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Doris Yu · · 1 min readIndian edtech major Byju’s to acquire offline tutoring center Aakash: Report
The deal is expected to be completed in two or three months, said the source.
Offline tutoring center Aakash provides test preparatory services to students, with a network of over 200 learning centers, according to its website.
Following the deal, Aakash’s founders, JC Chaudhary and Aakash Chaudhary from the Chaudhry family, will exit completely, while Aakash backer Blackstone Group will swap some of its 37.5% shares in the company for Byju’s stake, the source said.
Valued at US$12 billion, Byju’s is backed by Tiger Global Management, General Atlantic, and DST Global, among other investors.
In September last year, the edtech startup closed US$500 million in a funding round led by Silver Lake.
See also: Edtech firm Byju’s keeps India focus as revenue growth triples
Last year, the company also acquired Mumbai-based coding platform WhiteHat Jr. in a US$300 million all-cash deal as it looks to further expand its offerings in India and accelerate its US expansion plans.
Editing by Miguel Cordon and Jaclyn Teng
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