Byju’s to acquire test prep leader Aakash Educational Services Ltd. for$1 billion ?
Published On: Wednesday, January 13, 2021 | By: Team KnowMyStock
India's online-education giant Byju’s has signed a deal to acquire brick & mortar test prep leader Aakash Educational Services Ltd. for $1 billion, according to some sources. Bangalore-headquartered Byju’s is valued at $12 billion and has been on a fund-raising spree as the pandemic has sent a demand for its online lessons soaring. Blackstone Group-backed Aakash Educational Services runs Aakash Institute, which has over 200 brick and mortar centers and tutors students to gain entry into the country’s elite engineering and medical schools. Its student count is over 250,000, according to its website. While online learning startups have thrived, offline tutoring centers have been badly hit by the pandemic, which has closed schools and tutoring centers since March last year.
According to the sources in the deal with Byju’s, Aakash’s founders, the Chaudhry family, will exit completely, while Blackstone will swap a portion of its 37.5% equity in Aakash for Byju’s stake.
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