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India edtech unicorn BYJU’s acquires Aakash Educational in $1b deal
Byju’s founder Byju Raveendran. Photo: Mint
April 5, 2021
Indian edtech major BYJU’s on Monday confirmed the acquisition of education institution Aakash Educational Service Ltd (AESL), as it looks to double down on its presence in the test prep segment, and further add omni-channel capabilities to both entities.
The cash and stock deal was closed at almost $1 billion (more than $900 million) last week, making it one of the most expensive deals in India’s burgeoning edtech space, according to two people with direct knowledge of the merger talks.
Aakash Educational Services will function independently post the acquisition, with founders J.C. Chaudhry and Aakash Chaudhry, continuing to lead the entity.