Edtech

Aequs, an Indian contract manufacturer for aerospace and consumer goods, has confidentially filed draft papers with SEBI to raise approximately USD 200 million through an IPO. The offering includes both fresh equity shares and an Offer For Sale component. Kotak Mahindra Capital, JM Financial, and IIFL Capital will manage the IPO.

Simplilearn has appointed Jitendra Kumar as its CTO to lead the company's AI-first transformation. Kumar, who previously worked at Simplilearn, will focus on embedding AI technologies to personalize learning and scale global impact. His experience includes co-founding HappyCredit and building ReelOn, an AI-powered video content creation platform.

Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.

The Supreme Court has declined to stay the insolvency process of Think & Learn, Byju’s parent firm, despite appeals from BCCI and co-founder Riju Raveendran seeking withdrawal. The Court has sought responses from creditors and resolution professionals, with further hearing scheduled for July 21. Allegations of procedural irregularities persist.

WTFund, India’s platform for entrepreneurs under 25, has opened applications for its third cohort, offering Rs 20 lakh non-dilutive grants, mentorship, and industry access. Founded by Nikhil Kamath, WTFund supports early-stage startups across sectors like health tech and AI, with applications open until May 31.

Imarticus Learning has acquired edtech startup MyCaptain for Rs 50 crore to expand its presence in non-tech career training, especially in India’s tier 2 and 3 cities. The acquisition boosts Imarticus’ reach with 60+ live programmes, over 850 staff, and aims to serve 5 million learners in three years.

Munjal sent an email to Unacademy’s employees to set to rest speculation of impending layoffs at the company. The Unacademy board had been in talks with Munjal for over a year about his potential exit, given his lack of interest in running an offline coaching business.

Unacademy cofounder Gaurav Munjal is stepping down as CEO, with Sumit Jain taking over amid a company reset and focus on AirLearn. Fellow cofounder Roman Saini is also exiting an active role. This leadership change follows internal discussions and a shift from online test prep to physical centers, impacting the edtech's business.

Happy Wednesday! Unacademy cofounders are planning to exit the edtech firm as the company expands its offline footprint. This and more in today’s ETtech Morning Dispatch.

Strengthening cross-border innovation with India and the global startup community is a key focus for Abu Dhabi’s Hub71, says Deputy CEO Ahmad Alwan.

But the other apps of the embattled edtech company, including Byju’s Exam Prep, which supports students preparing for competitive exams like the IAS, MBA, and UGC NET, and the Think and Learn Premium app, continue to remain available on the platform.

The CBSE has announced that the 2025 compartment exams for Classes 10 and 12 will commence on July 16. This provides a crucial opportunity for students who received a 'Compartment' status in the March 2025 board exams to clear their subjects.

Following recent India-Pakistan tensions, Indian companies are bolstering their cybersecurity defenses. Heightened cyberattacks have prompted large and mid-sized firms, particularly in BFSI and critical infrastructure, to reassess their readiness. As per data from Kaspersky's ICS CERT (industrial control systems cyber emergency response team) report for Q1 2025, malicious objects were blocked on 19.1% of ICS computers globally.

Of the total amount, the Zomato and Temasek-backed startup, which helps D2C brands and small sellers sell online, is expected to mop up Rs 1,000-1,100 crore in the form of fresh capital. The confidential filing route allows companies to delay the public disclosure of information, such as the company’s latest financials and the IPO details.

The coding bootcamp boom of 2021-22, fueled by high demand for software engineers, has cooled as generative AI reshapes the industry. Many startups have closed or pivoted, while others focus on AI-driven skills. Despite India's large pool of engineers, only a fraction are job-ready, highlighting the challenge of adapting to evolving tech demands.

"The strategy we now come to understand is that try and weaken BYJU by blaming and pulling everybody around him who supports him. My brother-in-law... Not many people are left because co-founding partners, Vinay, Anita, just pull anybody and anyone. Even our lawyers have been threatened. They've been told that their license will be cancelled. I don't want to take their name.

In an interview with ANI, Raveendran revealed that the decision, made collectively with board members including investor and founder directors, was not driven by desperation, as the company had raised $5 billion earlier.

Raveendran, founder and CEO of embattled edtech giant Byju’s, along with cofounder Gokulnath, has spoken out about the company’s turbulent journey, acknowledging past mistakes while outlining a vision for the future in a conversation with ANI.

Raveendran dispelled notions of personal gain. "I never saw the money come. I never saw it go. We invested everything we had in one mission--Byju's. We've invested only in one place in only one mission. We have no other investments. My entire investment is in Byju's."

In an interview with ANI, Raveendran said, "Two years back, we were sitting on thousands of crores. Today, we have nothing. After finishing that, we have raised a few hundred more crores from, because many good people have supported us in the last two years, and they have all been targeted."