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.
