Aakash, Blackstone may serve Byju’s notice for non-payment

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Editor's note: 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 its SPAC plans seem nowhere on the horizon.” Byju’s—India’s largest edtech company with a valuation of $22 billion—acquired AESL in June 2021 for $1 billion in cash and stock in what was the biggest deal in the industry. At the time of the acquisition, the Blackstone Group held just over 38% in AESL through Singapore VII Topco I Pte Ltd and BCP Asia Athena ESC (Cayman) Ltd, with the promoters holding the rest. Founder J.C. Chaudhry owned about 55% of …