📚 What edtech wants from Budget; Unacademy is down, Byju’s is out, so who’s winning?

The most interesting news selected specially for you! 21 July 2024 [View in Browser]( POWERED BY Hello, In today's newsletter, we will talk about: - What edtech wants from Budget - Unacademy is down, Byju’s is out, so who’s winning India’s education race? - SaaS sector’s Budget wishlist - Subsidies, lower tax on EV sector’s mind - BYJU’S employees speed up job hunt Here’s your trivia for today: Who was the first person to climb all of the "Seven Summits"? --------------------------------------------------------------- In-depth What edtech wants from Budget Edtech companies are voicing their wishlist for the upcoming Budget. Their hopes include tax exemptions, enhanced digital infrastructure to bridge the access gap, and more to propel the sector’s growth. These measures, they argue, are crucial to democratise education, enhance learning outcomes, and equip the future workforce with necessary skills. Wishlist: - Education sector stakeholders assert that the Budget should recognise the importance of aligning with the New Education Policy’s recommendations, including allocating 6% of total GDP to education. - Prioritising teacher training and development programmes in the latest pedagogies and technologies is also crucial for delivering high-quality education, believes Prajodh Rajan of Lighthouse Learning. - upGrad’s Mayank Kumar argues that the government should consider how it approaches ESOPs. He states that revisiting ESOP taxation policies could further incentivise talent retention and growth in the tech industry. [Read More]( --------------------------------------------------------------- From the CapTable Unacademy is down, Byju’s is out, so who’s winning India’s education race? The downward spiral of the country’s two biggest edtech players—Byju’s and Unacademy—hasn’t caused ripples in India’s edtech waters but a full-blown tsunami. One which has decimated the prospects of many of Byju’s and Unacademy’s edtech peers, sinking some altogether and leaving others fighting to keep their heads above water. While no edtech company has emerged as a clear winner—neither justifying the massive amounts raised nor truly revolutionising education in the country—they have collectively dragged the entire market down. This has made it more challenging for other players to win back the trust of the various stakeholders. This wave has washed investors away from Indian edtech’s shores and sent students and parents scurrying offline for their education needs. For the few edtechs that continue to swim against the tide, the need of the hour is to adapt and evolve to avoid being dragged under. [Continue Reading]( --------------------------------------------------------------- Budget SaaS sector’s Budget wishlist a big push to embrace AI for technology startups in India, the government approved the IndiaAI Mission with a budget allocation of over Rs 10,000 crore in March this year. However, industry experts suggest that while this initiative is promising, more needs to be done to leverage the new technology across the sector. Demands: - Several SaaS startups expect the upcoming Budget to focus on IP enforcement, streamlined patent processes, and incentives for R&D investments, says Vishal Puri, Co-founder, Spalba. - “Recognising that small businesses are the backbone of our nation, the Budget should focus on accelerating the growth of startups and the MSME sector. Currently, publicly listed shares are taxed at 10%, while unlisted shares face a 20% tax,” says CleverTap's Anand Jain. - Sandeep Agarwal, Global MD and CTO, Visionet believes the Budget should incentivise the establishment of Global Captive Centres (GCCs), which can boost local employment and technological advancement. [Read More]( --------------------------------------------------------------- In-depth Subsidies, lower tax on EV sector’s mind Minister Nirmala Sitharaman’s interim, pre-election Budget offered much-awaited support for EV charging infrastructure, especially on the manufacturing side. It also zoomed in on public EV infrastructure to boost the adoption of e-buses. With the full Budget 2024 now on the anvil under the newly-formed government, industry stakeholders have renewed their expectations for a new phase of the FAME scheme. Many asks: - The EV industry’s biggest expectation from Budget is an advancement on the FAME scheme as the second iteration expired on March 31, 2024. - The scheme is expected to have a Budget outlay of around Rs 10,000 crore, the same as FAME II, according to two sources YourStory spoke with. It will continue to offer purchase subsidies on electric two- and three-wheelers. - Beyond manufacturing and sales subsidies, EV players also reckon it would help if the government actively boosted usage, especially in commercial sectors. [Read More]( --------------------------------------------------------------- Edtech BYJU’S employees speed up job hunt troubles, work culture, and industry decline have led many BYJU’S employees to depart, now with the NCLT admitting bankruptcy proceedings against the once edtech giant, remaining workers are stuck between a rock and a hard place. Jobs are tough to come by, and with the firm facing financial troubles, employees are unsure if their pending dues will be processed. Key takeaways: - On July 16, the NCLT admitted a plea filed by the BCCI to initiate a corporate insolvency resolution process for Think and Learn Private Limited, the parent company of BYJU’S. - At its peak, BYJU’S employed over 50,000 people, which has since nosedived and the current employee count is estimated to be around 7,000. - Those with tech and product backgrounds have largely transitioned to new roles, however, employees in the larger sales domain are facing greater difficulty in finding new opportunities. [Read More]( --------------------------------------------------------------- News and Updates - [Complaints:]( OpenAI whistleblowers have filed a complaint with the US SEC, calling for an investigation over the AI company's allegedly restrictive non-disclosure agreements. The AI company allegedly made employees sign agreements that required them to waive their federal rights to whistleblower compensation. - [Spike:]( Bitcoin price has topped $60,000 per bitcoin, up from lows of $53,000 earlier this month as Trump's chances of retaking the White House in November spiked on the crypto-based Polymarket prediction platform following an injury during an assassination attempt. - [Just robots:]( Roboticists at Yale University have developed a way for soft robots to replicate some of the more unsettling things that animals and insects can accomplish—say, a reptile self-amputating a limb, or ants building bridges by temporarily fusing their bodies. Did you know? Who was the first person to climb all of the "Seven Summits"? Answer: Richard Bass. In 1983, he climbed the first six—Aconcagua (South America), Denali (North America), Kilimanjaro (Africa), Mt Elbrus (Europe), Mt Vinson (Antarctica), and Mt Kosciuszko (Oceania/Australia)—in a single year. He completed the feat by climbing Mt Everest in 1985. We would love to hear from you! To let us know what you liked and disliked about our newsletter, please mail nslfeedback@yourstory.com. If you don’t already get this newsletter in your inbox, [sign up here](. For past editions of the YourStory Buzz, you can check our [Daily Capsule page here](. [Feedback]( [Unsubscribe]( [Newsletters](