Byjus Gets Rs 300 Cr Loan From Aakash
Byjus a unicorn ed-tech platform borrows Rs 300 crore from its wholly-owned subsidiary Aakash. The loan will be used to run its principal business activities
Think and Learn the parent company of Byjus one of the most valued ed-tech firms, has decided to take an unsecured loan of Rs 300 crore from its acquired subsidiary Aakash Educational Services for its principal business activities.
“Think & Learn is in the requirement of funds for its principal business activities. Hence at the request of Think & Learn, the Board of Directors of the company in their meeting held on October 3, subject to the approval of members in the general meeting, has given their approval for granting an unsecured loan to Think & Learn for an amount of not exceeding Rs 300 crore,” said in an official filing by Akash.
Byjus acquires Aakash Education in April 2021for a deal of $950 million, which is considered the biggest acquisition in the Indian education sector. This development comes when Byjus is going through cost cuttings and frequent layoffs. Recently Byjus announced to lay off 2,500 employees which are about 5 per cent of its workforce.
