Byju’s to acquire offline education company Aakash for USD 1 billion: Report

Byju’s, the world’s most valued edtech startup, seems to be working on its first mega-acquisition of 2021. The Bengaluru-based firm has signed a deal to acquire brick and mortar test prep company Aakash Educational Services for USD 1 billion, a Bloomberg report said late Tuesday, citing sources.

The deal, which is set to close in the next two or three months, will be one of the largest edtech acquisitions in the world, the report added.

Founded in 1988 by J C Chaudhry, Aakash Educational Services, or Aakash Institute as it is commonly known, is one of the leading coaching institutes in India for medical and engineering exam preparations. By 2014, the company had established over 100 centers that catered to 100,000 students. In 2016, the company made inroads in online education by launching digital e-learning programs. It partnered with private equity giant Blackstone to further invest in its student offerings in 2019.

The full article was originally published on KrAsia