Acquisition of Aakash Educational Services Ltd., (AESL), and received most of the $800 million fund announced in March. The company is estimated to have paid about $950 million for the acquisition.
“Our fundraising The efforts are on track and most of the 800 million have already been received. The balance amount is also expected to be received soon. Our payment to Aakash has stopped and the audited financial results are going to be announced in the next 10 days.”
ET reported on June 29 That Byju’s had delayed payments to Akash, which it had secured in April last year, in a cash and stock deal.
Byju’s was supposed to close the transaction in June but had sought an extension till August, people familiar with the discussions told ET.
Founder and CEO of Byju’s byju ravindran Out of the total $800 million (about Rs 6,000 crore) announced in March, it had an individual investment of $400 million (over Rs 3,000 crore). The firm was valued at $22 billion at the time of funding.
Talking about layoffs in the company, the statement said that the decision was taken to improve business efficiencies across all the firms and its subsidiaries.
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“In order to reduce redundancy in our organization following multiple acquisitions, we had to lay off approximately one percent of our 50,000-strong workforce. This layoff was a strategic decision to improve business efficiencies at Byju’s and its group companies. Byju’s remains a net tenant,” the edtech firm said.
Amid the shrinking edtech space in India, Byju’s had laid off at least 600 jobs – 300 from its Topper learning platform and another 300 from coding platform WhiteHat Junior,
ET reported on June 29,
However, sacked employees of Byju’s group claimed that the number of layoffs was higher than what the company was reporting.
The company said, “With over 50,000 employees and growing, we are extremely proud of our role as India’s largest job creator among startups. Byju’s continues to work at various levels across different businesses, departments and functions. keeps.”