Cash-strapped edtech firm Byjus is vacating multiple offices and tuition centres countrywide as part of a cost-cutting drive. This and more in todays ETtech Top 5.
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Byju’s is on an acquisition spree, with the edtech decacorn seeking to close the deal to acquire exam preparation firm Aakash Educational Services by March.
The deal, valued at $700-800 million, would be the biggest in the education space once closed, said sources.
“Due diligence is going on,” said a person in the know. “Negotiations are on between Byju’s and Aakash’s founders as they want to remain invested through some stake, and also run it independently.”
Byju’s declined to comment. According to sources, the deal is being structured in the form of cash and equity. People in the know said Byju’s is in talks with new and existing investors, mainly based in the US, to raise fresh capital of $500 million.
Edtech decacorn Byju’s is in talks to acquire exam preparation firm Aakash Educational Services Limited for about $700 million-$750 million, according to the sources. “But the conversations are very early. Even the term sheet has not been signed yet,” said an industry source with direct knowledge about the matter. If the deal is signed, it would become one of the biggest edtech acquisitions in the world. New Delhi-based Aakash Educational Services Limited (AESL) is the biggest education organisation in India. It provides comprehensive test preparatory services for students preparing for medical and engineering entrance examinations. It also provides services related to school and board exams and competitive exams such as NTSE, KVPY, and Olympiads.