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Byju’s raises funds from China

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Byju’s, an online education start-up, has raised an undisclosed amount from China’s Tencent Holdings Ltd. The announcement comes shortly after an investment of $30 million from Brussels-based Verlinvest. The said round closed at a $600 million valuation.

“We are excited to have Tencent on board with us. This makes our strong investor portfolio even more diverse,” said Byju Raveendran, founder and CEO, Byju’s.

WHAT IS TENCENT HOLDINGS

1. Tencent Holdings is a Hong Kong Stock Exchange-listed holding firm that owns a plethora of companies in the media, entertainment and internet commerce space

2. Company behind WeChat, China’s most popular instant messaging and social payments platform

3. Among the most active foreign investors in start-ups in India

“Byju’s has emerged as the clear leader in the Indian education-tech sector. We share Byju’s mission of transforming education by creating personalized learning experiences for students,” said Hongwei Chen, executive director of investments and M&A at Tencent.

WHAT IS BYJU’S

1. Started by Raveendran in 2011, Byju’s offers visual and text-based study material for students in schools and those preparing for competitive exams

2. Launched a Byju’s mobile app in 2015, which has since grown to nine million users and 450,000 annual paid subscriptions

3. Aims to take the success global with its eyes set on the US, among other English-speaking markets

4. Clocked sales of Rs260 crore in the fiscal year ended March 2017, up from Rs115 crore in the previous year

FUTURE TARGET

“With increased brand awareness and strong adoption amongst students, this year we expect the revenue to double again and we will be profitable on a full year basis,” Raveendran said in a statement.

Byju’s has till date (excluding the current round) raised about $200 million from investors. It is backed by Sequoia Capital and Chan Zuckerberg Initiative, among others.

Business

Private Sector to Fund and Aid in boosting Higher Education in India

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Private Fund

Higher Education in India might receive a significant monetary boost as the government is planning to rope in private companies and high-net individuals (HNIs) to finance and promote higher education across the country. The ministry of human resource development has prepared a draft of the plan and will present it before the Union cabinet for consideration.

Two government officials have stated the plan will be implemented through the Higher Education Funding Agency (HEFA), a non-banking financial company, under the human resource ministry.

Roping in HNIs and private companies might lead to improvements in higher education in India, and government officials seemed optimistic. “Bringing in industries or industrialists or high net-worth individuals for HEFA equity will have three benefits. One, structured and clean private funding. Two, outside experience of managing higher education funding. And three, curb chances of manipulation at the institutional level,” a government official told Live Mint. HEFA is financing the needs and promotion of research and innovation beyond budgetary allocations.

In February 2018, Union Finance Minister Arun Jaitley said that the education sector was a priority for the Indian government.

Why does this matter

In 2014,reports says that a mere 10% of students have access to higher education in the country. The article cited a report by a development economist Abusaleh Shariff, and mentioned that residents of Bihar, Uttar Pradesh, and West Bengal have the worst access to higher education.

Report details that lax quality and a lack of accountability and widespread innovation is what ails higher education in India. Indian higher education seems to be suffering from a two-fold problem of quality and quantity. The Indian government seems to think that privatizing education is the only solution. However, along with private investment, the government also should look to invest more in education. India’s spending on education is much lower than that of other countries.

Perhaps some degree of privatization is the only way out for better higher education in India. However, along with adequate funds, the government must ensure the funds are being allocated to improve the quality of teaching offered to Indian students, thereby, improving accountability of the system.

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Impressed by SPPU ’s consistent performance and high ranking, Centre grants 100 crore to it

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SPPU

Savitribai Phule Pune University – SPPU, earlier known as university of pune and university of poona . This university was founded in 1949 and spread over 411 acres. It consist of 43 academic departments and has been affiliated with many colleges, departments, and research institutes, which are particularly in Pune only.

University to use funds to expand research programmes, start new projects, says state education minister Vinod Tawde

Through the consistent performance of this university, it has received a whopping of Rs 100- crore grant from the union government under RUSA i.e. Rashtriya Uchchatar Shikshan Abhiyan. Technical Education Minister Vinod Tawde announced that SPPU has the high ranking on the National Assessment and Accreditation Council (NAAC) and National Institutional Ranking Framework (NIRF)

SPPU Using Funds For Expansion

The SPPU will be using these funds to expand its research programmes and start its new projects to improve the quality of education. A draft plan for higher education in the state was ready and it was going to focus on the autonomy of institutes, granting university status to autonomous institutes, research, learning, teaching techniques at the institute level as well as development of latest methods to evaluate performances Tawde said.

RUSA (Rashtriya Uchchatar Shiksha Abhiyan) is the central government’s contribution to further the promise held by the rich expanse of India’s state universities. Under the system of RUSA, it lays down different slabs for its grants: colleges or universities with a NAAC score of 3.51 will be getting a grant of Rs 5 crore, and those with a score of 2.5 and above will get Rs 2 crore.

In the starting of June month the applications to avail the grant under RUSA will be invited from  eligible institutes. Fergusson College also accorded the status of a university under RUSA and will be getting Rs 55 crore to develop its infrastructure, said the minister. “It’s a matter of pride for us that Fergusson College is among the first few autonomous institutes which got the status of a university,” said Tawde.

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Hike by 5% in the Fee of affiliated colleges of Panjab University

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Panjab University

All the affiliated schools of Panjab University will likely get a hike of 5 percent in the fees from this new session. The Senate, after deliberating on the difficulty of rationalisation and revision of payment construction, examination payment and all different expenses, resolved to an general payment hike for affiliated schools to the college in Chandigarh and Punjab. Though, there shall be no improve in late charge admission expenses.

The earlier Senate meeting, an general payment hike of 10 per cent was authorised on the college for brand spanking new entrants to conventional and self-financing programs in 2018-19 while it caught to a 5 per cent improve for ongoing college students.

The Syndicate is the governing body of the PU.  188 colleges are affiliated to the PU. The decision to hike the fee will impact close to 2.5 lakh students and this is for both tuition and examination fee.

The Dental Council of India with easy majority vote elected Prof Jagat Bhushanas the director of the Dr H S Decide Institute of Dental Sciences and Hospital and Dr Devinder Dhawan has been given the extra extension of one year to the submit of Chief Medical Officer (CMO), Bhai Ghanaiya Ji Institute of Health, punjab University, for a year.

The House uniformly accepted the extension of Prof Emanual Nahar as the Dean of Scholar Welfare (Men) and Prof Neena Caplash as DSW (Ladies) for one year which will impact from June 1, 2018.The meeting of Prof Ranjan Kumar of the division of physics as Affiliate DSW for a period of 1 year with effect from June 1 was also authorised.

 

 

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