Byju’s acquires Akash Education Services at Rs 7300 crore; a great deal in the education sector
2 weeks ago
Byju, India’s largest online education startup, has acquired Aakash Education Services. BYJU’s confirmed the acquisition of Aakash Educational Services Limited (AESL) on Monday. The deal was finalized at around $ 1 billion (about Rs 7300 crore). It is one of the largest deals in the Ed-tech sector in the world.
Akash Education Services is an engineering and medical entrance preparation company. However, even after this acquisition, Aakash Educational Services Limited will continue to operate as a separate entity, to be led by their founders JC Chaudhary and Aakash Chaudhary. Byjus is the most valuable education-technology startup in the country.
Bengaluru-based Byju’s is currently has a market value of over $ 12 billion. The demand for online studies has increased significantly due to the epidemic. It acquired a $ 1.25 billion fund from a large portion of VC funds, hedge funds, and asset management firms after the last round in November 2020, led by US-based T. Rowe Price and Blackrock. Byjus is the second most valuable startup in the country and has investments from Mark Zuckerberg’s Chan Zuckerberg Initiative, Tiger Global Management, and Silicon Valley investor Mary Meeker’s company Bond Capital.