Byju’s acquired Aakash Education Services Ltd. in $1 Billion
BYJU’S ACQUIRES AAKASH:
Byju’s, India’s one of the largest online educational platform declares to acquire the Aakash Education Services Ltd. With this, it is all set to take over the Aakash at an astonishing price of 1 billion USD in a ‘strategic merger’. The money market is claiming it to be the largest edtech deal in the world. With this step, Byju’s will be now spreading its reach across the country via an offline mode of classes, i.e. through offline coaching centers. Up to now, the mode of study in Byju’s was all online but after this humongous action, teaching could be made possible offline as well.
Aakash Education Services claims it to be a ‘strategic partnership’ with Byju’s.
Enhancing Excellence & Reaching Perfection together!
We are excited to announce a new milestone in our journey as we enter into a strategic partnership with #byjus today. This partnership brings together two of the largest & most-trusted #education brands in India.#edtech pic.twitter.com/cFE56HWH08
— Aakash Education (@AESL_Official) April 5, 2021
ACQUISITIONS BY BYJU’S SO FAR:
Byju’s, founded in 2011 by Byju Raveendran and Divya Gokulnath has witnessed appreciable growth in its way. It provides nearly every kind of online class, recorded lectures, and study materials. These cover both aspects: school as well as competitive exams. Since then, it has spread its reach through imparting education together with business acquisitions. Some of the notable acquisitions made by Byju’s are:
1.TutorVista and Edurite from Pearson
Acquired in 2017, TutorVista is one of the largest online study platforms in the USA. It provides course materials to both school and college-going students. The price of the acquisition is, however, not disclosed.
Byju’s took over this US-based company in 2019 for a whopping 120 billion USD. Osmo basically used to provide blended classes for toddlers, aged between 3 and 8 years of age. Disney. Osmo inspired Byju’s Early Learn concept.
3. WhiteHat Jr.
This Mumbai-based start-up was acquired during the July of 2020 amidst the lockdown due to the Covid-19 pandemic. 300 million USD was the price of the deal. This start-up focuses on imparting coding skills to young minds. Though it was under some controversy during its beginning now the matter is quite sorted.
FUTURE ASPECTS OF THE ACQUISITION:
According to the reports by India Brand Equity Foundation(IBEF),
“India is the second largest market for E-learning after the US. The sector is expected to reach US$ 1.96 billion by 2021 with around 9.5 million users.”
Also, in another of their reports,
“The edtech market in India is expected to hit US$3.5 billion by 2022. Indian edtech start-ups have received a total investment of US$2.22 billion in 2020, up from US$553 million in 2019.”
India holds the largest education network in the world. Together with focussing on current scenarios and growing competition, the complete distribution of resources is also indispensable. Under these situations, if opportunities grow for the students as well as aspirants in the form of more offline centers, it would be capable of revolutionizing the whole education imparting methodologies.
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