tax reforms, spending cuts, and border security proposals that aim to reshape key areas of American policy. At its core, the over 1,000-page bill seeks to make Trump's 2017 tax cuts permanent while adding new tax breaks, such as deductions for tips, overtime, and car loan interest. It also proposes raising the standard deduction to $32,000 for joint filers, boosting the child tax credit to $2,500, and offering a $4,000 deduction for certain seniors. But the bill has sparked backlash over proposed cuts to federal programs. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Thị trường có dấu hiệu suy thoái không? IC Markets Đăng ký Undo It includes major reductions in spending on Medicaid and the Supplemental Nutrition Assistance Program (SNAP). The Congressional Budget Office estimates the bill could cut SNAP spending by $295 billion over the next decade and push around 3.2 million people off the program each month by tightening work requirements and shifting more costs to states. While Republicans hold a slight majority in the Senate (53-47), opposition remains — not just from Democrats but also from some GOP senators worried about impacts on vulnerable populations and the potential to worsen the federal deficit.
