byju’s clears $230 million payment to blackstone for $1 billion aakash deal

Byju’s has cleared all its dues to Blackstone by paying $234 million it owed the global investment giant for the $1 billion acquisition of Aakash, a source familiar with the matter told TechCrunch, addressing one of the criticisms levelled against the Indian edtech giant in recent months.

The Bengaluru-headquartered startup, valued at $22 billion, had pushed back on some payments for the approximately $1 billion acquisition of the physical education chain last year, citing regulatory clearance. Blackstone, which is also an investor in Byju’s, owned about 38% of Aakash prior to the acquisition.

Byju Raveendran, founder and chief executive of the eponymous edtech startup, told TechCrunch earlier this month in an interview that Byju’s and Blackstone had mutually decided to process the payments later. The Indian startup cleared the due this week, the source said, requesting anonymity as the details are private.

Blackstone and Byju’s did not immediately respond to a request for comment Friday evening.

The Indian startup, which offers online and offline learning services to students from kindergarten to those preparing for competitive college entrance exams, has spent over $2.5 billion in the past two years to acquire scores of firms including the U.S.-based reading platform Epic, coding suite Tynker, India-based Great Learning, GradeUp, Topper and Austria’s GeoGebra.

It has also made a bid to acquire publicly listed edtech firm 2U, Raveendran confirmed in the earlier interview.

Earlier this month, the Indian startup revealed its financial accounts for the year ending in March 2021, after a prolonged delay. Byju’s said it clocked a revenue of $305.6 million and widened its losses to $577.4 million in the financial year that ended in March 2021. Raveendran said some 40% of FY21 revenue — because of the period of consumption and credit sales duration — were deferred to the subsequent year.

The startup, which counts Blackrock, Tiger Global, Lightspeed Venture Partners and Sequoia India among its backers, said it generated a gross revenue of $1.258 billion (unaudited) in the financial year that ended in March this year. Between April and July, the startup logged revenue of $570 million, it said.

Byju’s is looking to go public next year. Raveendran said in the earlier interview that Byju’s is watching the macro market conditions closely and will file for an IPO in nine to 12 months. “I don’t think the markets will turn this year,” he said.

TECH NEWS RELATED

In Pokémon Go you can now capture super big or super small friends

For some reason, Niantic added a feature to Pokémon Go in which sometimes Pokémon can be HUGE and sometimes they’re tiny. This feels like a relatively useless feature that doesn’t really change gameplay at all, but I mean, sure, I will take a tiny Poochyena, please and thank you! Rolling ...

View more: In Pokémon Go you can now capture super big or super small friends

Slack’s new CEO, Lidiane Jones, brings two decades of product experience to the job

We’ve heard an awful lot over the past couple of weeks about the executives who are leaving Salesforce, but not a heck of a lot about the woman who is taking over for Stewart Butterfield as CEO at Slack when he takes off to spend some time gardening. It’s ...

View more: Slack’s new CEO, Lidiane Jones, brings two decades of product experience to the job

Solana founders see now as a time to bridge the blockchain and the physical world

After FTX collapsed, a number of crypto entities once tied to the bankrupt crypto exchange are trying to pick up the pieces and move forward. As for Solana — a prominent layer-1 blockchain that was backed by FTX and its outspoken founder, Sam Bankman-Fried — its co-founders see this ...

View more: Solana founders see now as a time to bridge the blockchain and the physical world

GitHub launches Copilot for business plan as legal questions remain unresolved

GitHub Copilot, GitHub’s service that intelligently suggests lines of code, is now available in a plan for enterprises months after launching for individual users and educators. Called GitHub Copilot for business, the new plan, which costs $19 per user per month, comes with all the features in the single-license Copilot ...

View more: GitHub launches Copilot for business plan as legal questions remain unresolved

Amazon launches Inspire, a TikTok-like shopping feed that supports both photos and videos

Amazon is bringing a TikTok-like shopping experience to its app. The company today announced the launch of Inspire, a new short-form video and photo feed that allows consumers to explore products and ideas and shop from content created by influencers, brands, and other customers. The feature is designed to draw ...

View more: Amazon launches Inspire, a TikTok-like shopping feed that supports both photos and videos

Will SBF saddle up for a testimony after his media tour?

Welcome back to Chain Reaction. It’s still a pretty busy time in the wild, wild world of crypto. But it felt somewhat more tame than the whirlwind the industry has experienced in the past few weeks, and for that, I thank the crypto gods (for now.) If you’re keeping ...

View more: Will SBF saddle up for a testimony after his media tour?

Duffl’s David Lin dishes on why traditional rapid grocery delivery is not working

Quick commerce grocery delivery companies are having a moment, and not necessarily a good one. An industry that was on fire at the beginning of the global pandemic, mainly due to people forgoing IRL grocery shopping, has slowed as shoppers returned to brick-and-mortar stores. As a result, several so-called q-commerce ...

View more: Duffl’s David Lin dishes on why traditional rapid grocery delivery is not working

Ocho wants to rethink (and rebrand) personal finance for business owners

When Ankur Nagpal sold Teachable for a quarter of a billion dollars, he felt lucky. Then, he quickly felt lost when trying to navigate the financial systems of a country he wasn’t born in and learn the institutional language often only spoken fluently by the historically wealthy. It would be ...

View more: Ocho wants to rethink (and rebrand) personal finance for business owners

Schrödinger’s blue check: according to Twitter, I may or may not be notable

Chrome gets memory and energy saver modes

6 gifts for coffee lovers looking to up their game

The FTC is suing to block Microsoft from buying Activision

Airtable chief revenue officer, chief people officer and chief product officer are out

Critical mass

Pitch Deck Teardown: Rootine’s $10M Series A deck

Airtable, last valued at $11 billion for its no-code software, lays off over 250

Women are rising through the ranks at VC firms, new survey shows

Reddit’s end-of-year Recap experience rolls out with personalized shareable cards

Christmas bonus in higher demand than end of year party amid cost-of-living crisis

India’s Paytm considers buying back shares following a rough year

OTHER TECH NEWS

Top Car News Car News