Byju's, a multinational online tutoring firm, has acquired Aakash Educational Services. The deal was finalised at an estimate of $1 billion which is one of the most expensive deals in the Education Technology sector of India.
Shardul Amarchand Mangaldas advised Byju's and Khaitan & Co advised Aakash Educational Services. Last year, Byju's acquired WhiteHat Jr., a Mumbai based startup in the ed-tech sector, in a $ 300 mn deal.
Byjus's was founded by Byju Raveendran and Divya Gokulnath in 2011. It is a decacorn valued at $ 12 billion. It is a leading online tutor platform and provides its services in different fields. Byju's also came in news highlights when it replaced Oppo from Team India jersey in 2019.
Aakash Educational Services is the biggest education organisation in India and has experience of 33 years of running test preparatory services. It has 205 centres including franchise. Its annual turnover is around Rs 1200 crore.