Leading edtech firm BYJU’S is reportedly buying Delhi-based offline take a look at preparatory companies supplier Aakash Educational Services for $ one billion (practically Rs 7,300 crore), the media reported. The deal might shut within the subsequent two-three months, reviews Bloomberg.
An e mail despatched to BYJU’S on Wednesday didn’t elicit any response.
BYJU’S final yr acquired Mumbai-based reside on-line coding supplier WhiteHat Jr for roughly Rs 2,246 crore.
In September, barely a month later, the edtech platform raised $500 million (roughly Rs 3,689 crore) in a brand new funding spherical led by international know-how funding agency Silver Lake.
Existing traders Tiger Global, General Atlantic and Owl Ventures additionally participated within the spherical, which put the edtech startup’s valuation at $10.8 billion.
According to frest report, the founders of Aakash Educational Services would exit the corporate and its investor Blackstone will swap a portion of its 37.5 per cent stake for a stake in BYJU’S.
Aakash Educational Services offers take a look at preparation companies for medical and engineering entrance exams, college/board exams, and different exams through Aakash Centres.
BYJU’S knowledgeable in September that it noticed over 20 million new college students beginning studying from its platform for free for the reason that lockdown. The app then had over 64 million registered college students and 4.2 million annual paid subscriptions.
The edtech platform doubled its income from Rs 1,430 crore to Rs 2,800 crore within the fiscal 2019-2020.
With a sudden spurt in direction of on-line schooling, the market dimension projections for Edtech in India by 2022 has seen a considerable improve.
As per a latest report, the Edtech market in India is projected to attain $3.5 billion by 2022 which was earlier projected to be within the vary of $2.8 – $3.2 billion.
Edtech market dimension in 2019 stood at $735 million.
This development is predicted to be pushed by K12, greater schooling, take a look at preparation and upskilling.
“With more and more adoption towards Edtech and a different outlook for education in the post-Covid world, we can expect a bigger number than this,” mentioned Nasscom in its latest report.
Nearly 5 occasions development in funding was noticed within the first half of final yr, in contrast to H12019.
Major portion of the funding is accounted by BYJU’S and Unacademy. Many new startups have additionally raised funding like iNurture, Masai, Campk12, Pedagogy, Lido and extra.
Edtech corporations like Udemy, BYJU’S, Coursera and Doubtnut noticed a considerable rise in site visitors share throughout the post-Covid world.
Sectors with Covid-19 tailwinds akin to EdTech, BFSI, AgriTech, Gaming, and so forth., are witnessing a gradual improve within the first time funding, up from 29 per cent in 2019 to 42 per cent in 2020, garnering a 14 per cent development in absolute numbers.