Fundraising efforts on track, payments to Aakash completed, says BYJU’S

BL Bengaluru Bureau | Updated on: Jul 04, 2022
The company is currently hiring across levels for various businesses, departments and functions, said a spokesperson

The company is currently hiring across levels for various businesses, departments and functions, said a spokesperson

Audited financial results for FY21 to be announced in the next 10 days

Following reports of financial difficulties at BYJU’S and delay in its additional $800-million fund infusion, the edtech major said in a statement that its fundraising efforts are on track.

In a media statement, BYJU’S said majority of the $800 million has been already received and the remaining amount is also expected soon.

In May 2022, the company had announced an $800-million funding round led by its CEO Byju Raveendran along with the participation of Sumeru Ventures, Vitruvian Partners and BlackRock. This round had valued the company at $22 billion. The company’s statement comes on the heels of reports that the edtech major had not fully paid Aakash for the $950-million acquisition announced last year. Further, BYJU’S auditor Deloitte has been reported to have not yet signed the company’s 2020-21 (FY21) financial results.

Responding to these reports, a BYJU’S spokesperson said, “Our payments to Aakash are closed and the audited financial results are going to be announced in the next 10 days.”

Hiring on

Further, the company had recently laid off almost 600 people from its acquired companies, including WhiteHat Jr and Toppr. Commenting on the layoffs, the spokesperson said, “In order to reduce redundancies across our organisation after multiple acquisitions, we had to let go of nearly 1 per cent of our 50,000 strong workforce. This retrenchment was a result of a strategic decision to improve business efficiencies throughout BYJU’S and its group companies.”

The spokesperson added that the company is currently hiring across levels for various businesses, departments and functions.

The BYJU’S family of brands includes Disney-BYJU’S Early Learn, BYJU’S FutureSchool, Epic, Osmo, Tynker and its flagship product BYJU’S – The Learning App. The company has presence in more than 100 countries and offers learning programmes in multiple languages.

Published on July 04, 2022
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