Edtech firm Byju's has announced that it has completed the payment that was due for the acquisition of Aakash Educational Service and has received the majority of $800 million investment which was announced in March.
"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," Byju's said in a statement.
In March, Byju had backed $400 million in startups for funding along with Sumeru Ventures, Vitruvian Partners and BlackRock.
Byju's founder and CEO Byju Raveendran made a personal investment of $400 million (over ₹ 3,000 crore) of the total $800 million (about ₹ 6,000 crore) raised in the latest funding round by the company. Now, they received the return of their investment post the closure of the deal with an estimated deal to acquire Aakash Educational Services Limited for around $950 million.
The fresh round of funding has been conducted valuing the company at $22 billion.
The latest funding will boost the edtech startup — which prepares students pursuing undergraduate and graduate-level courses - as it has amassed 150 million users, up from the roughly 80 million it disclosed early last year.
While announcing the investment news, they released a statement tackling the layoffs they experienced.
"In order to reduce redundancies across our organisation after multiple acquisitions, we had to let go of nearly one per cent of our over 50,000 strong workforce. 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," the edtech firm said.