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Fundraising Efforts On Track, Payments To Aakash Completed, Says BYJU’S

Following reports of financial difficulties at BYJU’S and a delay in its injection of an additional $800 million, the edtech major said in a statement that its fundraising efforts are on track. way.

In a press release, BYJU’S said the majority of the $800 million has already been received and the remaining amount is also expected soon.

In May 2022, the company announced an $800 million funding round led by its CEO Byju Raveendran with participation from Sumeru Ventures, Vitruvian Partners and BlackRock. This round had valued the company at $22 billion. The company’s statement follows reports that the edtech major had not fully paid Aakash for the $950 million acquisition announced last year. Additionally, BYJU’s auditor, Deloitte, has reportedly not yet signed off on the company’s 2020-21 (FY21) financial results.

In response to the information, a BYJU spokesperson said, “Our payments to Aakash are closed and audited financial results will be announced within the next 10 days.”

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Additionally, the company had recently laid off nearly 600 people from its acquired companies, including WhiteHat Jr and Toppr. Commenting on the layoffs, the spokesperson said: “In order to reduce layoffs in our organization after multiple acquisitions, we had to lay off almost 1% of our 50,000 workforce. This decline is the result of a strategic decision aimed at improving the commercial efficiency of BYJU’S and its group companies.

The spokesperson added that the company is currently hiring at all levels for various businesses, departments and functions.

The BYJU’S family of brands includes Disney-BYJU’S Early Learn, BYJU’S FutureSchool, Epic, Osmo, Tynker and its flagship BYJU’S – The Learning App. The company is present in more than 100 countries and offers learning programs in several languages.

Published on

July 04, 2022