Tech

Byju’s Completes $950 Million Acquisition of Aakash, Receives $800 Million Raised in March


Education technology company Byju’s said on Monday that it has completed the payment due for its acquisition of Aakash Education Services and has received the majority of the $800 million (approximately Rs 6,300) it announced. father in March.

The company is estimated to have buying Aakash Education Services Ltd for about $950 million (approximately Rs 7,500).

“Our fundraising efforts are on track and most of the $800 million (approximately Rs 6,300) has been received. The balance will also be made soon. Our payments to Aakash have already been completed. closed and audited financial results will be released in the next 10 days,” Byju’s said in a statement.

Byju Founder and CEO Byju Raveendran has personally invested $400 million (over 3,200 rs) out of a total of $800 million (approximately 6,300 crore) raised in the company’s latest funding round company.

A new funding round has been underway valuing the company at $22 billion (approximately Rs 1,73,600).

Speaking of layoffs at the company, the statement said the decision was made to improve business performance across Byju’s companies and its consortium.

“To reduce redundancies across our organization following multiple acquisitions, we had to eliminate nearly one percent of our over 50,000-strong workforce. This layoff is the end result. As a result of a strategic decision to improve business performance across Byju’s companies and its group, Byju remains a net investor,” the edtech company said.

However, the laid-off employees of the Byju group claimed the number of employees was laid off more than the company cited.

“With over 50,000 employees and growing, we are incredibly proud of our role as India’s largest job creator among startups. Byju’s continues to hire in multiple locations,” the company said. levels for different businesses, departments and functions,” the company said.




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