Track services

Byju’s Says Aakash Acquisition On Track After Reporting He Hasn’t Paid

edtech giant PARJU‘s said Wednesday that the $1 billion acquisition process of Aakash Educational Services is on track and should be completed by August.

BYJU has acquired the Delhi-based offline test prep service provider Akash for $1 billion last year.

The company was reacting to reports that Blackstone and other Aakash shareholders had yet to be paid in cash and stock because it had postponed payment.

A company spokesperson told IANS that the acquisition of “Aakash is on track and all payments are expected to be made by the agreed date, i.e. August 2022.”

“Aakash is our most successful acquisition to date and we are very proud to have them in our fold,” the company spokesperson added.

“Along with all of our group companies, we continue to be uniquely positioned to provide access to quality education across all learning segments, from early learning to exam preparation and career success,” said the spokesperson.

Aakash Educational Services provides test preparation services for medical and engineering entrance exams, school/school exams and other exams through Aakash Centers.

The edtech unicorn made at least 10 acquisitions for a cumulative deal value of around $2.5 billion last year.

The latest development at BYJU comes as India’s edtech market shrinks with the reopening of schools, colleges and physical course centers.

Led by edtech platforms like Unacademy, White Hat Jr, VedantuFrontRow, Udayy, Lido Learning and others, more than 10,000 start-up employees have been laid off in the country.

In April, Unacademy laid off nearly 600 employees, contractors and educators, or about 10% of its 6,000 workforce across the group.

In June, Unacademy said a small fraction of its workforce (2.6%, or nearly 150 employees) had been asked to participate in a performance improvement program (PIP).

Razorpay reorganizes management team after co-founder steps down as CTO

After getting groceries in 10 minutes, most Indians want their shoes delivered in 2 hours