Byju's Clears Payment to Aakash

Byju's announced on Monday that it had completed the required payment for the acquisition of Aakash Educational Service Ltd. (AESL) and had received the majority of the $800 million fund announced in March. The acquisition is thought to have cost the company around $950 million.

"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.

On June 29, Economic Times reported that Byju's had delayed payments to Aakash, which it had acquired in a cash and stock deal in April of last year.

According to people familiar with the discussions, Byju's was supposed to close the transaction in June but had requested an extension until August. Byju's founder and CEO, Byju Raveendran, personally invested $400 million (over Rs 3,000 crore) of the total $800 million (approximately Rs 6,000 crore) announced in March. At the time of the funding, the company was valued at $22 billion.