With the rise of Edtech platforms and more so during the pandemic, Edtech giant Byju’s is all set to acquire Akash Educational Services, which owns and operates around 200 coaching centres across the country.
According to a Bloomberg report, the deal has been locked at $1 Billion.
The deal is expected to be locked over the next few months and an official confirmation from both the parties is yet to come.
Banglore-headquartered Byju’s is valued at $12 billion and has gained more revenue during the pandemic while offline coaching centres like Akash have suffered a blow.
Byju’s announced a fundraise last September stating that 70 million users logged in from over 1,700 cities across the country. Of these 4.5 million are paid users.
In January 2020, it achieved the coveted ‘decacorn status’ following a $100 million investment by Bond Capital, which is co-founded by Silicon Valley investor Mary Meeker.
Byju’s is backed by Facebook’s Chan Zuckerberg initiative, Tiger Global Management and Bond Capital.