New Delhi, 13th Jan 2021: India based leading Edtech platform Byju’s will acquire one of the established coaching institutions of India Aakash Educational Services, that provides test preparation for NEET, IIT JEE Main and many others, for $1 billion.
The Byju’s app has over 70 million registered students and 4.5 million annual paid subscriptions.
The deal, termed as one of the largest edu-tech acquisition in the world, will likely be closed in the next two or three months, as per Bloomberg reports.
Byju’s is valued at $12 billion and has raised significant capital amid growing demand for online learning amid the covid-19 pandemic.
The Bengaluru-based startup is backed by Facebook founder Mark Zuckerberg’s Chan Zuckerberg Initiative, Tiger Global Management and Bond Capital, co-founded by Silicon Valley investor Mary Meeker.
Regulatory filings by Byju’s to the Corporate Affairs Ministry in August had shown that the company has raised about Rs 909 crore in funding from billionaire Yuri Milner-led DST Global giving the entity 1.2 percent shareholding in the edtech company.