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<ul><li>BYJU's is an <keyword id="1464841" type="General" weightage="20" keywordseo="edtech" source="Orion">edtech</keyword> platform founded in 2015 with a current valuation of $22 billion. </li><li>Management of the edtech platform says cost-cutting is being done to “achieve overall profitability by March 2023”. </li><li>Many edtech firms have resorted to layoffs this year. </li></ul>Indian edtech decacorn BYJU's announced yesterday that it has laid off 2,500 employees as it has consolidated the many platforms it has acquired – like Toppr, Meritnation, <keyword id="192259" type="General" weightage="50" keywordseo="tutorvista" source="Orion">TutorVista</keyword>, Scholar and HashLearn. This move, the company said, is a way to avoid redundancies in job roles and the layoffs constitute 5% of its workforce. “These measures will help us achieve profitability in the defined time frame of March 2023," said Mrinal Mohit, CEO, BYJU'S India business. As per the audited FY21 financials that it released last month after an 18-month delay, its losses widened by 20 times to ₹4,589 crore. In the last three years, the company has been on an acquisition spree. Its biggest one so far is that of offline test preparatory services provider Aakash for $1 billion in 2021. The payments to PE major Blackstone, which owned 38% in Aakash, were eventually <a href="https://www.thehindu.com/business/byjus-clears-230-million-dues-to-blackstone-for-aakash-acquisition/article65931486.ece">cleared by the company, albeit after delays</a>. It has also purchased Singapore-based <keyword id="6559242" type="General" weightage="50" keywordseo="great-learning" source="Orion">Great Learning</keyword> for $600 million in 2021. Both these entities will function independently, <keyword id="3320944" type="General" weightage="100" keywordseo="byjus" source="Orion">Byjus</keyword> had said. Edtechs in trouble This year, many edtech companies have been suffering from loss of clientele after offline classes have commenced and screen fatigue. Since July this year, many edtech companies like Unacademy and Vedantu have been laying off <a href="https://www.businessinsider.in/business/startups/news/60000-jobs-in-startup-companies-may-lose-their-jobs-this-year-in-india-experts-say/amp_articleshow/91804572.cms">employees</a>. Byju’s which has by then also made its presence felt in offline coaching, is also known to have gone down the same path. As per reports, <a href="https://www.business-standard.com/article/companies/byju-s-owned-whitehat-jr-lays-off-300-employees-in-latest-round-of-job-cuts-122062900323_1.html">WhiteHat Jr, owned by Byju's</a>, laid off around 300 employees in June from the code-teaching and sales teams. However, various <a href="https://www.news18.com/news/business/byjus-lays-off-over-2500-employees-in-toppr-and-whitehat-jr-to-cut-costs-5463853.html">media reports have pegged the layoff </a>number between 1,500-2,500. The company vehemently denied the numbers, but did admit to retrenchments. “To recalibrate our business priorities and accelerate our long-term growth, we are optimizing our teams across our group companies. This entire exercise involves less than 500 employees from across Byju's group companies,” the company spokesperson said after denying the 2,500 layoff number. In good shape says management The edtech giant, which is valued at around $22 billion and is the first edtech unicorn in India has also been under scrutiny for various reasons. The company management however insists that it is in good shape. <keyword id="5563078" type="General" weightage="50" keywordseo="divya-gokulnath" source="Orion">Divya Gokulnath</keyword>, the company’s co-founder also came out in defense of the company saying that a lot has happened since its FY21 results and its widened losses have already been cut by half in FY22. “It’s easy to forget that we are 18 months post FY21, and that BYJU’S has grown more than 4 times in this span,” she wrote in an open letter on LinkedIn. For this year, the company has set a target to achieve $2 billion in revenues. The company founder has stated time <a href="https://www.business-standard.com/article/companies/byju-s-focusing-on-profitable-growth-2-bn-revenue-within-the-sights-ceo-122092001266_1.html">and again that this</a> “revenue within sight”. On the other end of the spectrum, <a href="https://www.bbc.com/news/world-asia-india-58951449">Byju’s users have been complaining </a>about aggressive sales tactics and its effects on learning abilities. Moreover, a few of its employees too <a href="https://twitter.com/malpani/status/1379826997598121987?lang=en">publicly spoke of its</a> high-pressure tactics and practices that’s turned almost exploitative to Indian parents who place a lot of value on their children’s education. SEE ALSO: <a target="_blank" class="c-link" href="https://www.businessinsider.in/business/news/investments-in-real-estate-touched-3-6-billion-in-jan-sep-period-colliers/articleshow/94833113.cms">Investments in real estate touched $3.6 billion in Jan-Sep period: Colliers</a> <a target="_blank" class="c-link" href="https://www.businessinsider.in/business/corporates/news/it-cos-go-slow-on-hiring-despite-high-attrition-rates-hiring-down-57-in-q2/articleshow/94832706.cms">IT cos go slow on hiring despite high attrition rates, hiring down 57% in Q2</a> <a target="_blank" class="c-link" href="https://www.businessinsider.in/business/news/elon-musk-jokes-he-is-selling-perfumes-to-fund-twitter-acquisition/articleshow/94832660.cms">Elon Musk jokes he is selling ‘Burnt Hair’ perfumes to fund Twitter acquisition, changes bio to “Perfume Salesman” as sales cross 20,000</a>

The many troubles at BYJU’s that goes beyond the recent layoffs

<ul><li>According to the latest report by jobs portal Naukri.com, <keyword id="2055603" type="General" weightage="20" keywordseo="online-tutors" source="Orion">online tutors</keyword> are in high demand as recruiters want a workforce comfortable with using digital media.</li><li>During the second wave of the pandemic, the overall job market for the education/teaching profession saw a decline, as per the report.</li><li>Business Insider brings you several job openings in edtech companies for online tutors.</li></ul>The COVID-19 pandemic forced almost all educational institutions to pivot to the online mode of teaching. According to the latest report by jobs portal Naukri.com, online tutors are in high demand as recruiters want a workforce comfortable with using digital media. The requirement for online teachers has gone up by eight times in January to July 2021 as compared to the same period in 2020. During the second wave of the pandemic, the overall job market for the education/teaching profession saw a decline, as per the report. However, there is a recovery with an upward growth trajectory from June 2021 onwards with robust sequential growth, revealed the report. Business Insider brings you several job openings in edtech companies for online tutors. 1. <keyword id="3395125" type="General" weightage="20" keywordseo="Cuemath" source="Orion">Cuemath</keyword> The online platform for after-school math and coding for classes K-12 is hiring online tutors for math and coding. Requirements — Candidates must have a laptop/desktop with Windows 10 OS or Mac and a stable internet connection with speed of more than 15 mbps. Eligibility criteria for Math — Applicants must have done Bachelor’s or Master’s in Technology (B.Tech or M.Tech)/Bachelor’s or Master’s in Engineering (B.E or M.E)/Bachelor’s or Master’s of Business Administration (BBA or MBA). Eligibility criteria for Coding — Any bachelor’s degree with basic knowledge of coding concepts. Freshers can also apply. 2. <keyword id="6361651" type="General" weightage="20" keywordseo="Toppr" source="Orion">Toppr</keyword> Home-grown edtech platform for preparation of school exams, CBSE and competitive exams like Joint Entrance Examination (JEE), National Eligibility cum Entrance Test (NEET) etc. is scouting online tutors for these subjects — Biology, Chemistry, Hindi, English. Eligibility criteria — Candidates must hold a master’s or PhD in a relevant subject they are applying for. 3. Codingal The startup, which was launched last year is looking for teachers who have the right expertise to teach coding to young kids. Requirements — Laptop/desktop with a stable internet connection. Eligibility Criteria — Candidates should be from coding background or have a degree in computer science. 4. Aakash Edutech Institute Aakash Edutech by <keyword id="190117" type="General" weightage="20" keywordseo="Aakash-Institute" source="Orion">Aakash Institute</keyword>, known for the preparation of JEE, NEET and other competitive exams is hiring online faculty for Mathematics. Selection Procedure — An online written test will be conducted along with demo round discussion and final round discussion. Eligibility criteria — Candidates must have at least 2 years of experience in teaching in online/offline mode. 5. INSAID E-learning platform, which offers courses related to artificial intelligence, machine learning and data science is inviting Data Science Trainer. Eligibility criteria — The candidate must have 2-5 years of experience in technical training with strong command over any one programming language -- Python, R, .NET, Java. 6. Chegg The global e-learning platform is scouting for Subject Matter Expert — Mathematics. Eligibility criteria — Candidate must have an M.Sc in mathematics or applied mathematics with strong knowledge of the subject. Freshers can also apply. 7. Jigsaw Academy The Bengaluru-based platform for artificial intelligence, machine learning and data science is hiring an information technology (IT) training manager. Eligibility criteria — Candidate should have 4-12 years of experience in IT industry or teaching IT-related subjects along with a degree in B.Tech/BE/MCA/MBA/MSc IT/M. Tech. 8.Camp K12 The ed-tech startup, which offers courses in coding for kids, is scouting for a Coding Instructor. Eligibility criteria — Minimum 6 months of experience in teaching coding with strong hold on HTML, Javascript, Python. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/vils-balancesheet-woes-may-impact-financial-lenders-others-govt-support-critical-says-icra/articleshow/85979050.cms">Vodafone Idea's stressed balance sheet could impact lenders, employees and subscribers, says ICRA</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/axis-bank-announces-new-policies-and-practices-for-its-customers/articleshow/85978495.cms">Axis Bank announces new policies and practices for its customers and employees belonging to the LGBTQ community</a>

Cuemath, Toppr, Aakash Institute and many more are looking for online tutors

From Tatas taking over Air India to Byju’s acquiring Aakash — here are the top acquisitions of 2021

Airtel Digital TV, the DTH arm of Bharti Airtel, on Tuesday joined hands with <keyword id="8615140" type="COMPANY" weightage="20" keywordseo="Aakash-Educational-Services-Limited">Aakash Educational Services Limited</keyword> (Aakash) to launch a <keyword id="10100772" type="UNKNOWN" weightage="20" keywordseo="dedicated-tv-channel">dedicated TV channel</keyword> -- Aakash Edu TV -- for medical and engineering entrance test preparation. Aakash Edu TV, which is available exclusively on Airtel Digital TV, will provide high-quality coaching sessions to students across India who are preparing for entrance exams such as JEE/Advanced and NEET. Best-in-class faculty of Aakash will teach the students through live interactive classes and help students learn key concepts and solve problems. Starting at just Rs 247 per month, <keyword id="10100773" type="COMPANY" weightage="20" keywordseo="aakash-edu-tv-jee-and-foundation">Aakash Edu TV-JEE and Foundation</keyword> will be available on <keyword id="10100774" type="COMPANY" weightage="20" keywordseo="airtel-dth-channel-number-467">Airtel DTH Channel Number 467</keyword> and Aakash Edu TV-NEET will be available on Airtel DTH Channel Number 478. "This partnership further underscores the high potential for innovation in DTH and improving the lives of our customers by offering value-added digital services," Sunil Taldar, DirectorHomes, Bharti Airtel, said in a statement. The channels are available as Free Preview till October 21, the company said. "This programme transcends geographical boundaries and does away with the dependence on modern gadgets and internet facility," said <keyword id="2777888" type="PERSON" weightage="20" keywordseo="Aakash-Chaudhry">Aakash Chaudhry</keyword>, Director and CEO, Aakash Educational Services Limited (AESL). SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/gst-council-and-states-fail-to-reach-consensus-on-compensation-cess-no-dispute-we-may-have-differences-says-sitharaman/articleshow/78624857.cms">GST council and states fail to reach consensus on compensation cess — 'No dispute, we may have differences,' says Sitharaman</a> <a href="https://www.businessinsider.in/stock-market/news/banking-stocks-like-sbi-hdfc-axis-icici-and-other-share-price-in-the-stock-market-ahead-of-the-moratorium-verdict/articleshow/78633357.cms">SBI, HDFC Bank, Axis Bank and other bank stocks tread caution as they wait with bated breath for Supreme Court verdict on moratorium</a>

Airtel partners with Aakash Institute to bring medical and engineering education content to its DTH platform

It seems that the <keyword id="530930" type="UNKNOWN" weightage="100" keywordseo="new-IITs">new IITs</keyword> have a long way to go in attracting candidates as they are often compared with the old ones. 
 Among the 10 new IITs, including <keyword id="222212" type="COMPANY" weightage="100" keywordseo="IIT-Ropar">IIT Ropar</keyword>, IIT Mandi, IIT Gandhinagar, <keyword id="922152" type="ORGANIZATION" weightage="100" keywordseo="IIT-Hyderabad">IIT Hyderabad</keyword> is popular but only 20 students were roped in out of top 1,000 rank holders. 
 
Some heads have the opinion that the new ones will be compared to the old IITs and it would at least take then four to five years to be able to compete with old ones. 
 
"The new IITs need more time for anyone to judge them. Institutes take decades and even centuries to become globally established," IIT Ropar director Sarit K Das told Economic Times. 
 
Meanwhile, after Hyderabad, IIT Indore was preferred by students as 15 students enrolled out of top 2,000 rank holders. 
 
IIT Ropar got 11 and Mandi and Gandhinagar and the Indian School of Mines Dhanbad got one each. 
 
“Our students prefer the old IITs and then the established NITs (National Institutes of Technology) to the new IITs," Aakash Chaudhry, director of Aakash Education Services, a coaching institute that trains students for the JEE and other engineering entrance exams, told ET. 
 
While the JEE (Advanced) is taken by candidates seeking admission to the IITs, JEE (Main) is for entry into the NITs and other technical institutions funded by the central and state governments.

New IITs have few takers, IIT Hyderabad gets only 20 candidates out of top 1000 rank holders

This month’s announcement of Indian-born <keyword id="276564" type="PERSON" weightage="40" keywordseo="Satya-Nadella">Satya Nadella</keyword>’s elevation to the top job at <keyword id="10387" type="CITY" weightage="40" keywordseo="Microsoft">Microsoft</keyword> has triggered some soul-searching among the Indian intelligentsia about how the best and the brightest from India tend to leave for foreign shores in search of better opportunities, instead of investing their intellectual capital at home. 
 A country of 1.2 billion with some crucial problems like poverty, illiteracy, <keyword id="6358907" type="ORGANIZATION" weightage="40" keywordseo="unemployment">unemployment</keyword> and lack of public health facilities, India needs innovation at the grassroots, and as a corollary, an ecosystem that supports such innovation where it is needed most. 
 
Partnerships, not prescriptions 
In the past, India would have looked for aid from developed countries, which would be willing to provide it, along with a lengthy list of prescriptions on how and where that money should be used. 
 Happily, that model has given way to a new range of partnerships between leading Indian and foreign organisations, where Indians are innovating right here at home. One such partnership is the Stanford-India Biodesign Program (SIB), which was set up in 2001. Since its inception, it has focused on developing medical devices that solve specific challenges seen in the Indian scenario. A three-way collaboration of Stanford University, IIT-Delhi and the <keyword id="6365231" type="ORGANIZATION" weightage="40" keywordseo="All-India-Institute-of-Medical-Sciences">All India Institute of Medical Sciences</keyword> (AIIMS), this programme stands out due to shared technological expertise and joint <keyword id="6357455" type="EVENT" weightage="40" keywordseo="Funding">funding</keyword> that comes from the <keyword id="44734" type="ORGANIZATION" weightage="40" keywordseo="Indian-Government">Indian government</keyword> and US sources. 
 But the SIB programme, supported by Indo-US governmental efforts, is not the most revolutionary aspect of India’s changing innovation ecosystem. Some of the current developments are even more encouraging. For instance, there is <keyword id="6355629" type="CITY" weightage="40" keywordseo="Google">Google</keyword>’s Impact Challenge and last year, the Internet giant funded a few social innovations in the country for the first time. 
 
From integrated water and sanitation systems for rural India to motorbike-borne science labs to get rural Indian kids excited about pursuing science and technology, Indians are being given a chance to determine their own innovation priorities and how to go about it. Consequently, an Indian Norman Borlaug may now use a homegrown innovation to benefit the entire mankind. 
 
A desi model Indians also have to be smart about innovating things the Indian way. Leveraging global benchmarks such as <keyword id="6357097" type="COMPANY" weightage="40" keywordseo="venture-capital">venture capital</keyword>, ease of doing business (India currently ranks an unenviable 134th in this area), <keyword id="388837" type="UNKNOWN" weightage="40" keywordseo="intellectual-property">intellectual property</keyword> protection and market access is important, but just copying another country’s model will also have its pitfalls. 
 So it is extremely unlikely that anyone but <keyword id="6360722" type="PERSON" weightage="40" keywordseo="ratan-tata">Ratan Tata</keyword> would have been able to realise his dream of <keyword id="28810" type="PERSON" weightage="40" keywordseo="Nano">Nano</keyword>, the super low-cost car. Tata had the capital to back such R&amp;D and the organisation to endure the legal and political battles that accompany any large industrial project in this country. There is a reason why we can’t produce another <keyword id="6355315" type="PERSON" weightage="40" keywordseo="Elon-Musk">Elon Musk</keyword> in India. But even he had to move from South Africa to the US to pursue his dreams. 
 
However, we can and have produced a Phanindra Sama, founder of redBus, an online booking site for inter-city buses that largely operate in the unorganised sector but carry millions of passengers daily. India’s large pool of IT-savvy professionals is a cliché but it took Sama’s imagination and a few millions from India’s growing VC community to create long-term value. 
 
Unlike Sama, Mansukhbhai Prajapati does not figure on VC watch lists. But that doesn’t make his invention of a clay fridge called Mitticool (it needs no electricity) is any less cool. Frugal innovation is the buzzword when it comes to grassroots innovation in India and it is being championed by its very own Vinod Khosla, Professor Anil Gupta and his Honey Bee Network. E.F. Schumacher’s ‘small is beautiful’ principle is driving a new model of Indian low-cost, but high-impact innovations. 
 
Another benefit of flying under the radar with such innovations is that they don’t run into the typical problems of red tape and special interests that seem to bedevil the ‘big bang’ approach to innovation, where scale becomes a pre-condition for success. 
 
Implementation beats intent 
India is no different from other countries when it comes to the biggest enemy of innovation – poor implementation. When the world’s cheapest tablet Aakash was announced, most of us expected a grand repeat of the success we had with Nano. The Indian government also jumped on the bandwagon but in hindsight, that was one of the reasons for failure. 
 
There is a cautionary tale here for the well-intentioned folks who advocate massive institutional support for specific innovations. That can sometimes make innovators cocky or worse, sloppy, as a lessening of the fear of failure sometimes creates the conditions for falling short. 
 
Institutions need to contribute in order to strengthen the ecosystem – it should be their dharma. Leave it to the Indian innovator to do the rest. 
 
Image: ThinkStock

How India Can Leverage The Innovation Philosophy

New Delhi, Ed-tech titan <keyword id="3320944" type="General" weightage="20" keywordseo="Byjus" source="Orion">Byjus</keyword> is looking to sell its overseas ventures Epic and Great Learning to pay back its entire USD 1.2 billion (Rs 9,956 crore) loan to lenders, a source familiar with the matter said. The ed-tech decacorn has been in discussions with the lenders and has made a proposal to clear its Term B loan, the source said. Byju's hopes to garner between USD 800 million to USD 1 billion from the sale of Epic, the US-based kids learning firm, and Great Learning - the upskilling platform. The firm is also working on raising fresh capital from equity sales, and is working with bankers for the sale of the aforementioned key assets to strategic investors -- which has also garnered interest, the source said. An email sent to the ed-tech platform for comments remained unanswered. India's most-valued startup is hoping to repay the entire USD 1.2 billion term loan B (TLB) in under six months. Of this, it is proposing to repay USD 300 million in the next three months. Lenders have not yet responded to the proposal. Byju's in November 2021 raised USD 1.2 billion in debt through a term loan facility (TLB) from a group of overseas investors. A TLB is a type of senior secured syndicated credit facility that is issued by global institutional investors. Typically, the proceeds from a TLB are used to either refinance an existing debt or to make overseas acquisitions in order to enhance a company's offerings. Byju's had acquired Aakash USD 950 million in 2021. In July this year, the steering committee of ad hoc term loan lenders is reported to have agreed to amend the USD 1.2 billion term loan. The development comes after the company formed an advisory council with ex-Infosys CFO Mohandas Pai and Bharatpe Chairman and former SBI chief Rajnish Kumar after the exit of investors G V Ravishankar of Sequoia Capital (now Peak XV Partners), Vivian Wu of Chan Zuckerberg Initiative and Russell Dreisenstock of Prosus. Byjus had acquired Epic in a USD 500 million cash-and-stock deal in May 2022.

Byjus proposes sale of overseas units to repay $ 1.2 billion loan

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> faced an acute talent demand-supply gap of 28 per cent in 2021 for jobs in new-age technologies amid the demand of nearly 1.5 lakh jobs in areas like 5G, Cloud computing, AI/Big Data analytics, IoT, mobile app development and robotic process automation, a new report showed on Wednesday. The talent <keyword id="1761478" type="General" weightage="20" keywordseo="demand-supply-gap" source="Orion">demand supply gap</keyword> will continue to widen with the advent of 5G and allied technologies rollout, according to the report by the <keyword id="1640349" type="General" weightage="20" keywordseo="Telecom-Sector-Skill-Council" source="Orion">Telecom Sector Skill Council</keyword> (TSSC), as <keyword id="6354814" type="General" weightage="20" keywordseo="Prime-Minister-Narendra-Modi" source="Orion">Prime Minister Narendra Modi</keyword> dedicated an indigenous 5G Test Bed, in the form of 5Gi, to the nation on Tuesday. "A deeper look at the technological changes, along with proper skilling, will prepare the workforce of the future. We hope to address policy issues like low penetration of broadband and the industry needs to proliferate at a CAGR of 30-40 per cent in order to create a phenomenal number of jobs," said <keyword id="12218680" type="General" weightage="20" keywordseo="K-Rajaraman" source="Orion">K. Rajaraman</keyword>, Secretary, <keyword id="58770" type="General" weightage="20" keywordseo="Department-of-Telecommunication" source="Orion">Department of Telecommunication</keyword> (DoT). "TSSC should put in place a set of occupational categories such as rural broadband technician which can support the development of BharatNet in rural areas," he emphasised during the launch of the report. The telecom council plans to train 1 lakh people in the next three years and open 10 new Centres of Excellence across the country. "With original equipment manufacturers (OEMs) setting shop in India, they will need a plethora of job roles to set up their supply chain. We aim to aid the ecosystem with a world-class skilled workforce for 5G and its allied technologies," said Arvind Bali, CEO, TSSC. TSSC President Akhil Gupta (Vice Chairman, Bharti Group) said that they now plan to accelerate skilling initiatives to international regions and map the international workforce demand. "It is important to train the workforce to use these new technologies in a much more effective fashion. When we talk about jobs in the telecom sector, we should not talk about only the jobs here but how they need some kind of upskilling," added Rajesh Aggarwal, Secretary, Ministry of Skill Development and Entrepreneurship. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-vs-bharti-airtel-four-charts-to-showcase-how-indian-telecom-giants-faired-in-2022/slidelist/91640306.cms">Reliance Jio vs Bharti Airtel — four charts that showcase how the Indian telecom giants faired in 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/unacademy-launches-offline-classes-to-take-on-byjus-owned-aakash-institute/articleshow/91639300.cms">Unacademy launches offline classes to take on Byju's-owned Aakash Institute</a>

India is witnessing a 28% of talent crunch in the technology area, says report

<ul><li>The company is looking to raise this debt through the Term Loan B (TLB) route, where several institutional investors may participate.</li><li>The company has reportedly appointed JP Morgan and Morgan Stanley as investment banks to structure the deal.</li><li><keyword id="3123019" type="General" weightage="20" keywordseo="byjus" source="Orion">Byju’s</keyword> may be looking to refill its treasury, after spending billions of dollars on acquisition in the last 18 months.</li></ul>The world’s highest valued edtech firm Byju’s is reportedly planning to raise $500 million or ₹3,700 crore in debt to acquire more businesses. The Bengaluru-based startup is looking to raise this debt through the Term Loan B (TLB) route, which is a term loan made by institutional investors whose primary goals are maximising the long-term total returns on their investments. Several institutional investors as well as hedge funds will reportedly be looking to invest in this opportunity. The company has also appointed JP Morgan and Morgan Stanley as investment banks to structure the deal, according to a Mint <a href="https://www.livemint.com/companies/start-ups/byjus-looks-to-raise-500-million-debt-11635186221353.html">report</a> citing sources. When Business Insider reached out for confirmation of the media report, Byju’s denied to comment on the report. Initial public offering (IPO)-bound OYO had raised <a href="https://www.businessinsider.in/business/startups/news/oyo-gets-660-million-relief-from-investors/articleshow/84471112.cms">$660 million</a> through the Term Loan B (TLB) route in July this year. Acquiring businesses is an expensive business The Mint report further highlighted that Byju’s is looking to refill its treasury after spending billions of dollars on acquisition in the last 18 months. The company had raised over $2 billion in the last two years, however the company has mostly spent that amount in acquiring new businesses across the globe. This includes rival Toppr, Singapore-based upskilling platform Great Learning, US-based coding platform Epic and more. The company had raised<a href="https://www.businessinsider.in/business/startups/news/byjus-has-raised-1-3-billion-this-year-to-so-far-in-pursuit-of-its-american-dream/articleshow/86745427.cms"> $1.3 billion in 2021</a> and $1 billion in 2020. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Amount raised by Byju’s </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Month/Year </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$200 million </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">January 2022 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$100 million </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">June 2020 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$122 million </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">August 2020 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$500 million </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 2020 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$460 million </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">March 2021 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$350 million </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">June 2021 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$50 million </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">June 2021 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$150 million </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">August 2021 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$296 million </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 2021 </td></tr></tbody><tbody></tbody></table> Byju’s also spent a billion dollars to acquire coaching center chain Aakash Institute — which has over 250 centers across India and is a profitable venture. This is the biggest acquisition carried out by an Indian edtech company. SEE ALSO <a href="https://www.businessinsider.in/business/news/ipo-bound-nykaa-plans-to-set-up-more-retail-stores-and-warehouse-for-ecommerce/articleshow/87274137.cms" data-type="tilCustomLink" style="">Nykaa plans to go ‘aggressive’ with its retail store network, a vertical that contributes less than 10% to its revenue</a> <a href="https://www.businessinsider.in/stock-market/news/tech-mahindra-irctc-tata-power-are-bucking-the-trend-in-volatile-market/slidelist/87271983.cms" style="">Tech Mahindra flies on strong revenue, Tata Power excites investors with EV push and IRCTC back on track after a lull week</a> <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musks-tesla-may-be-ready-for-a-second-inning-in-cryptocurrency-payments/articleshow/87273227.cms" style="">Elon Musk’s Tesla may be ready for a second innings in cryptocurrency payments</a>

You Searched For "aakash institute" and got 9 results

The many troubles at BYJU’s that goes beyond the recent layoffs

Eetika Kapoor

Cuemath, Toppr, Aakash Institute and many more are looking for online tutors

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From Tatas taking over Air India to Byju’s acquiring Aakash — here are the top acquisitions of 2021

Kritti Bhalla

Airtel partners with Aakash Institute to bring medical and engineering education content to its DTH platform

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New IITs have few takers, IIT Hyderabad gets only 20 candidates out of top 1000 rank holders

BI India Bureau

How India Can Leverage The Innovation Philosophy

Preetam Kaushik

Byjus proposes sale of overseas units to repay $ 1.2 billion loan

PTI

India is witnessing a 28% of talent crunch in the technology area, says report

IANS

After raising $2 billion since 2020, Byju’s is now looking to raise another $500 million in debt to acquire more businesses

Kritti Bhalla

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