In one of the largest edtech acquisitions in the world, a deal by Byju’s to acquire brick & mortar test prep leader Aakash Educational Services Ltd for $1 billion has been successful, reported Bloomberg on Wednesday quoting unnamed sources who are in the knowledge of the matter.
As per the report a Byju’s spokeswoman declined to comment, while emails and calls to New Delhi-based Aakash Educational Services and its Chief Executive Officer Aakash Chaudhry did not elicit a response.
Headquartered at Bangalore, Byju’s is valued at $12 billion and and has found support from the several tech giant honchos such as Mark Zuckerberg’s Chan Zuckerberg Initiative, as well as fromTiger Global Management and Bond Capital, co-founded by Silicon Valley investor Mary Meeker.
Blackstone Group-backed Aakash Educational Services runs Aakash Institute, which has over 200 tuition centres with tutors and students seeking entry into the country’s premier engineering and medical schools.
According to its website, 2.5 lakh students are part of Akash Institute.
