Report: Byju’s buys offline tutoring center in nearly $1b deal

Details:

• The deal will give Blackstone Group and Aakash’s founders a minority stake in Byju’s at a valuation of US$13 billion. Ernst & Young was Byju’s financial advisor for the acquisition.
• Company founder Byju Raveendran said that the deal will help the edtech firm hit US$1.2 billion to US$1.3 billion in revenue by the next financial year.

Context:

• In January, it was reported that Byju’s had signed the acquisition deal. It involved Blackstone Group swapping some of its 37.5% shares in Aakash for a stake in Byju’s.
• The edtech startup is also reportedly close to signing a deal to acquire rival Toppr in a transaction valued at roughly US$150 million.