Byju's Founder Steps In, WTF Fund by Zerodha, MS Dhoni Investment, TATA and Tesla Deal, Etc.

Byju's Edtech in Turmoil: CEO Resigns, Founder Byju Raveendran Steps In:

• Byju's India CEO Arjun Mohan resigns after just over six months in the position.

• Founder Byju Raveendran will take over daily operations as part of a restructuring plan termed 'Byju's 3.0'.

• Mohan's resignation follows his leadership in business restructuring and cleanup efforts within Byju's.

• Mohan was also involved in overseeing Byju's-owned coaching firm Aakash.

• Byju's has been facing multiple challenges, including investor disputes and a severe cash crunch.

• Raveendran's return as operational CEO comes amidst ongoing legal disputes over his ousting as chief executive in a previous investor vote.

• Shareholders have approved a resolution to increase share capital, indicating some level of support for Byju's amid its challenges.

• Many employees at Byju's are yet to receive salaries for the past two months, and several senior executives have left the company.

 Zerodha Co-founder Nikhil Kamath Launches WTFund for Young Entrepreneurs:

• Zerodha co-founder Nikhil Kamath launches 'WTFund,' a non-dilutive grant-based fund for entrepreneurs aged 25 and under.

• The fund offers a grant of Rs 20 lakh to chosen founders, enabling them to retain full equity in their ventures.

• Alongside financial support, WTFund provides mentorship, assistance with go-to-market strategies, beta testing, internship programs, and other opportunities.

• The initiative aims to encourage young entrepreneurs to embrace risk by providing comprehensive support.

• This follows a trend of influential founders becoming investors, supporting various domestic funds.

• WTFund began accepting applications on April 15, aiming to invest in 40 young founders.

• Selected candidates will undergo a screening process and receive support until securing their first institutional funding.

• The initiative is part of Kamath's broader 'WTF is' podcast series, featuring discussions with industry experts and business leaders on investment and business-related topics.

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2. Tata Electronics Secures Semiconductor Deal with Tesla.

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4. Lighthouse Funds Invests Rs 700 Crore in FMCG Contract Manufacturer Parsons Nutritionals.

5. Fuel Prices Expected to Remain Stable Despite Iran-Israel Conflict During Poll Season.

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7. Adani's Ambuja Cements to Acquire My Home Group's Grinding Unit in TN for Rs 413.75 Crore.

8. MS Dhoni Makes Investment in E-Cycle Startup EMotorad.

9. DoT Announces Application Schedule for 2024 Spectrum Auctions.

10. Vodafone Idea Anticipates 5G Rollout in 6-9 Months Following FPO.

11. Government Imposes Port Restrictions for Exporting Essential Commodities to Maldives.

12. Mahindra Group to Invest Over Rs 1,200 Crore in Renewable Energy Projects.

World Briefs

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• Iraq's Deputy Prime Minister Urges Regional Restraint in US Meeting.

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• Biden Administration Approves $6.4 Billion Funding to Samsung for Computer Chip Production.

AI Briefs

• Meta Aims to Introduce VR Headsets in Classrooms for Students as Young as 13.

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• Adobe Announces Development of AI Model for Video Generation.