Byju’s valuation shakeup and what’s ahead for WWDC | Equity Podcast

This episode is presented by infest Puerto Rico if you believe your business Can go anywhere Puerto Rico is the [Music] Place hello and welcome back to equity Tech crunch's Flagship podcast about the Business of startups this is our Monday Show where we take a look at the weekend And get you ready for the week ahead Today is June 10th 2024 and I Becca scac A senior reporter at Tech runch on Today's show we have what to expect from Apple's worldwide developer conference Today a new valuation for Indian edtech Baus a new fund betting on Italian Startups and a quick note for pitch deck Tear down fans ha is on vacation this Week so we'll have a shorter show today And get back to our regular scheduled Programming when he returns let's get Started the first big story we're Looking at today is Apple's annual Worldwide developer conference which Kicks off later today at 10:00 a.m. Pacific 1: p.m. Eastern well last year's WWDC event introduced us to The Vision Pro headset this year we don't expect Any new hardware announcements as the Event will largely be focused on the Company's generative AI plans according To Tech crunch's Brian heater we should Expect a big Siri refresh Apple Mail to Get an injection of Apple's llm known as Aja to offer email reply suggestions and

Even a new look and new features for Apple photos CEO Tim cook promised last Month that the company would quote break New ground on generative AI adding also In quotes we believe it will unlock Transformative opportunities for our Users Brian heer expects a lot of focus On iOS there were early reports that Suggested Apple was meeting with Google About a potential Gemini integration for IOS will conflicting Reports say that They've been meeting with open AI it Would be interesting if Google were to Land the deal if it did it's llm Gemini Would play a key role in two operating Systems that account for Combined 96% of The global mobile operating system Market Apple has gotten a lot of strife From the industry that it may be behind Its peers when it comes to generative AI So we'll see what gets announced today And how people are feeling after the Show if you want more Brian heer and the Rest of the team has lots of pre-show Coverage you can comb through and there Will be more to come as the day goes On and the Second Story we're looking at Today involves baiju the Indian edtech Giant that used to be worth a whopping $22 billion Tech crunches Min Singh Reports that black rock estimates that Their stake in the company is now worth Nothing according to a disclosure in a Recent SEC filing that news probably

Won't come as a huge surprise to regular Listeners of the show because if you Remember last October Black Rock Cut the Valuation of Baus to just about 1 Billion separately HSBC also estimates That the value of process's 10% stake in The Indian startup to have diminished so Severely its analysts have not bothered To attribute any value to it at all woo It has been a rough you for Baus which Struggled to meet its financial Reporting deadlines last year and fell Short of its Revenue projections by more Than 50% investors don't tend to like Those kind of metrics in the same year The company faced governance issues its Auditor and three board members quit and Its $1 billion fund raise was derailed Baju did manage to raise at least 200 Million at a post money valuation of 250 Million this year but that investment is Being legally disputed by some of its Largest investors BYU used to be one of The highest value startups in India Gaining ground amid a rise and interest In edtech thanks to the pandemic but it Doesn't look like they are still able to Ride those macro headwinds this markdown Makes baiju one of the most in quotes Spectacular startup slides in recent Memory what's next in Tech that's not The right question it's where Puerto Rico where an entrepreneurial ecosystem Pulses with connectivity capability and

Possibility where the most competitive Tax incentives in the US FastTrack Success and hard work is rewarded with Sunsets and turquoise Waters if you Believe your business can go anywhere Puerto Rico is the place invest pr.org [Music] TechCrunch and to close out Today's Show We have a look at a new Fund in Italy Courtesy of this morning's TC newsletter Our own Anaheim reports that a newly Launched fund called Italian Founders Fund has raised €50 million Eur to Invest in 25 companies in the Italian Startup ecosystem The Firm will be Sector agnostic and hopes to work with Both Global VCS and local accelerators To back more Italian founders with quote Global Ambitions Italian Founders fund Has backed four companies this far with A fifth deal in the works they've Already backed a customer research Startup and an hrtech startup as well The fund is a quote step up from the Angel Investing the Italian Founders Fund team was previously engaged in and Founding partner Lorenzo franzy said That in quote Italian Founders fund is Addressing the challenge for early stage Founders in Italy to find a high Conviction lead investor at the precede And Seed stages now while that quote Implies there are not other funds in Italy which there definitely are

Including exort Ventures Primo Ventures And United Ventures among others I will Say as someone who sits over here in the US you definitely do not hear about the Italian startup Market as much as you do Other ecosystems in Europe so if this Fund is the first it's the third it's The fifth if it's going to help give a Boost to that market I don't think it Really matters and I think that is going To be a net positive Overall and that's it for today but e Will be back on Wednesday marann aeto Has an interesting conversation coming Up with any Venture partner Vanessa Laro So definitely stay tuned if you want More from us between now and then follow Us on X and threads at Equity pod thank You for listening and you can always Find more stories from TechCrunch on Techcrunch.com Equity is produced by Teresa Lo conso With editing by Kell Bryce Durban is our Illustrator and we'd like to give a big Thanks to our audience development team And Henry pet who manages Tech crunch Audio products thanks so much for Listening and we'll talk to you next Time

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