Latest news with #SumitJain
Hans India
7 days ago
- Sport
- Hans India
India seal historic series win against Trinidad & Tobago in landmark Deaf Cricket tour
New Delhi: In a landmark moment for inclusive sports, the Indian Deaf Cricket Team, led by the Indian Deaf Cricket Association (IDCA), has triumphed in the historic 5-match International Deaf Cricket Series 2025 against Trinidad & Tobago. Hosted from May 23 to 29 across iconic venues in Trinidad & Tobago, the series marked a pioneering milestone as the Caribbean nation hosted India's deaf cricket team for the first time. Team India clinched the series 3-2, showcasing resilience, tactical brilliance, and team spirit. Notably, India registered a thumping 132-run win in the 2nd ODI match held at the National Cricket Centre. All-rounder Pradeep received the 'Player of the Match' award for his explosive 84-run knock and match-winning 4-wicket haul. The team's T20 performance remained consistent, with India winning all 3 T20 matches against Trinidad & Tobago (India 3 – Trinidad & Tobago 0), while also winning 1 ODI (India 1 – Trinidad & Tobago 0). This tour, held under the theme "Historic Boundaries, New Beginnings", marks a significant step forward in IDCA's mission to take deaf cricket global and build strong international partnerships. IDCA President Mr. Sumit Jain expressed heartfelt gratitude, stating, 'This series has been a historic and emotional milestone for us. We thank the Trinidad & Tobago Deaf Cricket Association for their warm hospitality. Our players not only displayed excellence but also became ambassadors of inclusion and sporting spirit.' IDCA CEO Ms. Roma Balwani added, 'This isn't just a victory on the field; it is a victory for inclusion, equality, and the global deaf community. We are proud to lead the charge in shaping a more inclusive sporting future.' The Indian team was led by Captain Virender Singh and coached by Santosh Kumar this successful tour, IDCA has once again demonstrated how deaf athletes can shine at the highest level. India Deaf Cricket Team, Historic Series Win, Trinidad & Tobago, Inclusive Sports, Deaf Cricket Association, International Deaf Cricket Series
Entrepreneur
29-05-2025
- Business
- Entrepreneur
Unacademy Co-founders Set to Exit, Shift Focus to New Venture AirLearn
You're reading Entrepreneur India, an international franchise of Entrepreneur Media. In a significant leadership shift at Indian edtech unicorn Unacademy, co-founders Gaurav Munjal and Roman Saini are reportedly stepping down to dedicate their efforts to a new venture, AirLearn, a language learning app. This move marks a rare instance of original co-founders exiting a major Indian edtech company. Their departure follows that of the third co-founder, Hemesh Singh, who left in June 2023. Sumit Jain, co-founder of Unacademy's subsidiary Graphy, is expected to assume the leadership role. Jain joined Unacademy in 2020 after the acquisition of his startup Opentalk. According to The Economic Times, Munjal and Saini are now focused on scaling AirLearn, which has already achieved an annual recurring revenue (ARR) of USD 400,000 in the US, just months after its launch. Unacademy's board comprises representatives from SoftBank, General Atlantic, Bhavin Turakhia (Zeta), Sujeet Kumar (Udaan), along with Munjal and Saini. Data from TheKredible indicates the three original co-founders together held a 15% stake in the company. The leadership transition signals a new era for Unacademy, which is aiming to sustain and grow amid evolving market conditions. Munjal recently noted that the company has significantly reduced its core business cash burn—from over INR 1,000 crore annually to under INR 200 crore. With INR 1,200 crore in reserves and profitable units like Graphy and PrepLadder, Unacademy remains financially stable. The exit of its founding trio could usher in a fresh strategic direction for the edtech firm.
Time of India
28-05-2025
- Business
- Time of India
Unacademy founders exit operations amid strategic shift; Sumit Jain named CEO: Report
Unacademy, one of India's prominent edtech platforms, is undergoing a major leadership overhaul as co-founder and CEO Gaurav Munjal prepares to step down, with Sumit Jain set to take over, according to an Economic Times report citing people familiar with the matter. The transition marks a pivotal moment for the Bengaluru-based company, coming amid a broader strategic reset, an abandoned acquisition bid, and a shift in focus toward AirLearn- its emerging language learning application. Munjal's departure follows that of fellow co-founders Roman Saini and Hemesh Singh, effectively ending the operational involvement of the trio that started Unacademy as a YouTube channel a decade ago. Singh exited the company in June 2024, while Saini is now also stepping back from active duties. ET sources indicated that extensive conversations between the board and Munjal led to the decision. "The board and Munjal have been aligned on his exit, as he has been reluctant to lead the company's offline coaching expansion,' said one person cited in the report. The founders are expected to receive cash payouts while continuing to retain their equity. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Resort com tudo incluído na Bahia Palladium Hotel Group Undo Unacademy's pivot from online test preparation to offline coaching centres has proved challenging in a post-pandemic edtech landscape marked by reduced funding and consumer pullback. The company had explored an acquisition by Allen Career Institute in 2023 at a valuation of $800 million—far below its $3.4 billion peak—but talks collapsed over valuation disagreements. Sumit Jain, a current board member and former founder of Opentalk (acquired by Unacademy in 2020), will assume the role of CEO. He previously co-founded Commonfloor, later acquired by Quikr in 2016. The company's board includes high-profile investors such as SoftBank, General Atlantic, Nexus Venture Partners, Peak XV Partners, and prominent entrepreneurs Bhavin Turakhia and Sujeet Kumar. Tracxn data shows Munjal and Saini each own 3.4 percent, Singh holds 2.2 percent, while institutional investors collectively control significant stakes—Nexus and Peak XV at ~14 percent each, SoftBank at 12 percent, and General Atlantic at 11 percent. Unacademy has raised $880 million in total funding, including a $440 million round led by Temasek in 2021, with participation from Tiger Global, Dragoneer Investment Group, and Mirae Asset. Munjal is now expected to focus on AirLearn, formerly Unacademy Languages, which is being incubated under Unacademy Inc, a Delaware-registered entity. The app, positioned to rival Duolingo, has grown to 70,000 daily active users and achieved $2 million in annualised revenue. Preliminary funding talks for AirLearn are underway, and it may see backing from existing Unacademy investors. The company has also taken steps to stabilise its financials. For FY24, Unacademy reported a 7 per cent decline in operating revenue to Rs 840 crore, while net losses narrowed by 62 per cent to Rs 631 crore, attributed to aggressive cost-cutting and layoffs. In a recent townhall, Munjal said annual cash burn has dropped from over Rs 1,000 crore to under Rs 200 crore. The company currently holds reserves of Rs 1,200 crore (approximately $140–150 million), he confirmed. The leadership changes come as Unacademy faces mounting competition from Byju's- owned Aakash Institute and PhysicsWallah, which has filed confidential IPO papers at an estimated valuation of Rs 35,000–40,000 crore. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
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Business Standard
28-05-2025
- Business
- Business Standard
Unacademy CEO Gaurav Munjal steps down; Sumit Jain takes charge
Unacademy cofounder Gaurav Munjal is stepping down as CEO, with board member Sumit Jain set to take over, according to a report by The Economic Times. The leadership change comes amid broader organisational shifts, a failed acquisition deal, and a new focus on the company's standalone language-learning platform, AirLearn. Fellow cofounder Roman Saini is also exiting day-to-day operations, marking the end of an era for Unacademy's founding trio. The third cofounder, Hemesh Singh, had already left in June 2024. The three had originally launched Unacademy as a YouTube channel nearly a decade ago. Challenges in pivot to offline coaching Unacademy has been gradually moving away from its online test prep roots towards a more capital-intensive offline coaching model. However, the transition has been complex, with India's edtech sector grappling with a post-pandemic downturn. Munjal reportedly did not want to lead an offline coaching business, leading to a board-level consensus on his exit. Sumit Jain to lead Unacademy's next chapter Incoming CEO Sumit Jain, who joined Unacademy in 2020 after it acquired his startup Opentalk, brings deep entrepreneurial experience. He previously founded real estate platform Commonfloor, which Quikr acquired in 2016. Unacademy's board includes high-profile names such as SoftBank and General Atlantic, Zeta's Bhavin Turakhia, and Udaan cofounder Sujeet Kumar, alongside Munjal and Saini. According to Tracxn, Munjal and Saini each hold 3.4 per cent of Unacademy, while Singh owns 2.2 per cent. Among institutional investors, Nexus Venture Partners and Peak XV Partners each hold nearly 14 per cent, with SoftBank at 12 per cent and General Atlantic at 11 per cent. AirLearn emerges as new focus Munjal's departure comes as he shifts his focus to AirLearn, formerly Unacademy Languages. Positioned as a standalone entity and a competitor to Duolingo, AirLearn is reportedly exploring talks with investors and may see support from some Unacademy shareholders. At a recent town hall, Munjal described AirLearn as Unacademy's 'fastest-growing product', noting it had 70,000 daily active users and a $2 million annualised revenue run rate. He also said the company had cut its annual cash burn from over ₹1,000 crore to under ₹200 crore and still had ₹1,200 crore in reserves. Failed acquisition and financial snapshot The leadership shake-up comes as a potential acquisition deal with Kota-based Allen Career Institute fell through. Talks had valued Unacademy at around $800 million—down sharply from its $3.4 billion peak—but ultimately failed over valuation disagreements. Unacademy has raised a total of $880 million, with its last funding round of $440 million in August 2021 led by Temasek and backed by Tiger Global, Mirae Asset, and Dragoneer.
