People close to the development told IANS that BYJUs had paid the remaining dues to Blackstone within the extended deadline ending September 23.
According to BYJU’s financial report FY21, “under the terms of the agreement to acquire Aakash Educational Services, a fee of Rs 1,983 crore was to be paid by the company to the sellers in June 2022. This has been postponed to September 23, 2022”.
Blackstone has a nearly 38 percent stake in Aakash and BYJU’s has paid nearly 75 percent of Aakash’s acquisition price.
Last month, BYJU’s said it had completed its $1 billion acquisition of offline test prep services provider Aakash, one of the largest deals in the edtech space.
The founder and CEO of the edtech major Byju
The company achieved a turnover of nearly Rs 10,000 crore in FY22.
Raveendran said its core education business is doing very well and the company has healthy cash reserves of more than $1 billion.
He said loss-making acquisitions such as:
In 2007, he founded the test prep company Byju’s Classes and in 2011, Raveendran founded BYJU’s with his wife, Divya Gokulnath.
“From now on, we will double our growth as our core business is booming. Both Aakash Institute and Great Learning are doing great and have doubled their revenues,” said Raveendran.