BYJU`s clears Rs 2,000 cr dues to VC firm Blackstone in $1 bn Aakash deal
Edtech major BYJU`s has finally paid the remaining dues of nearly Rs 1,983 crore (over $245 million) to global VC firm Blackstone in the $1 billion acquisition of Aakash Educational Services.
Edtech major BYJU`s has finally paid the remaining dues of nearly Rs 1,983 crore (over $245 million) to global VC firm Blackstone in the $1 billion acquisition of Aakash Educational Services.
People close to the development told IANS that BYJU`s paid the remaining dues to Blackstone within the extended deadline that ended on September 23.
According to BYJU`s financial report FY21, "as per the terms of the agreement for acquisition of Aakash Educational Services, consideration to the extent of Rs 1,983 crore was due to be paid by the company to the sellers in June, 2022. This has been deferred to September 23, 2022".
Blackstone has nearly 38 per cent stake in Aakash and BYJU`s has paid nearly 75 per cent of the Aakash acquisition amount.
Last month, BYJU`s said it had closed the $1 billion acquisition of offline test preparatory services provider Aakash, one of the largest deals in the edtech space.
The edtech major`s Founder and CEO Byju Raveendran told IANS last week that the $22 billion company is consolidating the loss-making acquisitions and optimising the rest and there is only "growth ahead" as seen in the company`s FY22 financial results.
The company clocked gross revenues of nearly Rs 10,000 crore in FY22.
Raveendran said the core education business is doing excellent and the company has a healthy cash reserve of more than $1 billion.
He said that loss-making acquisitions like WhiteHat Jr, the beleaguered coding platform BYJU`s acquired for $300 million, are now being consolidated.
In 2007, he founded the test preparation business Byju`s Classes, and in 2011 Raveendran founded BYJU`s with his wife, Divya Gokulnath.
"From here on, we will double down on growth as our core business is booming. Both Aakash Institute and Great Learning are doing excellent and have doubled their revenues," Raveendran said.
--IANS
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
10:16 AM IST