According to the latest buzz in the education sector, Byju’s – a Unicorn startup has managed to acquire Aakash Educational Services Ltd for $1 billion. Byju’s provides online classes from kindergarten to 12th Grade, who’s demand has increased during the pandemic has been looking for ways to grow business since then.
Byju is currently valued at $12 billion and the deal secured will be the largest educational and technological acquisition all around the globe. The deal is expected to be closed in next 3 months.
Aakash has over 200 centers all over India which physically teaches more than 2,50,000 students for various engineering and medical examinations but has been looking to go digital after being hit severely by the pandemic.
It is being reported that the founder’s of Aakash will surrender their entire stake while Blackstone will swap its stake of 37.5% for Byju’s stake.