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Byju’s Secures $800 in New Funding at $22 Billion Valuation;  pays $950 million for Akash deal


Byju’s pays $950 million to Aakash and raises $800 million

New Delhi:

Edtech Byju’s said on Monday it had made the payment due for the acquisition of Aakash Educational Service and received the majority of the $800 million fund it announced in March.

The company is estimated to have acquired Aakash Educational Services Limited for around $950 million.

“Our fundraising efforts are on track and the majority of the 800 million has already been received. The balance is also expected soon. Our payments to Aakash have been completed and the audited financial results will be announced within the next 10 days” , said Byju. said in a statement.

Byju Founder and CEO, Byju Raveendran, made a personal investment of $400 million (over Rs 3,000 crore) out of the total $800 million (about Rs 6,000 crore) raised in the last round financing of the company.

The new round of financing has been completed, valuing the company at $22 billion.

Talking about the layoffs within the company, the statement said the decision was made to improve the business efficiency of Byju and its group companies.

“In order to reduce layoffs within our organization after multiple acquisitions, we had to lay off nearly one percent of our more than 50,000 employees. This downsizing was the result of a strategic decision to improve the business efficiency of Byju’s and its group companies. Byju’s remains a net lessor,” the edtech company said.

The dismissed employees of the Byju group, however, claimed that the number of dismissed employees was higher than that cited by the company.

“With over 50,000 employees and growing, we are extremely proud of our role as the biggest job creator among startups in India. Byju’s continues to hire at all levels for various businesses, departments and functions,” the company said.

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