Byju’s acquired Aakash Institute for $950 million in April 2021 but the payment to Blackstone –
which held around 38% stake in Aakash – was delayed.
The original timeline for the payment was in June this year but that was extended to August.
Byju Raveendran, founder of Byju’s,
told ET earlier this month that the delay was procedural as it had to meet guidelines set by the Reserve Bank of India. He said that the payment would be cleared by the end of September.
Blackstone did not respond to ET’s email. A spokesperson for Byju’s confirmed the development.
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Byju’s, India’s most valued startup, has also been facing criticism for a delay in furnishing its audited financials for financial year 2020-21 (FY21).
On September 14, after an 18-month gap, the Bengaluru-based edtech startup said revenue from operations for FY21 had
been readjusted to Rs 2,280 crore and that losses had ballooned to Rs 4,588 crore during the same period, from Rs 262 crore in FY20.
The revenue number was a significant 48% lower from its projected figure of about Rs 4,400 crore in the unaudited results of its parent entity Think & Learn Pvt Ltd.
Audit firm Deloitte, Haskins & Sells has cleared Byju’s FY21 financial results.
‘Revenue Recognition Changes’
The company said its unaudited financial results for FY22 show a revenue of Rs 10,000 crore.
Raveendran told ET earlier this month that the company had recorded “significant growth in revenue compared to financial year 2020 but because of revenue recognition changes, it is getting pushed to the next financial year.”
The edtech firm had announced a $800 million funding round in March this year but $300 million of that is unlikely to trickle in, Raveendran said, adding that the company was in talks to close a new funding round over the coming months.
Raveendran himself had put in $400 million through debt financing from US financiers in that round.
News wire Reuters was the first to report that Byju’s had made the pending payment to Blackstone.