Byju’s Receives $800 in new funding at a $22 billion valuation; Pay $950 million for Akash transaction

Byju’s Pays $950 Million For Aakash, Completes $800 Million Fundraising

New Delhi:

Edtech Byju’s said on Monday that it has completed the payment due for the acquisition of Aakash Education Services and received most of the $800 million it announced in March.

The company is estimated to have acquired Aakash Education Services Co., Ltd. for approximately $950 million.

“Our fundraising efforts are on track and most of the 800 million has been received. The balance is also expected to be made soon. Our payments to Aakash have been closed and the results are in. Audited financials 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 Rs 3,000) out of a total of $800 million (approximately Rs 6,000) raised in the company’s latest funding round. company.

A new funding round has been underway valuing the company at $22 billion.

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 conglomerate, Byju remains a net tenant, the edtech company said.

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

“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.