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Unacademy, one of India’s prominent edtech platforms, is undergoing a major leadership overhaul as co-founder and CEO Gaurav Munjal prepares to step down, with Sumit Jain set to take over, according to an Economic Times report citing people familiar with the matter.The transition marks a pivotal moment for the Bengaluru-based company, coming amid a broader strategic reset, an abandoned acquisition bid, and a shift in focus toward AirLearn- its emerging language learning application.Munjal’s departure follows that of fellow co-founders Roman Saini and Hemesh Singh, effectively ending the operational involvement of the trio that started Unacademy as a YouTube channel a decade ago. Singh exited the company in June 2024, while Saini is now also stepping back from active duties.ET sources indicated that extensive conversations between the board and Munjal led to the decision. “The board and Munjal have been aligned on his exit, as he has been reluctant to lead the company’s offline coaching expansion,” said one person cited in the report. The founders are expected to receive cash payouts while continuing to retain their equity.Unacademy’s pivot from online test preparation to offline coaching centres has proved challenging in a post-pandemic edtech landscape marked by reduced funding and consumer pullback. The company had explored an acquisition by Allen Career Institute in 2023 at a valuation of $800 million—far below its $3.4 billion peak—but talks collapsed over valuation disagreements.Sumit Jain, a current board member and former founder of Opentalk (acquired by Unacademy in 2020), will assume the role of CEO. He previously co-founded Commonfloor, later acquired by Quikr in 2016.The company’s board includes high-profile investors such as SoftBank, General Atlantic, Nexus Venture Partners, Peak XV Partners, and prominent entrepreneurs Bhavin Turakhia and Sujeet Kumar. Tracxn data shows Munjal and Saini each own 3.4 percent, Singh holds 2.2 percent, while institutional investors collectively control significant stakes—Nexus and Peak XV at ~14 percent each, SoftBank at 12 percent, and General Atlantic at 11 percent.Unacademy has raised $880 million in total funding, including a $440 million round led by Temasek in 2021, with participation from Tiger Global, Dragoneer Investment Group, and Mirae Asset.Munjal is now expected to focus on AirLearn, formerly Unacademy Languages, which is being incubated under Unacademy Inc, a Delaware-registered entity. The app, positioned to rival Duolingo, has grown to 70,000 daily active users and achieved $2 million in annualised revenue. Preliminary funding talks for AirLearn are underway, and it may see backing from existing Unacademy investors.The company has also taken steps to stabilise its financials. For FY24, Unacademy reported a 7 per cent decline in operating revenue to Rs 840 crore, while net losses narrowed by 62 per cent to Rs 631 crore, attributed to aggressive cost-cutting and layoffs.In a recent townhall, Munjal said annual cash burn has dropped from over Rs 1,000 crore to under Rs 200 crore. The company currently holds reserves of Rs 1,200 crore (approximately $140–150 million), he confirmed.The leadership changes come as Unacademy faces mounting competition from Byju’s- owned Aakash Institute and PhysicsWallah, which has filed confidential IPO papers at an estimated valuation of Rs 35,000–40,000 crore.
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Modi’s Asia Double Play: Japan Now, China Next — What India Wants (and Risks)
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Luxury skincare expansion: L’Oreal acquires majority stake in Medik8; announces 1 billion Euro deal
[ad_1] Cosmetics maker L’Oreal agreed to acquire a majority stake in British skincare brand Medik8, in a strategic move to strengthen its presence in the booming skincare market. The French beauty giant announced the deal on Monday, though financial terms were not disclosed.The transaction, which sees UK-based private equity firm Inflexion selling its majority holding, reportedly values Medik8 at around 1 billion Euro, according to a source familiar with the matter. Inflexion will retain a minority share, while L’Oreal has secured the option to eventually buy out all remaining shareholders, Reuters reported.“We are delighted to welcome Medik8 to the L’Oréal family. As a premium skincare range, with high levels of proven efficacy at an accessible price point, Medik8 perfectly complements our existing skincare portfolio,” Cyril Chaupuy, president of L’oreal Luxe said.“This acquisition further strengthens L’Oreal’s luxe portfolio, adding a premium […]
270 million pulled out of poverty! How Modi government achieved a remarkable dip in extreme poverty & what’s the road ahead? Explained
[ad_1] India’s GDP has more than doubled in the last decade, and experts believe that this has trickled down to the poorest. (AI image) Marking a big achievement over the last decade, extreme poverty in India has dropped substantially from 27.1% in 2011-12 to 5.3% in 2022-23, according to the latest World Bank data. The remarkable progress under the Narendra Modi government has come despite the World Bank raising its poverty threshold to $3 per person per day from $2.15 per person per day earlier.Incidentally, India’s huge reduction in extreme poverty comes at a time when globally there has been an increase in the number of people below the poverty line. According to a government fact sheet, India has emerged a statistical outlier in the positive direction.The latest data is being seen as a boost in the government’s economic growth […]
Ayodhya land prices: Circle rates revised first time in 8 years; soar up to 200%
[ad_1] For the first time in eight years, Ayodhya has seen a sharp revision in its circle rates, with property prices rising between 30% and 200% across various parts of the district, officials told PTI.The prices are particularly steep within a 10-kilometre radius of the Ram Janmabhoomi Temple, an area witnessing a real estate boom fuelled by religious tourism and rapid infrastructure growth. Here, circle rates have jumped over 150%, pushing land values in the prime zone to Rs 26,600–27,900 per square metre, compared to Rs 6,650–6,975 earlier.Shanti Bhushan Chaubey, sub-registrar of Sadar (Faizabad) tehsil, said the hike followed a proposal submitted last September. “After addressing objections, the new circle rates were approved by District Magistrate Tikaram Funde and have now been enforced,” he said.According to Chaubey, the sharpest hikes were recorded in areas with the most land activity. “Localities […]
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