About Each Company
BYJU’S is an Indian edtech startup company with an app that develops personalized educational programs for K-12 students. Founded in 2011, the app business claims it has more than 75 million downloads and is represented in more than 1,700 cities worldwide. Crunchbase data indicates the edtech startup app company has raised about $2.3 billion in funding. Startup Savant reported last month on BYJU’S potentially securing $600 million to help grow its edtech business.
Aakash Educational Services is an Indian business chain of physical coaching centers for students preparing for medical and engineering exams. Founded in 1988 with the mission to “create an environment of academic excellence…”, the company claims it has more than 200 coaching centers across India and more than 250,000 students. Crunchbase data reports the business has raised more than ₹13.5 billion (about $184 million).
BYJU’S Acquires Aakash Educational Services
Back in January, The Economic Times reported, among other news outlets, the edtech startup app company was in talks to acquire the educational business chain for a deal valued at around $1 billion, making it one of the largest edtech acquisitions in the world.
Today, reports confirmed the completion of the acquisition. BYJU’S reportedly paid nearly $1 billion in a cash and stock deal. As a result of the transaction, Blackstone Group, an investor in Aakash Educational Services, and the founders of the business chain will hold minority stakes.
In a statement to the Business Standard regarding the acquisition of the educational business chain, founder and CEO of the edtech startup app company, Byju Raveendran, said, “I am happy to have Aakash Educational Services Limited (AESL), a market leader and the most trusted name in the test-prep services, on board with us...Our complementary strengths will enable us to build capabilities, create engaging and personalised learning programmes...As we unite our forces to bring together decades of expertise and experience, this partnership will further accelerate Aakash’s growth and success.”
With the edtech startup app company acquiring the educational business chain, Indian students will be able to access educational content in a variety of formats.
In an interview with TechCrunch, Aakash Chaudhry, managing director and co-promoter of Aakash Educational Services, said, “Students who have wanted to access physical classrooms have gotten that from us. And those who wanted to access content and learning online has been served by Byju’s. Together, we will leverage the physical location and technology and online learning and offer students that is unique.”
The news of BYJU’S completing the acquisition of Aakash Educational Services comes on the heels of a busy couple of years for the edtech startup company. BYJU’S has acquired several edtech companies since 2019, including United States-based Osmo, WhiteHat Education, Scholr, and now Aakash Educational Services.
About the Author
McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.