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.
India’s biggest Edu-tech firm Byju’s has signed a deal with Aakash Educational Services, one of the established coaching institution that provides test preparation for NEET, IIT JEE Main and many others, for $1 billion, according to reports.
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 per cent shareholding in the edu-tech company.
The Byju’s app has over 70 million registered students and 4.5 million annual paid subscriptions.
(With inputs from PTI)
Source: Business World
