India

By Nishant Arora
New Delhi, Sep 16 (IANS) After six stressful and tough learning months, Byju Raveendran is back in the game, consolidating the loss-making acquisitions like WhiteHat Jr and optimising the rest, while doubling down on opening more physical tuition centres. According to him, "the worst is finally over" and there is only "growth ahead" as seen in the company's FY22 financial results.



The edtech company with nearly $22 billion valuation went through an ordeal as it delayed the audited FY21 financial reports for nearly 18 months, inviting government scrutiny and serious questions from the public.

The FY21 report is out, with massive losses to the tune of Rs 4,500 crore, while BYJU's needs to pay the rest of the acquisition amount (about Rs 2,000 crore) to global VC firm Blackstore in the $950 million Aakash acquisition by September 23.

Raveendran told IANS that he is not worried at all about paying the rest of the acquisition money as the core education business is doing excellent and the company has a healthy cash reserve of more than $1 billion.

"The losses that you see in FY21 is because 40 per cent of the revenue got deferred on account of two things: revenue recognition change because of streaming revenue getting recognised over the period of consumption of the product," Raveendran explained in a free-wheeling interview.

He said that the other reason for the audit delay was that EMI or credit sales were getting recognised after the complete significant collection was done.

"There are the main reasons for audit delay, apart from the initial reasons like Covid and then the complexity of our business moving from a single product, single geography offering to multi-product, multi subsidiary offering across the world," emphasised Raveendran, adding that while the revenue got pushed out, the cost expenses during the financial year did not.

In 2007, he founded the test preparation business Byju's Classes, and in 2011 Raveendran founded BYJU's with his wife, Divya Gokulnath.

Last year, he went on an acquisition spree. The edtech unicorn made at least 10 acquisitions for a cumulative transaction value of about $2.5 billion -- including Delhi-based offline test preparatory services provider Aakash for $950 million.

Raveendran said that loss-making acquisitions like WhiteHat Jr, the beleaguered coding platform BYJU's acquired for $300 million, are now being consolidated.

"WhiteHat Jr is underperforming as it has a very high marketing cost attached to it. This is one of the businesses where we are seeing Covid pull-back. We have the structural challenges as it has an inefficient cost structure," he told IANS.

Raveendran said that they don't have the product challenge with WhiteHat Jr as they added Maths with coding on the platform.

The edtech major clocked gross revenues of nearly Rs 10,000 crore in FY22, leaving its investors happy and Raveendran, a relieved man.

"From here on, we will double down on growth as our core business is booming. Both Aakash Institute and Great Learning are doing excellent and have doubled their revenues," Raveendran stressed.

In June, BYJU cut at least 600 jobs -- asking 300 employees at its Toppr learning platform and another 300 at coding platform WhiteHat Jr to go.

On any future job cuts, Raveendran said that apart from getting rid of few redundant roles and some functions becoming optimised, BYJU's is actually hiring more people while absorbing the right mix of workers into other products.

"We today have 50,000-plus employees, that's up from 20,000-plus 18 months back. The total number of employees in the ecosystem is growing. Several new functions and initiatives have been created where we are hiring a lot of teachers, because of the hybrid learning centres like Akash which are really growing well," the BYJU's CEO told IANS.

He said BYJU's is hiring at least 1,000 employees on a month-to-month basis, even more.

Raveendran is confident that the remaining amount in the Aakash deal will reach Blackstone soon, as he charts a new course for BYJU's in months to come, as the next big funding raise is in the offing.

(Nishant Arora can be reached at nishant.a@ians.in)

--IANS
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Chennai, Sep 16 (IANS) Ousted interim general secretary of the AIADMK, V.K. Sasikala said that she was on a comeback path and will lead the party at an appropriate time. She also said that she and O. Panneerselvam were together and that she would soon visit the party headquarters in Chennai.

Sasikala in a statement on Friday said that the AIADMK would win all the Lok Sabha seats from Tamil Nadu in the 2024 general elections. The estranged leader said that the majority of the party cadres are with her and O. Panneerselvam and that she would soon be at the helm of affairs in the party.

The former aide of late Chief Minister, J. Jayalalithaa who was one of the most powerful figures in the AIADMK, said that the Chief Minister M.K. Stalin does not have any time for governance and was busy in photo shoots.

The former interim general secretary of the AIADMK said that the party cadres are for a change in the AIADMK and said that several leaders and cadres have approached her.

The powerful Thevar community, which has been a traditional support base for the AIADMK in South India, has been trying to bridge the gap between Sasikala and O. Panneerselvam who both are from the community. With O. Panneerselvam being targeted in the AIADMK, the Thevar community has been taking initiatives for an alliance between the two powerful Thevar leaders.

--IANS
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Jaipur, Sep 16 (IANS) In a last-minute change of plan, it was decided that the special cargo plane carrying eight cheetahs from Namibia will land in Gwalior instead of Jaipur on Saturday (September 17).

After landing at Gwalior, the animals will be taken to the Kuno National Park in Madhya Pradesh's Sheopur, said officials.

The eight cheetahs -- five females and three males -- are being brought from Namibia's capital Windhoek to Gwalior airport in a customised Boeing 747-400 aircraft, officials said.

Earlier, it was decided that the Boeing carrying the cheetahs will land at Jaipur and from Jaipur, they will be flown to the Kuno National Park. However, the plan was changed.

As per the plan, Prime Minister Narendra Modi will release these cheetahs in the national park amid much fanfare as these will be the first cheetahs in the country after they went extinct 70 years ago.

--IANS
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Samarkand, Sep 16 (IANS) Prime Minister Narendra Modi on Friday attended the Shanghai Cooperation Organisation (SCO), which is the first in-person summit being held in two years in the historic Uzbek city here.

Before the deliberations, Prime Minister Narendra Modi posed for a photograph with the SCO leaders -- Russian President Vladimir Putin, Chinese President Xi Jinping, Pakistan PM Shehbaz Sharif and other leaders.

Modi also met Shavkat Mirziyoyev, the President of Uzbekistan.

The Prime Minister's Office on Friday tweeted the pictures, "PM @narendramodi at the SCO Summit in Samarkand, Uzbekistan."

Ministry of External Affairs spokesperson Arindam Bagch tweeted: "Together for the region! PM @narendramodi joins the leaders of SCO Member States for discussions on topical, regional and international issues, including regional peace and security, trade and connectivity, culture and tourism."

The Prime Minister is participating in the 22nd Meeting of the Council of Heads of State of the Shanghai Cooperation Organization (SCO) and will hold bilateral meetings with some other leaders attending the Summit.

The regional multilateral organisation was set up in 2001 with Russia, China, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan as members, while India and Pakistan became full members in 2017.

The Council of the SCO Heads of State is the highest decision-making body of the organisation and meets for an annual summit that is hosted by a member state of the SCO.

Prime Minister Modi has been leading the Indian delegation to the SCO Summit every year, since India became its full member in 2017. During the last two summits in 2020 and 2021, he participated in the virtual format.

--IANS
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By N. Lothungbeni Humtsoe
New Delhi, Sep 16 (IANSlife) A train journey is perfect for anyone looking for a fascinating way to experience southern India. Such trips make a wonderful way to get closer to the rich culture and heritage. Although trains are usually associated with cities, Sripad Vaidya, Co-founder & COO, Confirmtkt handpicked five destinations with wide-reaching scenic beauty that one can marvel at when travelling by train.



Kollam - Sengottai

The train journey from Kollam to Sengottai will be a fulfilling experience for travellers who like to explore offbeat places. The railway line connects the states of Kerala and Tamil Nadu through these two junction points. Passengers witness several lush green forests, clean & swiftly flowing rivers, and hills throughout the ride. Along the way, they pass a heritage bridge and a national highway built above and below the tracks. Train journey ensures travellers get to see Kerala's natural beauty, making it the most picturesque trip ever.

Ooty to Coonoor

People who want to enjoy train travelling near the hilly areas of the south must not miss Ooty to Coonoor train journey. Both of these destinations are popular among visitors for their picture-perfect scenic beauty.


These two hill stations are located in Tamil Nadu and are connected via a special toy train. The tracks connecting Ooty to Coonoor are part of Nilgiri Mountain railways, which have been honoured by UNESCO due to their impeccable uniqueness and raw beauty. The best part of the train journey is it takes passengers through the tea plantations of Ooty and mountains covered with greenery.

Chennai to Rameshwaram

This train journey is one-of-a-kind in its own way. Aside from giving a nature trip, it also takes people through a mythological journey. The railway connecting Chennai to Rameshwaram runs over Pamban Bridge, famous as India's first bridge. Natives believe that Pamban Bridge was built by Lord Rama while searching for Goddess Sita, who Ravana abducted. The bridge links the Mandapam region in India with Rameswaram and Pamban Island. Though the rail ride is only 2.2 Km long, its surroundings and religious background make it one of the best life experiences.

Kanyakumari to Trivandrum

The train ride between these two destinations in south India is like a slideshow of the rich plantation practices of the country. In this two-hour-long train journey, travellers pass through many luxuriant plantations of green tea, coconut groves and farms of a variety of spices. Take the train ride via Island Express; it covers the natural splendours of the path and gives the opportunity to experience the local life of the south up close.

Best train services for South Indian trips

Aside from regular railway expresses, one can sweeten their journey to the south by booking a ride with some renowned train services. These are:

. Golden Chariot
. Golden Chariot Southern Splendour
. Maharajas' Express Southern Jewels
. Maharajas' Express Southern Sojourn
. Deccan Odyssey Jewels of Deccan.

These trains put the luxury of the passenger as their top priority. The trip package offers private and comfortable accommodation, porterage services, an onboard butler, meals, drinks and snacks free of cost. Travellers also enjoy off-train excursions, WiFi, and even a lounge and bar are part of these luxurious trains' facilities. On some routes, guests can smell the spicy aromas of India and see the mystical waterfalls, lush plantations, and wildlife. Once on the journey, one will truly feel like they have discovered an entirely new continent. Hence, it's time to experience the splendour of south India's train journeys yourself rather than searching for them on the internet.

(N. Lothungbeni Humtsoe can be contacted at lothungbeni.h@ians.in)

--IANS
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New Delhi, Sep 16 (IANS) The National Testing Agency (NTA) on Friday released the Common University Entrance Test (CUET-UG) results.

About 20,000 students have scored 100 percentile in 30 subjects in these examinations taken for admission to undergraduate courses.

According to NTA, the highest number of 100 percentilers were in English at 8,236, followed by Political Science (2,065), Business Studies (1,669), Biology (1,324) and 1,188 Economics.

As many as 2,92,589 students appeared in these examinations from Uttar Pradesh, 1,86,405 from Delhi, while only 583 students from Meghalaya took the exams.

The result has been released on NTA's official website where the students can view and download their marks from. The result of the examination will be available on the website for 90 days.

Notably, the examinations were conducted for admission in 91 universities, including all the central universities of the city. Now that the results are out, the universities and colleges will prepare their cut-off list.

While the series of tests began on July 15, the sixth and final phase was completed on August 30. A total of 14.90 lakh students had registered themselves and around 60 per cent attempted it.

Besides, CUET-UG exams were also conducted in foreign cities like Muscat, Riyadh, Dubai, Manama, Doha, Kathmandu, Sharjah, Singapore and Kuwait.

In India, the tests were conducted in 444 centres spread across 239 cities.

This time, admissions in all central universities, including Delhi University, are based on the CUET scores only. Delhi University is the largest central university in India with about 80 departments under its umbrella. These include postgraduate degree, PhD, certificate courses, degree courses etc.

It has about 79 colleges offering undergraduate and postgraduate courses.

Every year, more than 70,000 students take admissions in these colleges and departments for graduation in science, commerce and humanities.

Among the minority educational institutions, Jamia Millia Islamia has also decided to implement CUET for admission to several undergraduate courses from the current academic session 2022-23.

Meanwhile, the Delhi High Court has ordered St. Stephen's College, Delhi to adopt the admission process on the basis of CUET.

--IANS
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New Delhi, Sep 16 (IANS) Former Finance Minister P. Chidambaram on Friday criticised Union FM Nirmala Sitharaman over her statement on the 1991 economic reforms.

Chidambaram tweeted, "The FM is reported to have said that the 1991 reforms were "half-baked", Thank God, Dr Manmohan Singh did not serve over-cooked and unpalatable food like Demonetisation, multiple-rates GST and savage taxes on petrol & diesel

"We thank the FM for revealing that she took bakery and cooking courses in University," he added

According to reports in a section of the media, the Finance Minister during a book release function said that the 1991 reforms were half-baked. The economic reforms were initiated by Manmohan Singh when he was the finance minister during the Narsimaha Rao government at the Centre.

Speaking in Hindi, Sitharaman said, "The economy was liberalised but the opening of the economy was not done properly and was under compulsions. We started with half-baked reforms in 1991."

Chidambaram, a former finance minister, is a bitter critic of the Modi government's economic policies.

--IANS
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Lucknow, Sep 16 (IANS) A 64-year-old man in Uttar Pradesh's Lucknow was allegedly duped of more than Rs 7 lakh by a Nigerian man, who made a fake social media profile as a woman and took the money in the name of sending return gifts on 'her' birthday, police said.

The man, a resident of Alambagh, has lodged a case with the cyber police.

The Nigerian man has been arrested by the Uttar Pradesh Special Task Force for allegedly duping people of crores of rupees by creating fake social media profiles and then extorting money from them.

The accused has been identified as Jerome Balla a.k.a Sunday Dumaka and was arrested on Thursday from Delhi. Police have recovered six mobile phones, three SIM cards, 1 Nigerian voter ID card and Mastercard and a photocopy of a passport from his possession.

During interrogation, the accused revealed that he is a resident of Gini, Nigeria, and that he visited India in 2017. He then married a girl from India in 2018 and has been living in Delhi since then.

The police added that the accused created several IDs on various social media platforms and used to display pictures of foreign people to trap the victims.

The accused befriended the victims by impersonating as a man or woman from America, Germany or elsewhere. He even talked to them on phone by using voice changer software. With a promise to marry the victims, the accused even promised to send them lavish gifts.

Later, he used to call them up as a Customs Officer and pressure victims to pay 'customs duty' on the items received.

The accused also duped people by threatening to trap them in money laundering case and asked them to send money in various bank accounts, the police informed.

--IANS
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Lucknow, Sep 16 (IANS) Following the heavy rains that have been lashing Lucknow since the past 24-hours, the district administration, early on Friday, announced the closure of all schools in Uttar Pradesh's state capital, Met Department officials said.

According to the orders of the District Magistrate Suryapal Gangwar, schools affiliated to all Boards, up to class 12 will remain closed on Friday following the heavy downpour and water logging in many parts of the city.

School managements have been asked to communicate to all parents and students through their respective WhatsApp groups that the schools will remain closed due to the inclement weather and heavy downpour.

The order applies to all the urban and rural area schools.

Several districts in Uttar Pradesh, including Jhansi, Orai, Lucknow, Kanpur and Bahraich have witnessed torrential rainfall in the past 24 hours.

Heavy rainfall belt will extend further and cover Bareilly, Pilibhit, Badaun, Shahjahanpur, Mainpuri, Hardoi, Sitapur, Lucknow, Kanpur and Prayagraj in the next two days, Met Department officials said.

--IANS
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New Delhi, Sep 16 (IANS) The diplomats in the External Affairs Ministry in India and the abroad are troubled with the claims made by the Punjab Chief Minister Bhagwant Mann about setting up of a new BMW manufacturing plant in Punjab which was later refuted by the leading auto giant BMW.

According to a source with the Ministry, the diplomats see it as a question of credibility and said that such tall claims should be avoided as it hurts the credibility of the country and the government too. The source said that it has left the diplomats embarrassed.

During Mann's visit to Germany, the Indian diplomats had arranged a meeting. However, after that he announced that BMW had decided to set up a new manufacturing plant in his state.

"The efforts of Punjab Chief Minister Bhagwant Mann to rope in major investments from Germany bore fruit on Tuesday as leading auto giant BMW agreed to set up its auto part manufacturing unit in the state," said a press statement from government.

However, releasing an official statement, the BMW Group denied such plan on Wednesday.

"The BMW Group is firmly committed to its Indian operations with its manufacturing plant in Chennai, a parts warehouse in Pune, a training centre in Gurgaon-NCR and a well-developed dealer network across major metropolitans of the country. BMW Group India has no plans for setting up additional manufacturing operations in Punjab," said the press statement.

--IANS
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