Byju’s pays $234 million to Blackstone to clear dues of Aakash deal

0
(0)

On 23rd Sep Between Byju’s and Blackstone , a deal of $234 million completed, where Byju’s paid these amount to Blackstone Inc as part of $950 million to buy Aakash Educational.

Byju is India’s largest ed-tech company and also the creator of India’s most loved school learning app which offers highly adaptive, engaging and effective learning programs for students.

byju blackstone deal
byju blackstone deal

Byju’s has paid this amount to to get the stake of Blackstone in the learning center chain which was about 38%. This stake is acquired by Byju’s in April 2021

The source said, At the time of buying Aakash, Byju’s had paid all of it’s shareholders, except Blackstone . Then Blackstone agreed to deferred payment, the.

Recently Byju’s has declared March 2021 result and its reventue fall 3% and booked the losses of $574.06 million. This could be the reason settlement of dues comes.

In March 2022 the current valuation of this startup is estimated $22 billion.

During corona pandemic , The company was a big beneficiary in demand for online learning.

Company attracted lots of investments from some of the biggest venture capital funds and financiers.

The top names were Sequoia Capital and Mark Zuckerberg’s Chan-Zuckerberg Initiative, to fund Byju’s pace of growth.

Byju’s, became one of India’s startup success. To acquire several companies, Byju’s has spent a combined $2.5 billion in fiscal year ended March 2022.

Top names which Byju acquired are Aakash, professional education firm Great Learning, exam perpetration platform Toppr, U.S.-based Epic and kids’ coding platform Tynker, .

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

Leave a Comment

Your email address will not be published. Required fields are marked *