Edtech startup BYJU’S raised an unsecured loan of Rs 300 crore from its wholly-owned subsidiary Aakash Educational Services for “principal business activities”.
BYJU’s acquired Aakash in April 2021 for close to $950 million in cash and stock, making it one of India’s largest acquisitions in the education space. According to the filings, the loan was granted at a 7.50% annual interest rate, according to the report. The latest development comes at a time when BYJU’S is focusing on cost-cutting measures in order to survive the funding winter.
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Edtech startup BYJU’S raised an unsecured loan of Rs 300 crore from its wholly-owned subsidiary Aakash Educational Services for “principal business activities”.
BYJU’s acquired Aakash in April 2021 for close to $950 million in cash and stock, making it one of India’s largest acquisitions in the education space. According to the filings, the loan was granted at a 7.50% annual interest rate, according to the report. The latest development comes at a time when BYJU’S is focusing on cost-cutting measures in order to survive the funding winter.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
