Source: The Indian Express
BYJU’s, India’s biggest online-education startup, is all set to acquire Aakash Educational Services Ltd. To acquire the Akash, brick, and mortar test prep leader, BYJU’s has signed a one billion deal.
One of the largest ed-tech acquisition deals in the world will soon be concluded and set to close in the next few months. BYJU’s, which is a Bangalore based $12 billion edtech, has been on a fundraising spree. The pandemic followed by extensive lockdown and shutting down of educational institutions has made the demand for its online lessons soaring high.
Tiger Global Management and Bond Capital, co-founded by Silicon Valley investor Mary Meeker and Facebook Inc. founder Mark Zuckerberg’s Chain Zuckerberg Initiative back this India’s second-most valuable startup.
Owing to the prolonged lockdown and betting that its effects will introduce parents and kids worldwide to a burgeoning format, online education has become one of the hottest investment after the pandemic outbreak.
Due to the scarcity of quality learning material and at times scarcity/ unavailability of teachers, students are also getting more encouraged towards online education and to try out widely accessible virtual classes.
Hundreds of millions of dollars were raised by BYJU’s itself in the past year from investors like T. Rowe Price, Silver Lake, and BlackRock. Whereas in comparison to that, Unacademy secured financing in a round in September at a valuation of $1.45 billion.
Table of Contents
In the acquisition deal with BYJU’s, the founding Choudhary family will exit the institution completely and the Blackstone will swap 37.5% of the equity in Akash for BYJU’s stake.
Byju Raveendran, a former tutor, and son of educators who conceived the smartphone app in 2011 has founded BYJU’s.
Delhi High Court has overseen Delhi University taking instantaneous offset calculations by withdrawing all material… Read More
4rabet app review Having a good time after work or on weekends will help… Read More
Hansraj College: Wheelchair-bound Kanhaiya Kumar belongs to the Nawada district in Bihar. He is on… Read More
The Fee Waiver Scheme is for students from a financially weak background, under which nearly… Read More
Delhi University: An English teacher at Delhi University’s Deen Dayal Upadhyaya (DDU) College, resigned after… Read More
Delhi High Court directs the University of Delhi to remove the misleading material about DU… Read More