Edtech startup BYJU’S delays payment for $1 billion tutorial chain Aakash deal

BENGALURU:  Edtech company BYJU’S, which acquired tutorial chain Aakash Educational Services for nearly $1 billion last year, is said to be delaying payments. According to a news agency report, apart from other shareholders, Blackstone, which owned 38% in Aakash, was due to be paid this week, but the ed-tech company has sought an extension.

When asked about the delay in payments, BYJU’s spokesperson said, “Aakash is our most successful acquisition to date and we are very proud to have them in our fold. The acquisition process of Aakash is fully on track and all payments are expected to be completed by the agreed-upon date i.e., August 2022.”

The spokesperson added that along with all our group companies, we continue to be perfectly poised to provide access to quality education in all learning segments from early learning to exam prep and career success.

Meanwhile, the online education provider on Tuesday announced Krishna Vedati as President of global growth and strategic initiatives for the company. Vedati is co-founder and CEO of the creative coding platform Tynker. BYJU’S, which is valued at $22 billion, acquired Tynker in September last year, as part of its US expansion.