Byju’s, an Indian educational technology business, has received the majority of the US $800 million funds, it disclosed in March and has paid the remaining balance for the acquisition of Aakash Educational Services, a regional tutoring network.
According to sources, the fund’s fundraising activities are “on track,” and a soon-to-be-released balance is also anticipated. The Aakash payments have been completed, and within the following ten days, the audited financial statements will be released.
In April 2021, Aakash was purchased for US $1 billion in cash and shares, although Byju’s had put off the payments.
Byju’s co-founder Byju Raveendran personally contributed $400 million to the firm during the US $800 million fundraising round, increasing his family’s ownership by around 2%.
Following the transaction, Aakash plans to swiftly grow across India and change into a hybrid edtech company.
