Byju’s gets $800 Mn in new funding at $22 Bn valuation

What: Edtech firm Byju’s said on Monday that it has completed payment that was due for the acquisition of Aakash Educational Service and received majority of $800 million fund which it announced in March.

Fund: Byju’s founder and CEO Byju Raveendran has made a personal investment of $400 million (over ₹3,000 crores) of the total $800 million (about ₹6,000 crores) raised in the latest funding round by the company. The fresh round of funding has been conducted valuing the company at $22 billion.

Lay-off: Talking about the Lay-offs at the company, the statement said that the decision has been made to improve business efficiencies throughout the Byju’s and its group companies.