Led by Byju Raveendran, Bengaluru-based ed-tech startup Byju's on Monday (5 April) announced the purchase of Aakash Educational Services Ltd (AESL) for about $ one billion.
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.
Recently, Byju's has raised around $460 million in a new financing round at a valuation of a little over $13 billion.
In an interview to LiveMint, founder and chief executive Byju Raveendran 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.
He added that an initial public offering helps to create a large public company in the interest of the ecosystem in which they operate in.
“For Byju’s, an IPO will just be a big milestone. We are building a business to sustain for decades,” he said.
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