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Byju’s Posts 13-Fold Widening in Losses in Delayed FY 2021 Report, Accounting Changes Detailed: Report

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Byju’s on Wednesday posted a 13-fold widening in losses in the year through March 2021. The Indian online education platform’s losses reportedly widened to Rs. 45.7 billion for the financial year 2021, while the Bengaluru-based firm reported a revenue of Rs. 24.3 billion. Byju’s released the financial statements after a delay of 18 months, and reportedly cited changes in accounting practices that led it to defer revenue to subsequent years, as the reason for the performance in FY 2021. It has also released unaudited numbers for the year through March 2022 and the following four months indicating sales growth.

As per a report by Bloomberg, Byju’s reported a loss of Rs. 45.7 billion for the financial year ended March 2021. According to the company, changes in accounting practices by deferring revenue to subsequent years are the reason for the reported loss.

Founder Byju Raveendran reportedly stated that the delays were on account of multiple acquisitions, as well as a change in the revenue recognition model that required a reworking of the model for revenue. “Lastly, because of the attention our audit got in the last three months, Deloitte went deeper into the numbers. The numbers have been passed without conditions” the report quotes Raveendran as saying in an interview.

Meanwhile, sales during the year ending March 2022 increased by four times, to nearly Rs. 100 billion after registering revenue of Rs. 24.3 billion in the previous year, according to the report.

Revenue for the first four months of the current fiscal year reached Rs. 45 billion, Raveendran said, adding that sales are set to grow at a more than 50 percent rate this year.

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Byju’s is backed by Bond Capital, Silver Lake Management, Naspers and Tiger Global Management, was under scrutiny by the central government over its delay in submitting its audited financial report. In recent years, the company bought out startups offering coding lessons, professional learning courses, and more. According to Bloomberg, the startup was most recently valued at $22 billion (roughly Rs. 1,74,800 crore).

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WhatsApp, Instagram and Messenger to Get AI Assistants; Meta Shows Off Image Generation Tool Emu

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Meta showcased a host of new products and services, including the Meta Quest 3 mixed reality headset and a pair of smart glasses made in collaboration with Ray-Ban, at its Meta Connect annual conference on Wednesday. Alongside the hardware, the company also announced its own AI assistant, Meta AI, and a variety of AI experiences across Meta’s suite of apps and devices, including AI stickers in Meta apps and AI editing tools for Instagram. Meta AI, a conversational generative AI assistant much like OpenAI’s ChatGPT or Microsoft’s Bing, will be available on WhatsApp, Messenger, and Instagram.

Meta AI will be powered by the company’s custom model that borrows from Meta’s large language model, Llama 2. The AI assistant, Meta said, will provide real-time information in response to text-based queries, trawling the internet via Bing search. Meta AI will also generate images based on text prompts. The AI assistant can help plan hiking trips with your friends in a group chat, prepare recipes, or help with your shopping list. Users can type in “@MetaAI /imagine” inside their chat box and follow it up with descriptive text prompts for what they want the AI assistant to do. Meta AI is also coming to the company’s latest devices, the Meta Quest 3 and the Ray-Ban Meta smart glasses.

In addition to its default AI assistant, the company also showed off AI avatars with distinct personalities. Meta is bringing 28 AI characters, each with a unique backstory and behaviour. These AI characters can be conversed with in WhatsApp, Instagram, and Messenger, and will also include some public figures and influencers that Meta has partnered up with for their likenesses. Famous people coming as AI characters include Dwayne Wade, Kendall Jenner, Mr. Beast, Snoop Dogg and more.

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Emu can generate stickers based on user prompts

Photo Credit: Meta

Meta is calling its image generation tool ‘expressive media universe’, or Emu. The tool can also quickly generate AI stickers based on a user’s text prompts inside apps like WhatsApp or Instagram to share with friends. “It’s high-quality, photorealistic,” Meta CEO Mark Zuckerberg said during the presentation. “But, one of the coolest things is the Emu generates that fast. It’s not a minute. It takes five seconds to generate one of these,” he added. This custom sticker generation feature will roll out to select English-language users over the next month in WhatsApp, Messenger, Instagram, and Facebook Stories.

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The Facebook parent is also bringing new AI-powered image editing tools, specifically two new features — Restyle and Backdrop — that utilise technology from the Emu tool. Restyle acts as a kind of custom filter that works based on user prompts. Based on single descriptor or a more detail prompt, Restyle will edit your images to reflect a particular mood. And as the name suggests, Backdrop will let users change the background of their images based on custom prompts. Images created using both tools will carry markers that indicate the image is AI-generated. Meta said that Restyle and Backdrop were coming soon to Instagram but did not provide a concrete release date for the same.


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Meta Smart Glasses in Collaboration With Ray-Ban Launched, Allows Hands-Free Livestreaming

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Meta Smart Glasses in collaboration with Ray-Ban were introduced on Wednesday alongside the Meta Quest 3 and other products. Users can livestream videos to Facebook and Instagram using the smart glasses, hands-free. The frame comes with a 12-megapixel camera sensor and an LED unit. This smart wearable succeeds the Ray-Ban stories, which were the company’s first smart glasses and was released in September 2021. However, unlike AR/VR headsets, the Ray-Ban Meta Smart Glasses do not feature a display unit.

Ray-Ban Meta Smart Glasses with standard lenses start at $299 (roughly Rs. 24,999), while Polarized lenses and transition lenses are priced at $329 (roughly Rs. 27,400) and $379 (roughly Rs. 31,500), respectively. It is offered in 150 different custom frame and lens design combinations.

The Ray-Ban Meta Smart glasses are currently available for pre-orders in 15 countries, including the US, Canada, Australia, and European markets. The sale of the smart glasses will start from October 17 in these regions. Meta has not revealed the India launch date of the Ray-Ban Meta Smart Glasses.

Ray-Ban Meta Smart Glasses specifications, features

A 12-megapixel sensor and an LED light, which doubles as a recording indicator are placed within two circular cutouts on either side of the Ray-Ban Meta Smart Glasses frame. Users can use the camera to take photos with a resolution of 3,024 x 4,032 pixels and 1080p videos of up to 60 seconds. With the Meta View app, the users can then share these media files to any other image/ video sharing apps.

The Ray-Ban Meta smart glasses also enable first person perspective livestreaming in which a user can stream whatever they are looking at with the glasses on in real time, to their respective Instagram and Facebook profiles. Users can also use the ‘Hey Meta’ prompt to enable handsfree functions.

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Even though the Ray-Ban Meta Smart Glasses do not come with a display, the company claims, that compared to Ray-Ban Stories, the dual open-ear speakers in the new glasses offer less audio leakage and is said to bring up to 50 percent louder sound, deeper bass, and more clarity.

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The Ray-Ban Meta Smart Glasses are powered by the new Qualcomm Snapdragon AR1 Gen1 Platform SoC and packs 32GB of inbuilt storage. Claimed to be sleeker in design than its preceding model, Meta says that the glasses come with up to four hours of battery life, and an additional 32 hours with the charging case. One full charge is claimed to take 75 minutes. The glasses also come with an IPX4 rating.


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WhatsApp Spotted Working on New Colours, Icons for Chat Interface on Android

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WhatsApp is redesigning the chat interface on the Android version of its application, according to details shared by a feature tracker. The popular chat service is working on changing some of the colours in the app — this change will also affect how the app looks in dark mode. Meanwhile, some of the icons and buttons in the app are also being updated along with new colours. A redesigned version of WhatsApp for iOS is also in the works, with similar changes to colours and icons in the app.

On version 2.23.20.10 of WhatsApp beta for Android, feature tracker WABetaInfo spotted a refreshed version of the app’s interface that is still being developed by the Meta-owned chat platform. This means that you won’t be able to try out the new interface, even if you install the latest version of the app.

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The redesigned chat list screen with updated icons and colour accents

Photo Credit: WABetaInfo

WhatsApp is working to introduce a redesigned camera icon in the main chat screen, while the solid video call and voice call, and camera icons inside individual chats and group chats have been replaced with outlines of the older ones. WABetaInfo has also shared screenshots showing the new icons in both light and dark modes.

The screenshots published by the feature tracker also show a new green colour in use across the app, that is slightly brighter than the existing shade. This applies to both the dark and light modes and includes the floating action button at the bottom right corner of the screen and the WhatsApp text at the top of the app.

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The updated chat interface with updated icons, without the green bar at the top

Photo Credit: WABetaInfo

Last month, the feature tracker revealed that WhatsApp was planning on replacing its iconic green bar at the top of the app with white — allowing the app interface to turn black or grey in dark mode. Earlier this year, WhatsApp moved the chat, calls, and other tabs to the bottom of the app on Android, to match the app’s functionality on iOS.

These changes to the icons and colour palette were previously spotted by the feature tracker on WhatsApp beta for iOS 23.19.1.72. Both the iOS and Android versions of the app are expected to gain support for chat filters such as All, Unread, Contacts, and Groups. However, just like the changes to the colours and icons in the app, there’s no word on when we can expect to see the new chat filters on WhatsApp for iOS and Android.


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