Byjus Byju's delays payment schedule for Akash deal: Report
Ed-tech company Byju's has sought an extension for the payment to Aakash Educational Services Ltd (AESL), which it had taken over in a cash and stock deal, media reports said.
Byju's asked AESL’s investor Blackstone and others, who were expected to be paid in June, to extend the payment timeline to August, ET reported citing sources.
The company said Akash is its most successful acquisition and expects to complete the payments by the agreed-upon date - August 2022.
The acquisition was worth about $950 million and touted to be the biggest in the ed-tech space.
It helped Byju's get a strong foothold in the offline learning market.
Byju's has also launched tuition centres for classes 4 to 10 and plans to expand and plans to expand these centres across 200 cities at a cost of $200 million.
