Edtech firm Byju’s said Monday it has completed payment due for its acquisition of Aakash Educational Service and has received a majority of $800 million in fund it announced in March.
The company is estimated to have acquired Aakash Educational Services Limited for approximately $950 million.
“Our fundraising efforts are on track and most of the 800 million has already been received. The balance is also expected shortly. Our payments to Aakash have been completed and audited financial results will be announced in the next 10 days.” , Byju’s said in a statement.
Byju’s founder and CEO Byju Raveendran has made a personal investment of $400 million (more than Rs 3,000 crore) out of the total $800 million (about Rs 6,000 crore) raised by the company in its latest financing round.
The new financing round has been completed and has valued the company at $22 billion.
Speaking of layoffs at the company, the statement said the decision has been made to improve business efficiency in the Byjus and its group companies.
“To reduce layoffs in our organization after multiple acquisitions, we had to let go of nearly one percent of our more than 50,000-strong workforce. This downsizing was the result of a strategic decision to improve business efficiency in Byju’s and its group companies. net tenant,” said the edtech company.
However, layoffs from Byju’s group claimed that the number of layoffs was higher than the company cited.
“With more than 50,000 employees and growing, we are immensely proud of our role as India’s largest job creator among startups. Byju’s continues to hire people at different levels for different companies, departments and functions,” the company said.