The edtech startup acquired Aakash Educational Services, in which Blackstone has a 38% stake, last year for $1 billion in cash and stock.
Byju’s troubles seem never-ending. The Morning Context has learnt that the Bengaluru-based company hasn’t fully paid the Chaudhrys and private equity firm Blackstone Group for its acquisition of Aakash Educational Services Ltd (AESL) last year.
AESL and Blackstone are planning to serve Byju’s notice for non-payment. “Aakash and Blackstone haven’t been fully paid for the acquisition yet and things have got serious now,” says a person in the know, asking not to be named. “Byju’s has the money, but if the company clears these payments, it might not be left with a comfortable runway, especially as funding dries up and …
Pradip is a co-founder at The Morning Context and leads our newsletters vertical. He has previously worked at The Ken as a staff writer, at Mint as an assistant features editor and the Deccan Chronicle as a copy editor. He works with a slew of expert newsletter writers across subjects and domains. His own writing spans the gig economy, farmers caught in the crossfire of technology, global warming and parents trapped in the edtech wave. Some of his best stories have come at the intersection of technology and human endeavour.