Byju’s acquires Aakash Institute for $1 billion
As reported earlier by Pixr8 News, Edtech platform Byju's acquires India's leading engineering preparation coaching Akash Institute in a $1 billion cash and stock deal.
AESL Managing Director Aakash Chaudhry said, "the transaction with Byju's is 60-65 percent cash and the remaining 35 percent are Byju's equity deal. The overall deal value is close to about USD 1 billion. This will be the largest integration in the education space in India, especially in the startup space. COVID has really opened the gates to online education significantly and going forward, we believe that all kinds of models in education will exist in K-12, test prep, and even in higher education".
Blackstone Group and Aakash Educational Services Ltd (AESL) founders will hold a minority stake in Byju's, which is v...