Byju’s paid off all dues to Blackstone by paying $234 million to the global investment giant. Acquired Aakash for $1 billiona source familiar with the matter told TechCrunch, addressing one of the criticisms directed at the Indian edtech giant in recent months.
Headquartered in Bangalore, the startup valued at $22 billion, delayed some payments for its nearly $1 billion acquisition of the physical education chain last year, citing regulatory approval. Blackstone, who is also an investor in Byju’s, said he owned about 38% of Aakash before the acquisition.
Byju Raveendran, founder and CEO of the Edtech startup of the same name, told TechCrunch earlier this month that Byju’s and Blackstone had mutually decided to process payments later. The Indian startup is set to expire this week, the sources said, asking not to be identified as the details are private.
Blackstone and Byju’s did not immediately respond to requests for comment on Friday night.
An Indian start-up that provides online and offline learning services to students from kindergarten to preparing for competitive college entrance exams has spent over $2.5 billion to acquire a number of companies over the past two years. US reading platform Epica coding suite thinnerIndia-based Great Learning, GradeUp, Topper, GeoGebra in Austria.
Raveendran confirmed in a previous interview that it has also bid to acquire the publicly traded edtech company 2U.
Earlier this month, an Indian startup has revealed its financial accounts for the year ending March 2021., after a long delay. Byju’s said he posted revenue of $305.6 million for the fiscal year ending March 2021, with losses he extended to $577.4 million. Raveendran said about 40% of the 2021 revenue has been deferred to 2021 due to consumption and credit sales periods. following year.
The startup, which is backed by Blackrock, Tiger Global, Lightspeed Venture Partners and Sequoia India, said it had gross revenue of $1.258 billion (unaudited) in the fiscal year ended March this year. Between April and July, the startup generated $570 million in revenue, he said.
Byju’s is the go-to Release next yearRaveendran said in a previous interview that Byju’s is closely monitoring macro market conditions and plans to file for an IPO within nine to 12 months. “I don’t think the market will change this year,” he said.