Edtech Decacorn Byju’s has paid the final installment of Rs 1,983 crore to private equity firm Blackstone for the acquisition of Aakash Educational Services. A source close to the development told the media that the company was supposed to pay its investor Blackstone’s pending amount by June 2022 for a major acquisition like Aakash, which was then deferred to September 23, 2022.
Let us tell you that Byju’s announced a major acquisition of $ 950 million in April 2021. Blackstone held about 38 percent of the online coaching chain’s shares before the acquisition.
The Tiger Global-backed company has acquired companies worth nearly $3 billion in the past 18 months with 13 deals including Aakash, Great Learning ($650 million), Epic ($500 million), and Topper ($150 million).
The company’s loss increased by 20 times in the financial year ended March 2021
Byju, a company owned by Think and Learn Pvt Ltd, on September 14, announced its much-delayed financial results for the financial year 2020-21. The company’s consolidated loss widened nearly 20 times to Rs 4,588.75 crore for the financial year ending March 2021. 231.69 crore in FY20. Revenue from operations grew marginally from Rs 2,280.26 crore in FY21 to Rs 2,189 crore in the previous year. Its total revenue declined by three percent to Rs 2,428.39 crore in FY21 from Rs 2,51.77 in the previous fiscal.
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