Byju’s-Aakash Deal: Edtech major Byju’s will have to pay the remaining amount of around Rs 2,000 crore on September 23 to clear the $1 billion acquisition deal of Aakash Educational Services. According to Byju’s FY21 financial report, “As per the terms of the agreement to acquire Akash Educational Services, Rs 1,983 crore was to be paid by the company to the vendors in June, 2022. This has been postponed till September 23, 2022.” has given.” This means Byju’s has a week left to complete the Aakash deal.
Byju’s has paid 75 per cent of the acquisition deal amount
VC firm Blackstone holds about 38 per cent stake in Aakash and Byju’s has paid about 75 per cent of the Aakash acquisition amount. Meanwhile, Byju’s is likely to raise $500 million (approximately Rs 3,900 crore) soon at a valuation of around $23 billion and the money can be used to pay the balance amount in the Aakash deal.
Deadline for payment of Aakash deal extended to 23 September
Byju’s had acquired Aakash Educational Services. Byjus was to pay Rs 1,983 crore of this deal in June this year. Later the deadline for this payment was extended to September 23, 2022. According to legal experts, if Byju’s does not pay Akash by September 23, the edtech major will have to knock on the door of the Reserve Bank of India (RBI) to complete the transaction. Byju’s did not comment on the developments.
Byju’s showed huge loss in the results
Byju’s had recorded Rs 2,428 crore in FY21 as revenue over and above a huge loss of Rs 4,500 crore.