By Manish Singh
Why did Byju’s raise over $1 billion last year and is already inching closer to securing another half a billion dollars? We are getting some answers today.
Byju’s said on Monday it has acquired Aakash Educational, a 33-year-old chain of physical coaching centres, as the Indian online learning giant looks to further consolidate its leadership position in the world’s second largest internet market.
The Indian startup paid “close to $1 billion” in cash and equity for the acquisition, which is one of the largest in the edtech space, three people familiar with the matter told TechCrunch. (EY advised the firms on the transaction; Bloomberg first reported about the two firms talking in January.)
Backed by Blackstone, Aakash owns and operates more than 200 physical tutoring centres across the country aimed at students preparing to qualify for top engineering and medical colleges.
The decades-old firm has made some of its offering available online in recent years, but the pandemic’s recent shift to students’ preferences made Aakash and Byju’s explore a deal six-seven months ago, executives from the firm told TechCrunch in a joint interview. (They declined to comment on the financial aspects of the deal.)
Aakash Chaudhry, Managing Director and Co-promoter of Aakash Educational, …read more
Source: Tech Crunch