Amid delayed payments for previous acquisitions and massive layoffs, there's a question mark around the ed-tech firm's finances.
Byju’s is set to splurge $1 billion on US-based ed-tech firm 2U but it may be in dire need of better bookkeeping back home.
For one, the Indian ed-tech major’s financial reports have been delayed for the past two years. There have also been reports of the company pushing back payments by two months for its $1 billion acquisition of brick-and-mortar coaching firm Aakash Educational Services. Byju’s had closed the cash and stock deal last April.
Besides, “to recalibrate our business priorities and accelerate our long-term growth,” Byju’s has been “optimising” its teams, the company said, admitting that it laid off “less than 500 employees” across group companies, including WhiteHat Jr. and Toppr. However, reports claim the layoff spree affected 1,500 staff between April and now.
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