India's Byju's has paid a total of Rs 19 billion ($234 million) to Blackstone Inc. for its 38% stake in the education tech startup that it acquired in April 2021. The payment made on Thursday was for a stake of about 38% owned by Blackstone in the learning center chain that Byju's acquired in April 2021.
Byju's, the mobile education company, has paid all of its shareholders except Blackstone as the PE firm had agreed on deferred payment for Aakash’s stake.
Tiger Global-backed edu-tech startup Byju's surged to its largest single loss ever on Monday among several other recent setbacks.
The company's losses ballooned to 45.64 billion rupees ($574.06 million) during the fiscal year ended March 2021, while its revenue fell 3%.
In the Indian startup ecosystem, Byju's IT is a revered brand name that's been revolutionizing education by developing interactive learning apps and content.
The company was a big beneficiary of a spurt in demand for online learning during the pandemic and attracted investments from some of the biggest venture capital funds and financiers, including Sequoia Capital and Mark Zuckerberg's Chan-Zuckerberg Initiative, to fund its breakneck pace of growth.
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