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Byju’s Says Aakash Acquisition Is On Track After Reports It Hasn’t Paid

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Edtech huge BYJUon Wednesday said the $1 billion acquisition process of Aakash . Educational Services is on track and expected to be completed in August.



BYJU’s Acquired Delhi-based Offline Test Prep Service Provider aakash for $1 billion last year.

The company responded to reports that Blackstone and other Aakash shareholders have yet to be paid, either in cash or in stock, because it has delayed payment.

A company spokesperson told IANS that the acquisition of “Aakash is fully on track and all payments are expected to be completed by the agreed date, which is August 2022.”

“Aakash is our most successful acquisition to date and we are very proud to have them in our lap,” added the company spokesperson.

“Together with all of our group companies, we remain perfectly balanced to provide access to quality education across all learning segments, from early learning to exam preparation and career success,” the spokesperson said.

Aakash Educational Services provides test preparation services for medical and technical entrance exams, school/administration exams and other exams through Aakash Centers.

The edtech unicorn made at least 10 acquisitions last year for a cumulative transaction value of approximately $2.5 billion.

The latest development at BYJU’s comes at a time when the Indian edtech market is shrinking with the reopening of schools, colleges and physical education centers.

Led by the edtech platforms like Unacademy, WhiteHat JrVedantuFrontRow, Udayy, Lido Learning and others have laid off more than 10,000 start-up workers in the country.

In April, Unacademy laid off nearly 600 employees, contract workers and educators, about 10 percent of the group’s 6,000 employees.

In June, Unacademy said a small portion of its workforce (2.6 percent or nearly 150 employees) was being asked to go as part of a performance improvement program (PIP).

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