BYJU’S has confirmed the acquisition of Aakash Educational Services Limited (AESL) on Monday by India’s leading EdTech sector with an aim to double its presence in test preparations.
Two people familiar with the whole issue of the merger negotiations told the Mint newspaper that the cash and stock deal last week was worth about $ 1 billion (more than $ 900 million), one of the most valuable deals in India’s tech sector is.
After the acquisition, Akash Educational Service will operate independently and founders Jesse Chaudhary and Akash Chaudhary will continue to command it.
The acquisition aims to improve its presence in BYJU Test Preparation amid increasing competition in the EdTech world. Six acquisitions were made in the field of test preparation on behalf of its competitive unacademy. In the year 2020, the Internet giant Amazon India entered the test presentation field by creating the Amazon Academy.
At present, there are around 200 Philosophical Learning Centers of Akash in about 130 cities of the country, who are giving their services to about one and a half lakh students. Akash Chaudhary, managing director of Aakash Education Service Limited (AESL), says that there is a tremendous opportunity in it as around 2.5 million students sit for medical and IIT exams every year.
After the acquisition, more of Akash’s centres will be opened. With this, new students can be attracted to them in offline and online ways.