In what appears to be yet another setback for BYJU’s, the edtech giant has reportedly missed yet another deadline to pay more than INR 1,500 crore in dues to private equity firm Blackstone.
The dues are allegedly related to the INR 7,300 Cr acquisition of the tutorial chain Aakash Educational Services in April of last year. According to a source, BYJU’s has promised to pay Blackstone INR 1,500 Cr – INR 1,620 Cr by June 2022, out of the total amount owed to the private equity firm. Following that, the edtech giant’s audited financial reports for the fiscal year 2020-21 (FY21), which were released earlier this month, stated that all pending payments to Blackstone would be cleared by September 23.