Byju’s Receives $800 in New Funding at a Valuation of $22 billion

The edtech company Byju’s reported that it has received the majority of the $800 million in additional finance and has made the payment required for the purchase of Aakash Institute.

The edtech company Byju’s said on Monday that it had received the majority of the $800 million fund it had previously announced in March and had finished making the payment that was due for the purchase of Aakash Educational Service.

Aakash Educational Services Limited is thought to have cost the corporation over $950 million.

“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.

Byju’s founder and CEO Byju Raveendran contributed personally $400 million (about 3,000 crore) of the $800 million (around 6,000 crore) that the business raised in its most recent round of fundraising.

A new round of investment has been undertaken, valued at $22 billion for the corporation.

The statement made reference to layoffs at the company and stated that the choice was made to increase business efficiencies across the board for Byju’s and its group entities.

“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.

However, fired members of Byju’s group said there were more layoffs than the corporation had stated.

“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 company said.