Ed-tech agency BYJU’s said on Monday that it has accomplished the fee of $800 million for the acquisition of Aakash Educational Service which it introduced 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 mentioned in an announcement.
The firm is estimated to have acquired Aakash Educational Services Limited for round $950 million. The recent spherical of funding has been carried out valuing the corporate at $22 billion.
Byju Raveendran, founder and chief government officer (CEO), BYJU’s has made a private funding of $400 million (over Rs 3,000 crore) of the full $800 million (about Rs 6,000 crore) raised within the newest funding spherical by the corporate.
Furthermore, the corporate talked about in an announcement that the choice associated to lay-offs has been made to enhance enterprise efficiencies all through the BYJU’s and its group firms. “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 agency mentioned.
“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 corporate added.
However, sacked workers of the group claimed that the variety of laid-off employees was increased than that cited by the corporate.
With inputs from PTI.
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Source: www.financialexpress.com”