BYJU’S has acquired brick and mortar education player Aakash Educational Services (AES) for $1 bn. Although it is yet to be confirmed from both entities but this would be a significant move in the online learning and test prep space.
According to reports, Aakash Educational Services is present in around 200 locations, with media reports saying that AES has half-a-million paying students enrolled in its programmes. BYJU’S has close to five mn paying students out of around 80 mn users.
Aakash Educational Services CEO Aakash Chaudhry and the Chaudhry family will completely exit the company, while Blackstone will swap some of its 37.5% equity in Aakash for a stake in BYJU’S.