Byjus has completed the payment that was due for the acquisition of Aakash Educational Service and received the majority of the $800 million funds which it announced later in March, said the Edtech Firm. The company is estimated to have acquired Aakash Educational Services Limited for around $950 million.
In a statement, the firm said, "Our fundraising efforts are on track and the majority of the 800 million has been already received. The balance is also expected soon. Our payments to Aakash are closed and the audited financial results are going to be announced in the next 10 days,"
Byjus’s CEO and founder Raveendran have made a personal investment of $400 million(over Rs 3,000 crore) of the total $800 million (about Rs 6,000 crore) raised in the latest funding round by the company. A fresh round of funding has been conducted valuing the company at $22 billion.
When talking about the layoffs at the company, the statement said that the decision was made to improve the efficiency of the business throughout the firm and its group companies. The firm said, "In order to reduce redundancies across our organization after multiple acquisitions, we had to let go of nearly one percent of our over 50,000 strong workforces. This retrenchment was a result of a strategic decision to improve business efficiencies throughout Byju's and its group companies, Byju's remains a net hirer,"
Sacked employees of Byju's group, however, alleged that the number of laid-off staff was higher than that cited by the company. "With over 50,000 employees and growing, we take immense pride in our role as India's largest job creator among startups. Byju's continues to hire across levels for various businesses, departments, and functions," the statement read.