In the latest development, the ed-tech major Byju’s which boasts of a userbase of over 80 million students on Monday (5 April) announced the acquisition of Aakash Educational Services Ltd (AESL) for about $1 billion.
The deal would enable the Bengaluru-based start-up to bring Aakash's test-prep expertise to its content and tech capabilities, to further bolster its online education model in the country. On the other hand, it will provide the New Delhi-based Aakash insititute the ability to expand its online presence in the country.
Founded in 1988, Aakash Educational Services which owns and operates more than 200 physical tutoring centres serves more than 2,50,000 students preparing for admissions to top engineering and medical colleges in the country.
The acquisition of Aakash Educational Services by Byju’s is touted to be the most expensive acquisition in the Indian edtech space. As per the report, Aakash will continue to function independently after the merger completes and its founders JC Chaudhry and Aakash Chaudhry will also continue to stay with the firm.
Recently, Byju's has raised around $460 million in a new financing round at a valuation of a little over $13 billion. Its founder and chief executive Byju Raveendran also spoke about plans for the new fiscal and the company’s aim for a public listing.
“For Byju’s, going public is a clear option, considering the growth that the company has been able to show, both through operations and inorganic acquisitions. We are seriously thinking of an 18-24 months timeline to look at a public offering,” Raveendran said.
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