Byju's clears $230 million dues to Blackstone for acquisition of Aakash Educational Services
The Hindu
Byju's had acquired Aakash in April for around $950 million.
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 had acquired Aakash in April for around $950 million.
"Byju's paid $230 million to Blackstone for acquiring a stake in Aakash," the source told PTI.
While it cleared payments that were due to the founder of Aakash in July, the payment of Blackstone was deferred based on a mutual agreement. Founders of Aakash and Blackstone continue to hold a minority stake in the firm. Acquisition of Aakash has been positive for Byju's business.
Payment to Blackstone and non-closure of $800 million funding round due to non-payment of committed investment from Sumeru Ventures and Oxshott have been two main issues that raised questions on Byju's business performance.
Byju's co-founder and CEO Byju Raveendran at the time of announcing the result had said that the contractual commitment of the two investment firms is still there, but the fund has not come and these entities have not made any investment in the last six months.
Byju's booked a loss of ₹4,588 crore for the fiscal year ended March 31, 2021, 19 times more than the preceding fiscal. The losses in the 2020-21 fiscal widened from ₹231.69 crore in 2019-20. Revenues during FY21 dropped to ₹2,428 crore from ₹2,511 crore in FY20.
Bangladesh asks Adani Power to resume full supplies from Jharkhand plant amid payment disputes and low demand.
Rupee strengthens to 86.84 against the dollar amid trade war fears, market volatility, and RBI intervention.
WazirX announced the completion of its asset rebalancing process and urged investors to support its restructuring scheme.
Vespa introduces luxury scooter portfolio in India, unveiling special editions inspired by Indian artistry and opulence.
Dentzz Dental utilizes AI for precision care, leading to increased efficiency, accuracy, and patient satisfaction in dental treatments.
Former CEA Arvind Subramanian critiques RBI policies, fiscal framework, income tax cuts, and weak private investment in India.
President Trump imposes 25% tariffs on steel and aluminium imports, affecting India and prompting concerns over trade relations.
CEA highlights Southern States' economic prowess, urging benchmarking against global standards and emphasizing need for skill improvement.
The Union Budget unveiled on February 1, 2025, has come at a time of unprecedented global uncertainty and a flagging domestic economy. The real GDP growth is estimated at 6.4% for 2024-25 and between 6.3-6.8% for 2025-26, a far cry from >8 percent growth required annually to make India a developed nation by 2047. While much attention has been devoted to the demand stimulus through income tax cuts, not enough is said about the proposed reforms in urban development, tariff rationalisation, and regulatory simplification aimed at making Indian cities and corporates more competitive. Since the majority of economic activity is located in cities (urban areas account for ~55% of GDP) and produced by large corporates (~40% of the national output and 55% of India’s exports), the above-mentioned reforms have a pivotal role in improving India’s trend growth rate. Below we unpack each reform.
IHCL unveils Taj Bandstand luxury hotel project in Mumbai after 17 years, set to be iconic landmark.
Government and LIC selling majority stake in IDBI Bank, with due diligence process underway for potential investors.
Prime Minister Modi's meetings with President Trump may lead to tariff reductions on U.S. goods like pecan nuts.
President Trump announces 25% tariff on steel and aluminium imports, minimal impact on Indian steel industry.