Edtech Firm Byju's Takes Rs 300 Crore Unsecured Loan From Aakash At A Rate Of 7.5 Per Cent
2 years, 1 month ago

Edtech Firm Byju's Takes Rs 300 Crore Unsecured Loan From Aakash At A Rate Of 7.5 Per Cent

ABP News  

Byju's, the world’s most-valued edtech firm has taken an unsecured loan of Rs 300 crore from Aakash Educational Services for its “principal business activities,” according to a report by Moneycontrol. “The board of directors of the company, in their meeting held on October 3, subject to the approval of members in general meeting, has given their approval for granting unsecured loan to Think & Learn for an amount not exceeding Rs 300 crore.” According to Moneycontrol, “The Rs 300 crore loan from Aakash Educational Services is in effect an advance against the marketing activities and campaigns that Byju’s has been running for Aakash,” a spokesperson for Byju’s said. “In this case, the principal business activity is marketing for the core business of Byju’s Aakash on which the group has already spent and is now being reimbursed,” the spokesperson said. Byju’s taking an unsecured loan from its wholly owned subsidiary for business activities comes as the company looks to cut operational costs amid a prolonged funding winter for the edtech sector, Moneycontrol.

Business Loan Company Report Crore Edtech Moneycontrol Unsecured Loan Aakash Rs 300 Crore  spokesperson  firm  business  rs  takes  edtech  activities  loan  valuation  crore  cent  aakash  byjus  company  report  rate  unsecured

History of this topic

Byju’s saviour? Board approves Ranjan Pai’s 40% stake buy in Aakash, says report
10 months, 4 weeks ago

Byju’s saviour? Board approves Ranjan Pai’s 40% stake buy in Aakash, says report

Live Mint  

Byju’s-owned Aakash Institute is set to witness Ranjan Pai, Chairman of the Manipal Education and Medical Group, emerge as its largest shareholder with a 40 percent stake buy, as per an Economic Times report citing sources. Strategic Acquisition Think & Learn, the parent company of Byju’s, acquired Aakash Institute for $950 million in 2021, marking one of the largest acquisitions …

Pai to extend ₹300 crore loan facility to Byju’s parent
1 year, 2 months ago

Pai to extend ₹300 crore loan facility to Byju’s parent

Live Mint  

Mumbai: Ranjan Pai, the founder of Manipal Hospitals Group, has offered a ₹300 crore financial facility to Byju’s parent, Think & Learn Pvt. The short-term financing of ₹300 crore will help plug Byju’s working capital and cash flow requirements, the two people cited above said, requesting anonymity. Pai’s investment in the group will largely help repay a loan taken by …

Byju’s mulls partial sale of stake in Aakash Education: Reports
1 year, 5 months ago

Byju’s mulls partial sale of stake in Aakash Education: Reports

Live Mint  

Beleaguered edtech company BYJU'S is now looking to sell part of its state in Aakash Educational Services. The report came alongside indications that the startup and some of its lenders have restarted negotiations to restructure the firm's $1.2 billion term loan. According to an update shared by ET Now, Byju's holding company, Think and Learn, is looking to dilute up …

Byju's Lenders Want $200 Million Prepayment Over Restructuring $1.2-Billion Loan : Report
1 year, 8 months ago

Byju's Lenders Want $200 Million Prepayment Over Restructuring $1.2-Billion Loan : Report

ABP News  

Lenders of the ed-tech firm Byju's are asking for up to $200 million in prepayment for the restructuring of a $1.2 billion loan, according to a report by the Economic Times. The report says the world's most valuable ed-tech start-up Byju's has borrowed money from various lenders, including a number of US-based hedge funds. According to the report, Byju's currently …

Byju’s to stop selling tuition to lower-income families
1 year, 11 months ago

Byju’s to stop selling tuition to lower-income families

Live Mint  

Bjyu's has said that it will discontinue selling tuition to lower-income families who might find it difficult to pay. In order to prevent selling its courses or providing loans to families with a monthly income of less than ₹25,000, founding partner Pravin Prakash announced the company would begin doing "affordability checks". The National Commission for Protection of Child Rights issued …

Byju’s finalising plans for ₹8,000 crore IPO of Aakash Educational Services
2 years, 1 month ago

Byju’s finalising plans for ₹8,000 crore IPO of Aakash Educational Services

Live Mint  

India’s most valuable startup, online-education giant Byju’s, is finalizing plans for a $1 billion initial public offering of its tutoring business Aakash Educational Services, according to people familiar with the matter. The company is in talks with at least four foreign banks -- JPMorgan Chase & Co., Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley -- as well as …

Byju Raveendran pens emotional farewell note to sacked staff
2 years, 1 month ago

Byju Raveendran pens emotional farewell note to sacked staff

Live Mint  

Edtech unicorn Byju’s founder sought forgiveness from the 2,500 employees who are in the process of being fired by the edtech, as it pursues a plan to achieve profitability by the end of FY23. We are having to part ways with 2500 of our colleagues,” chief executive and founder Byju Raveendran wrote in an internal letter to employees on Monday. …

BYJU's borrows Rs 300 crore from Aakash for 'principal business activities'
2 years, 1 month ago

BYJU's borrows Rs 300 crore from Aakash for 'principal business activities'

India TV News  

Highlights Edtech major BYJU's is taking an unsecured loan of Rs 300 crore from Aakash Educational Services BYJU'S buys media spots in bulk for all its group companies to benefit from economies of scale This is a strategy that has yielded really positive results for both the group BYJU's and Aakash BYJUs news : Edtech major BYJU's is taking an …

Byju’s borrows ₹300 cr from Aakash for ’principal business activities’
2 years, 1 month ago

Byju’s borrows ₹300 cr from Aakash for ’principal business activities’

Live Mint  

Byju's, world's most valuable edtech startup, is all set to take an unsecured loan of ₹300 crore from its subsidiary Aakash Educational Services for 'principal business activities.' In its latest filing with ministry of corporate affairs, Aakash Educational Services said that it is granting an unsecured loan of ₹300 crore to Think & Learn, which operates Byju's, which is subject …

Byju’s raises $250 mn through rights issue
2 years, 2 months ago

Byju’s raises $250 mn through rights issue

Live Mint  

Edtech major Byju’s has raised $250 million in a rights issue from its existing investors at a $22 billion valuation. Continued support from our esteemed investors re-affirms the impact created by us so far, and validates our path to profitability,” said Byju Raveendran, founder and chief executive of Byju’s. Besides these two, the Bengaluru-headquartered company is backed by Chan-Zuckerberg Initiative, …

Byju's clears $230 million dues to Blackstone for acquisition of Aakash Educational Services
2 years, 2 months ago

Byju's clears $230 million dues to Blackstone for acquisition of Aakash Educational Services

The Hindu  

Edtech firm Byju's has cleared $230 million payment that was due to private equity investment firm Blackstone for acquiring a majority stake in test preparatory firm Aakash Educational Services, according to sources privy to the development. "Byju's paid $230 million to Blackstone for acquiring a stake in Aakash," the source told PTI. Payment to Blackstone and non-closure of $800 million …

BYJU's Clears Rs 2,000 cr Dues to VC Firm Blackstone in $1 bn Aakash Deal
2 years, 2 months ago

BYJU's Clears Rs 2,000 cr Dues to VC Firm Blackstone in $1 bn Aakash Deal

News 18  

Edtech major BYJU’s has finally paid the remaining dues of nearly Rs 1,983 crore to global VC firm Blackstone in the $1 billion acquisition of Aakash Educational Services. According to BYJU’s financial report FY21, “as per the terms of the agreement for acquisition of Aakash Educational Services, consideration to the extent of Rs 1,983 crore was due to be paid …

Byju's clears USD 230 million dues to Blackstone for Aakash acquisition
2 years, 2 months ago

Byju's clears USD 230 million dues to Blackstone for Aakash acquisition

India TV News  

Edtech firm Byju's has cleared the USD 230 million payment that was due to private equity investment firm Blackstone for acquiring a majority stake in test preparatory firm Aakash Educational Services, according to sources privy to the development. "Byju's paid USD 230 million to Blackstone for acquiring a stake in Aakash," the source told PTI. Payment to Blackstone and non-closure …

Byju's May Raise $500 Million in Fresh Round of Funding Within a Week in Efforts to go Global
2 years, 3 months ago

Byju's May Raise $500 Million in Fresh Round of Funding Within a Week in Efforts to go Global

News 18  

Edtech firm Byju’s plans to raise Rs 3900 crore, which is roughly equal to $500 million in a fresh round of funding within a week, a report quoting sources privy to the development has said. The other overseas acquisitions of Byju’s include Singapore-based Great Learning for around $200 million and Austria’s mathematics operator GeoGebdra for approximately $100 million. Byju’s is …

Byju's acquires Aakash, completes payment of $800 million
2 years, 5 months ago

Byju's acquires Aakash, completes payment of $800 million

Firstpost  

Talking about lay-offs at the company, the statement said that the decision has been made to improve business efficiencies throughout the Byju’s and its group companies New Delhi: Edtech firm Byju’s said on Monday that it has completed payment that was due for the acquisition of Aakash Educational Service and received majority of USD 800 million fund which it announced …

Why is Byju’s laying off employees and delaying payments?
2 years, 5 months ago

Why is Byju’s laying off employees and delaying payments?

Live Mint  

Bengaluru-based largest ed-tech company, Byju's, is in news for two very different reasons in two different countries. India's $22 billion firm is making headlines in India for joining the layoff bandwagon by announcing the termination of 500 employees in WhiteHat Jr, 1,100 in Toppr and reports suggest the number may be as high as 2500 across its group of companies. …

Byju's in talks to acquire Chegg or 2U, Evaluating US-Based Firms' Financials; Know More
2 years, 7 months ago

Byju's in talks to acquire Chegg or 2U, Evaluating US-Based Firms' Financials; Know More

News 18  

Edtech major Byju’s is in talks with US-based edtech firms companies, Chegg and 2U, to acquire either of them, according to a Bloomberg report. As part of its domestic expansion, Byju’s last year in April had acquired test-prep leader Aakash Educational Services for nearly USD 1 billion to build the start-up’s position in the brick and mortar segment. Later, in …

Byju Raveendran Now 3rd Richest Eduction Entrepreneur in the World. Know His Inspiring Story
2 years, 9 months ago

Byju Raveendran Now 3rd Richest Eduction Entrepreneur in the World. Know His Inspiring Story

News 18  

Hurun Global Rich List 2022: Jumping 916 ranks over the last two years and with a wealth of US$3.3 billion, Byju Raveendran and family have been ranked as the 3rd third richest entrepreneur from the education sector in the world. This year, Byju’s acquired Aakash Educational Services for US$1bn, acquired Great Learning for US$600mn, and acquired US-based digital reading platform …

Byju's in talks to raise up to $1.5 billion after acquisition spree
3 years, 4 months ago

Byju's in talks to raise up to $1.5 billion after acquisition spree

India Today  

India’s leading edtech company Byju’s is in talks with several investors to raise approximately $1-$1.5 billion at a valuation of nearly $21 billion. The online tutoring company, which is the country’s most valuable startup, is reportedly seeking a 27 per cent jump from the earlier valuation of $16.5 billion, at which the company raised funds in June. In the past …

Byju's is Acquiring Aakash Education Services for $800 mn in One of the Largest Deals in EdTech
3 years, 8 months ago

Byju's is Acquiring Aakash Education Services for $800 mn in One of the Largest Deals in EdTech

News 18  

Edtech startup Byju’s is acquiring Blackstone Group-backed Aakash Educational Services in an estimated USD 800- million cash-and-stock deal. According to a report by Economic Times, after the transaction, Blackstone Group and Aakash Institute’s founders will hold a minority stake in Byju’s at a valuation of about USD 13 billion “We will integrate Aakash’s expertise in test prep with our content …

Byju's acquires Aakash Educational Services for nearly $1 billion: Report
3 years, 8 months ago

Byju's acquires Aakash Educational Services for nearly $1 billion: Report

India Today  

Indian edtech startup Byju’s confirmed on Monday that it has acquired Aakash Educational Service Limited in a deal valued at nearly $1 billion. Read | Byju's to acquire Blackstone-backed Aakash Educational Services for $1 billion The acquisition will help Byju’s expanded its presence in the test prep segment and also in advancing its physical presence. The deal will help Byju’s …

Byju's to acquire Blackstone-backed Aakash Educational Services for $1 billion
3 years, 11 months ago

Byju's to acquire Blackstone-backed Aakash Educational Services for $1 billion

India Today  

India’s biggest online-education startup Byju’s has signed a deal to acquire Blackstone-backed Aakash Educational Services for $1 billion, reported Bloomberg quoting people familiar with the matter. With more than 200 physical centres across the country, Aakash Institutes preps students across the country to gain entry into India’s elite engineering colleges and medical schools. Read | 4 budding edtech platforms creating …

Edutech Startup Byju's To Buy Aakash Educational Services In $1 Billion Mega Deal
3 years, 11 months ago

Edutech Startup Byju's To Buy Aakash Educational Services In $1 Billion Mega Deal

ABP News  

Online education startup Byju's is in talks to acquire exam preparation firm Aakash Educational Services Limited for $1 billion, according to a report by Bloomberg. Over the period of time, Aakash Educational Services Limited has become a renowned name when it comes to comprehensive test preparatory services for students preparing for medical and engineering entrance examinations. Meanwhile, Bengaluru-based Byju's, which …

Byju's to Acquire Testprep Firm Aakash Educational Services for $1 Billion: Report
3 years, 11 months ago

Byju's to Acquire Testprep Firm Aakash Educational Services for $1 Billion: Report

News 18  

Edu-tech major Byju’s has signed a deal with test preparation company Aakash Educational Services Ltd for $1 billion, according to reports. Byju’s is valued at $12 billion and has raised significant capital amid growing demand for online learning amid the covid-19 pandemic. The Bengaluru-based startup is backed by Facebook founder Mark Zuckerberg’s Chan Zuckerberg Initiative, Tiger Global Management and Bond …

Edtech Firm Byju’s Valuation Surges After It Receives $200 Million Fresh Investment
4 years, 1 month ago

Edtech Firm Byju’s Valuation Surges After It Receives $200 Million Fresh Investment

ABP News  

As online education has gained tremendous pace owing to pandemic with schools remaining shut for almost a year now, it has only led to the growth of businesses in the edtech space. On of the major players in the field, Byju's has raised $200 million in a fresh funding round from private equity players BlackRock and T. Rowe Price. The …

Edu-tech Company Byju's Raises Rs 908.9 Crore from DST Global
4 years, 3 months ago

Edu-tech Company Byju's Raises Rs 908.9 Crore from DST Global

News 18  

India’s largest edu-tech company Byju’s is raising about Rs 909 crore in funding from billionaire Yuri Milner-led DST Global, according to regulatory documents. According to the documents filed with the Corporate Affairs Ministry by Byju’s, which is operated by Think and Learn Pvt Ltd, 20,622 shares will be offered to DSTG VII Investments-2-IN Ltd, 17,777 shares to DST Asia VII …

Fresh funding round values Byju’s at $10.5 billion
4 years, 4 months ago

Fresh funding round values Byju’s at $10.5 billion

Live Mint  

DST Global, the late-stage venture capital fund backed by Israeli-Russian billionaire Yuri Milner, is in advanced talks to invest around $400 million in online education platform Byju’s, said two people aware of the talks. Bengaluru-based Byju’s will look to raise an additional $200 million from existing investors apart from DST in the ongoing round, said one of the two people …

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