Byju’s completes an $800 million fund raiser and clears a $950 million payment to Aakash
- ByStartupStory | July 5, 2022
The ed-tech company Byju’s had received the majority of the $800 million funding that it had previously disclosed in March and had finished making the payment that was due for the purchase of Aakash Educational Service. Aakash Educational Services Limited is thought to have cost the corporation over $950 million. A new round of investment has been undertaken, valued at $22 billion for the corporation.
“We’re on pace with our fundraising, and the vast bulk of the 800 million has already come in. As well, the balance is anticipated soon. We have finished paying Aakash, and we will be announcing the audited financial findings in ten days,” said the company.
Of the $800 million that the business raised in its most recent capital round, $400 million came from Byju’s founder and CEO Byju Raveendran. The statement made reference to layoffs at the company and stated that the choice was taken to increase business efficiency across the board for Byju’s and its group entities.
The ed-tech company stated that after many acquisitions, we had to let rid of about 1% of our over 50,000-person staff in order to remove redundancies throughout our whole organisation. The strategic choice to increase business efficiency throughout Byju’s and its group firms led to this retrenchment. Byju’s is still hiring.
However, fired members of Byju’s group said there were more layoffs than the corporation had stated. With over 50,000 workers and counting, we take great satisfaction in being India’s top startup employer. Byju’s is still hiring at all levels for a variety of businesses, divisions, and roles.
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