Jobaaj Stories
Byju's, which has become one of the most successful Ed-tech unicorns, has delayed payments to Aakash Educational Services Ltd (AESL), which it acquired last April. The payment was supposed to be made in the month of June 2022 but was extended to August.
Meanwhile, the investors such as Blackstone, which own 38% in Akash, and others as well expected the payment to be done partly in cash and partly through BYJU's stocks.
Akash Ambani to take over as chairman of Reliance JIO, read more.
“Aakash is our most successful acquisition to date, and we are very proud to have them in our fold. The acquisition process of Aakash is fully on track and all payments are expected to be completed by the agreed-upon date - August 2022,” the spokeswoman said.
The acquisition was executed for $1 billion dollars and BYJU'S was named the largest Ed-tech company in India.
After the acquisition, Byju's has been planning to grow into the offline market by launching tuition centers to cater to students from grades 4 to 10, with over 200 tuition centers all over India.
“Along with all our group companies, we continue to be perfectly poised to provide access to quality education in all learning segments from early learning to exam prep and career success,” an official of Akash added.
For the layoff at Toppr, the Ed-tech giant confirmed the development, adding that it had “completed the integration of Toppr and has absorbed almost 80% of its talented workforce into the Byju's ecosystem.” As the next step, we are optimizing teams to recalibrate business priorities and accelerate our long-term growth,” the spokesperson added.
Since Byjus is planning to integrate the core operations of Toppr into its own, it has laid off more than 36% of its workforce, including both full-time and contractual employees in the last week.
-by Gautam
This news piece is brought to you in association with jobaaj.com
