Edtech unicorn Byju's acquired Aakash Educational Services for nearly $1-billion
Bengaluru based edtech unicorn, founded in 2011, Byju’s has recently announced that it has acquired a 33-year-old chain of offline coaching centres, Aakash Educational Services for nearly $1 billion, as the Indian online learning giant seems to additional strengthen its power status in the world’s second-highest internet market and stimulate its offline extension. Byju’s purchase of AESL is also among the biggest achievements by an Indian startup that is even greater than Snapdeal’s acquisition of Freecharge for $400 million in 2015 and Flipkart’s acquisition of Myntra for an approximated $330 million in 2014. “Students who have needed to enter physical classrooms have gained that from us. And those who needed to enter content and study online have been assisted by Byju’s. Collectively, we will leverage the real location and technology and online education and allow students that are different,” said Aakash Chaudhry, managing director and co-promoter of Aakash Educational. This purchase will allow the two entities to create the most comprehensive omni-channel for learners in India.