{"id":1243279,"date":"2023-02-26T10:23:48","date_gmt":"2023-02-26T04:53:48","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1243279"},"modified":"2023-02-26T10:24:20","modified_gmt":"2023-02-26T04:54:20","slug":"will-byjus-shut-down-whitehat-jr-after-spending-rs-2400-crore-to-acquire-them-heres-the-truth-you-should-know","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/will-byjus-shut-down-whitehat-jr-after-spending-rs-2400-crore-to-acquire-them-heres-the-truth-you-should-know\/","title":{"rendered":"Will Byju’s Shut Down Whitehat Jr. After Spending Rs 2400 Crore To Acquire Them? Here’s The Truth You Should Know!"},"content":{"rendered":"\n

BYJU’s has dismissed media reports that it intends to shut down Whitehat Jr.<\/p>\n\n\n\n

\"Will<\/figure>\n\n\n\n

Byju\u2019s acquired WhiteHat Jr in 2020 at an enterprise value of $300 million.<\/p>\n\n\n\n

A company spokesperson said that BYJU’s is merely optimizing Whitehat Jr for organic and efficient growth.<\/p>\n\n\n\n

How rumors began<\/strong><\/p>\n\n\n\n

Sources within WhiteHat Jr had hinted at internal discussions that Byju\u2019s might wind up operations of the coding platform it had acquired. <\/p>\n\n\n\n

Along with this, WhiteHat Jr\u2019s decision to lay off more than 300 employees last year in an attempt to cut costs further fuelled <\/a>speculation that major changes may be coming.<\/p>\n\n\n\n

Media buzz<\/strong><\/p>\n\n\n\n

TechCrunch had reported that the Bengaluru-based firm has been in talks in recent weeks to shut down Whitehat Jr. <\/p>\n\n\n\n

Three investor sources familiar with the matter had spoken <\/a>with TechCrunch.<\/p>\n\n\n\n

BYJU’s had said that the move will combine its leadership in education technology and WhiteHat Jr’s strength in live online coding.<\/p>\n\n\n\n

BYJU’s Full statement<\/strong><\/p>\n\n\n\n

“At the group level, in accordance with its steadfast commitment towards achieving operational profitability, BYJU’S is constantly evaluating and optimizing its business operations towards global growth. <\/p>\n\n\n\n

As an ongoing activity, we are actively evaluating all our business units to ensure that they are aligned with our path to profitability. <\/p>\n\n\n\n

Regarding the specific question on White Hat Junior, we have no plans of shutting it down. <\/p>\n\n\n\n

We are merely optimizing it for organic and efficient growth. <\/p>\n\n\n\n

We remain fully committed to delivering world-class educational experiences and solutions that empower students to achieve their full potential.” added a BYJU’s spokesperson.<\/p>\n\n\n\n

WhiteHat Jr’s journey<\/strong><\/p>\n\n\n\n

Founded in November 2018, WhiteHat Jr helps children aged 6 to 14 years build commercial-ready games, animations and apps using the fundamentals of coding.<\/p>\n\n\n\n

It has raised funding from investors such as Nexus Venture Partners and Omidyar Network, and has touched a revenue run rate of $150 million.<\/p>\n\n\n\n

“With coding fast emerging as a key skill for the future, this integration will help BYJU’s further expand its offerings in India. This acquisition will also accelerate BYJU’s US expansion plans,” the company had said in a statement.<\/p>\n\n\n\n

Acquisition spree<\/strong><\/p>\n\n\n\n

Toppr and White Hat Jr are among the 18-20 acquisitions and strategic investments of BYJU’s, on which it has spent $3 billion.<\/p>\n\n\n\n

On an acquisition spree, the edtech giant made at least 10 acquisitions for a cumulative transaction value of around $2.5 billion in 2021.<\/p>\n\n\n\n

It even attributed the delay in filing its financial results for FY21 and FY22 to the series of acquisitions made over the last two years.<\/p>\n\n\n\n

Unabated layoffs <\/strong><\/p>\n\n\n\n

Simultaneously, the company has also been firing employees in the hundreds if not thousands.<\/p>\n\n\n\n

This month the company fired <\/a>over 900 employees.<\/p>\n\n\n\n

Over 2,500 employees, or about 5 percent of the company’s staff across departments, were let go of in October last year in an effort to cut “redundancies” and achieve profitability for FY23. <\/p>\n\n\n\n

Almost 300 people worldwide were let go Whitehat Jr as part of BYJU’s layoff.<\/p>\n\n\n\n

These are reflective of BYJU’s ongoing efforts to aggressively reduce expenses after reporting a net loss of Rs 4,589 crore in FY21 (2020-21), the highest for an Indian startup that year.<\/p>\n\n\n\n

WhiteHat Jr reported losses of Rs 1,690 crore in FY 2020-21.<\/p>\n","protected":false},"excerpt":{"rendered":"

BYJU’s has dismissed media reports that it intends to shut down Whitehat Jr. Byju\u2019s acquired WhiteHat Jr in 2020 at an enterprise value of $300 million. A company spokesperson said that BYJU’s is merely optimizing Whitehat Jr for organic and efficient growth. How rumors began Sources within WhiteHat Jr had hinted at internal discussions that […]<\/p>\n","protected":false},"author":24,"featured_media":1243285,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[137],"tags":[303,967],"class_list":["post-1243279","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education","tag-byjus","tag-whitehat-jr"],"acf":[],"yoast_head":"\nWill Byju's Shut Down Whitehat Jr. After Spending Rs 2400 Crore To Acquire Them? 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