Edtech platform BYJU’S entered into a strategic partnership with the test preparation services firm Aakash Educational Services Limited (AESL) on Monday, which subsequently acquired about $ 1 billion.
The company declined to reveal details about the valuation and other financial statements. Private equity major Blackstone-supported AESL currently runs 215 testing centers offering students medical and engineering entrance exams, school / board exams, Kishore Vigyan Protsahan Yojana (KVPY), National Talent Search Examination (NTSE), Olympiad and other foundation level Prepares for exams. , BYJU’S said in a statement.
“The future of learning is hybrid and it is the association [with Aakash] BYJU’S said “offline and online learning will bring together the best,” Byju Raveendran, founder, and CEO. “Epidemics have brought to the forefront the importance of a mixed form of learning,” he said.
AESL MD Aakash Chaudhary said that this partnership will bring together Akash’s erudition expertise in the pre-segment with BYJU’s content and tech capabilities along with BYJU’s content and tech versions.
Following the acquisition, Aakash will continue to operate as a separate entity and its founders – Jessie Chaudhary and Aakash Chaudhary – along with PE partner Blackstone, will become shareholders in BYJU’S.
Blackstone acquired a 37.5% stake in Aakash in 2019 for approximately $ 183 million.
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