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Ed-tech firm BYJU’s stated on Monday that it has completed the payment of $800 million for the acquisition of Aakash Educational Service which it 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.
The company is estimated to have acquired Aakash Educational Services Limited for around $950 million. The fresh round of funding has been conducted valuing the company at $22 billion.
Byju Raveendran, founder and chief executive officer (CEO), BYJU’s has 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.
Furthermore, the company mentioned in a statement that the decision related to lay-offs has been made to improve business efficiencies throughout the BYJU’s and its group companies. “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.
“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 added.
However, sacked employees of the group claimed that the number of laid-off staff was higher than that cited by the company.
With inputs from PTI.
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