Edu-tech major Byju’s has signed a deal with test preparation company Aakash Educational Services Ltd for $1 billion, according to reports.
The deal, termed as one of the largest edu-tech acquisition in the world, will likely be closed in the next two or three months, as per Bloomberg reports.
Byju’s is valued at $12 billion and has raised significant capital amid growing demand for online learning amid the covid-19 pandemic. The Bengaluru-based startup is backed by Facebook founder Mark Zuckerberg’s Chan Zuckerberg Initiative, Tiger Global Management and Bond Capital, co-founded by Silicon Valley investor Mary Meeker.
Last year, Byju’s had raised about $200 million (about Rs 1,483 crore) in fresh funding from investors, including BlackRock and T Rowe Price. The announcement came months after Byju’s had raised about $500 million (about Rs 3,672 crore).
Regulatory filings by Byju’s to the Corporate Affairs Ministry in August had shown that the company has raised about Rs 909 crore in funding from billionaire Yuri Milner-led DST Global giving the entity 1.2 per cent shareholding in the edu-tech company.
The Byju’s app has over 70 million registered students and 4.5 million annual paid subscriptions. The company has doubled its revenue to Rs 2,800 crore in FY19-20 from Rs 1,430 crore in the previous fiscal.
(With inputs from PTI)
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